In this week’s episode of Product Coffee, we sat down with Liz Steblay, a seasoned consultant, two-time entrepreneur, and passionate advocate for solopreneurs. Liz has over 20 years of consulting experience and is the founder of PICA (Professional Independent Consultants of America) and the ProCo Agency. Her latest book, Succeeding as a Solopreneur: Six Keys to Taking the Leap, Winning Clients, and Building Wealth, provides actionable insights for anyone stepping into the world of solopreneurship.
Here’s a breakdown of what we learned:
Key Takeaways from Liz’s Six Keys to Solopreneurship
1. Vanquish the FUD Monster
Fear, uncertainty, and doubt (FUD) can derail your entrepreneurial dreams before they begin. Liz advises naming and taming your fears by identifying them and addressing gaps in confidence or knowledge. As she puts it, “FUD never fully goes away, but you can learn to mitigate it.”
2. Be Known for Something and Be Memorable
“Jack of all trades” is not the way to build a reputation. Liz emphasizes narrowing your niche to become top of mind for referrals and repeat business. Her practical advice: List past projects, identify patterns, and distill your expertise into a simple, memorable phrase.
3. Grow and Nourish Your Network
Whether reconnecting with old colleagues or fostering weak ties (a concept popularized by Adam Grant), maintaining relationships is critical. Liz recommends consistent “outreach” to keep your network warm and ready for opportunities.
4. Be Professional and Run Your Business Like One
To maximize your credibility and revenue, establish yourself as a legitimate business. This includes creating a website, developing a recognizable brand, and operating on a business-to-business (1099) basis whenever possible.
5. Be Confident and Charge What You’re Worth
Underpricing is a common pitfall. Liz suggests quoting a range for your services to leverage the center-stage effect, and eventually transitioning to fixed or hybrid pricing models as you gain experience.
6. Build Wealth by Paying Less Tax
Solopreneurs have unique opportunities to minimize taxes through 1099 income, retirement contributions, and HSAs. Liz’s practical tip: Set aside 40% of every payment into a separate account to manage taxes and build wealth effectively.
Emerging Trends in Solopreneurship
Liz predicts a seismic shift in the corporate landscape, with companies increasingly embracing fractional leadership roles and solopreneurs filling the gaps. She highlights tools like Thinkific, Kajabi, and Squarespace that empower solopreneurs to productize their expertise, from digital courses to consulting services.
Homework for Listeners
Liz leaves us with a simple yet impactful exercise:
1. Draw a circle on a piece of paper.
2. Write “MORE OF” inside the circle and “LESS OF” outside it.
3. Over the next week, note activities you’d like to do more or less of.
This exercise helps clarify your priorities and design a solopreneurship path that aligns with your goals and passions.
Get Connected
Find all things solopreneurship at Liz’s landing page: sixkeys.info. From there, you can explore her book, courses, and other resources to help you thrive as a solopreneur.
Tune in to this episode of Product Coffee to hear more about Liz’s journey, her advice for overcoming challenges, and the exciting future of solopreneurship.
☕ Until next time, grab a cup of coffee and go level up.
🎙️ Listen now on ProductCoffeePodcast.com.
Share this post