Top 10 Trends for Solo Businesses

by Terri Lonier, founder of WorkingSolo.com

For entrepreneurs, change brings opportunity. As you review my list of trends for 2007, consider how they will impact your solo venture and how you might leverage these social and economic shifts. In particular, how might two or more of these trends intersect to create new possibilities in your business?

#10: Broadband is baseline.
In 2007 we’ll hit the stage where a majority of solo entrepreneurs will understand that having a broadband Internet connection is as much an essential part of their professional toolkit as business cards and email. Not all will have Web sites, but broadband ubiquity opens up possibilities for server-based applications such as Microsoft’s LiveOffice, online bookkeeping, data backup, and more. Broadband also enables video training, Webinars, and other professional development. Companies large and small will leverage broadband to serve solo entrepreneurs and their clients and customers.

#9: Macro impacts micro.
Geopolitical events such as the Iraq war, global warming, and gasoline prices will affect soloists on many levels, from the prices they pay for transportation or shipping to the availability of subcontract help. In our era of a “flat world,” soloists are integrated into the global economy, and events that impact the larger macroeconomic environment will also be felt on the micro level.

#8: Green brings opportunity.
Environmental concerns will increasingly affect soloists and inspire new products and services from their companies. As global climate conditions shift and scientific evidence supports efforts to address ecological matters, solo entrepreneurs will step in to create new products, programs, and services to address these issues – as well as support larger companies that see the business opportunities of “going green.”

#7: Grow big, virtually.
More soloists are choosing to expand their companies – in both size and reach – by teaming up with other like-minded independent professionals. These fluid collectives of soloists often serve organizations that are now comfortable with a virtual workforce, thanks to corporate restructuring and digital communications.

#6: Soloists face “sandwich” demands.
An increasing number of soloists find themselves in a sandwich generation, facing demands on their time and finances from both children and aging parents. This situation presents opportunities for new products and services to serve this market. It also places increasing strain on soloists whose extended families often consider the self-employed to be outside the “real job” constraints of the workplace and free to tackle endless personal tasks.

#5: Boomer demographics impact solo startups.
Millions of the “I’m too young to retire” generation will turn to self-employment as a way to ease into a new phase of their life. Many will be part-time soloists serving their former full-time employers. They will create a demand for small business information, products, and services as they try to translate their previous business experience to the world of working solo.

#4: Health care comes center stage.
Millions of soloists will feel the impact of legislation currently making its way through the U.S. Congress (and in presidential campaigns) to overhaul the country’s health care system. A revamping of this malfunctioning system could open up the floodgates of solo newcomers who are currently tied to corporate jobs because of health insurance coverage.

#3: Avocations fuel professional trajectory.
As soloists try to balance their life and work passions, more will turn to incorporating their avocations into their business efforts. A consultant who is an avid tennis player will reach out to serve the national organization, using the language and understanding of the game to offer value and set himself apart from the competition. A designer who is an amateur chef will maximize the opportunity to create new linen goods for a cookware line, based on her personal understanding of needs in the kitchen. Such crossover brings a deeper level of satisfaction to self-employment, and can establish unique and powerful differentiation in the marketplace for solo ventures.

#2: Soloists maximize the “long tail.”
Long-time soloists understand the implications of Chris Anderson’s book, The Long Tail: Why the Future of Business is Selling Less of More, and the concept of selling many items to a very narrow niche (or multiple niches) is the cornerstone of many solo success strategies. As this notion takes deeper hold in 2007, look for more large companies to adopt the nimbleness of soloists, and more soloists to delve deeper into related, but narrow, niches to build successful small firms.

#1: Analog trumps digital for some marketing.
As companies expand the ways of connecting with customers through email, Web pages, blogs, and digital newsletters, smart soloists are finding results by returning to more traditional methods. Personal letters, handwritten notes, and quick telephone calls with customers can create bonds that the Internet can never provide.

Copyright 2007 Terri Lonier. All rights reserved.
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