It’s the best time to live your dream and start a business. This one is especially for those who are sick of their corporate job and secretly wish to become a solopreneur. You will be surprised to know that there are more than 20 million one person business in the U.S. The appeal is very obvious – you get to be your own boss and set your own schedule (theoretically at least).
Be warned: a one-person business isn’t for everyone. Just because you are great at your job doesn’t mean you will automatically become a great entrepreneur as well? Running the solo show demands a great deal of determination. Because there will be days when you will ask yourself why did I get myself into this.
Getting Off the Ground
You will need more than just a great idea to get off the ground. This calls for creating a business plan that includes your goals. This will force you to think through that idea and take some action. A common mistake lots of newbies make is thinking that the idea will turn into a viable business model automatically.
Without a plan, you are not going anywhere. The next thing you need to consider is your personal financial resources. In sole-proprietorship, you will have to assume personal liability for all business activities. If you borrow money and you fail to repay it, your personal assets are put at stake.
Here are some top tips for successfully running your one-person business:
Tip 1: Manage Your Time Effectively
There are only 24 hours in a day and it’s only you who can get things done. So, make the most out of your time. Use your business as a guide to breaking your goals into a series of steps. Create a to-do list and you will make steady progress.
If you struggle to keep up, track how much time you are spending on different tasks each day. You will figure out how many hours you are wasting. Try determining when you are energetic the most. That way you can get more work done when your productivity is at its peak.
Tip 2: Make Use of Technology
Take advantage of the small business apps out there to help business owners smoothly manage the daily work-related activities. For instance, use Google Drive to store your documents. Putting them on the cloud means you can access them anytime from anywhere. Look for such apps and tools to manage your daily duties like a professional.
Tip 3: Manage your Cash Flows
The income for a sole business owner is usually irregular. If you don’t manage your cash flow properly, you will either over-spend or won’t have enough cash left.
It is observed that the longer you wait to send an invoice, the more difficult you make it for the client to pay. They will take their sweet time in making the payment. If you can just give your clients the payment option which’s convenient for them, you won’t have to follow up on unpaid invoices.
Tip 4: Delegate As Much Tasks As Possible
Sure you must like doing things your way but you can’t wear all hats at the same time. You could really use someone who can handle different tasks that are of secondary importance. Get creative with outside talent. Figure out what takes most time out of your day and delegate that job. Use freelancing platforms to find skilled and able candidates to perform those tasks.
Tip 5: Don’t Get Burnt Out
Running your own business is definitely fulfilling but there is life beyond that. It’s extremely important that you establish a line between your business and personal time. If you don’t do that, you will just burn out very quickly.
The best way of achieving balance is to set a schedule and follow it consistently. Create a morning routine for yourself before opening your laptop and checking emails. In the midst of it all, don’t forget to get a good night’s sleep. You need to make your mind and body ready for the next day’s work.
Tip 6: Surround Yourself with Advisers
Just because you are running the business online, doesn’t mean you must do everything completely alone. Just like delegating is a good idea, taking advice from a group of peers, mentors or colleagues is a good idea, too.
As you surround yourself with people who know more than you, you will avoid a lot of mistakes. Don’t hesitate to talk about your current challenges. You can also get feedback on what you have been doing.
Quit delaying and start working on your business idea today. Have all the necessary items ready to get started. Most of all, don’t underestimate the importance of good Internet service. And so as a first step, just Google “Optimum near me” to check the availability of the service in your area. As soon as you get one, gear up to achieving your dream and be the master of your own destiny.