Solo business pursuits are typically taken on by motivated, self-starting, and ambitious individuals ready to tackle all elements of business operations on their own.
These individuals are known as solopreneurs.
You may find that freelancers, as well as tech-based help, can be a benefit in terms of your overall productivity; they can even help you boost your solo business.
The exciting thing about running a solo biz is that with enough hard work and dedication, it could even turn into a thriving startup or multi-location business.
Basic Start-Up Needs
Starting off on the right foot is important for solopreneurs, and a smart start includes getting a business license, registering your business, and forming an LLC, or limited liability company.
An LLC can protect you from some types of liability and reduce your paperwork. As well, an LLC gives you flexibility and can make it easier to file your taxes.
Regulations and costs vary from one state to another, so learn about yours in advance. For example LLC in Florida costs you $138.75 yearly and on the other hand LLC in California costs you around $800 yearly.
You can do the legwork yourself, pay an attorney, or use an online formation service. You can also get an affordable online DBA, or “doing business as” designation. This gives you greater freedom in your business model and allows you to operate as yourself, under a business name.
Business Planning for Solopreneurs
According to the U.S. Small Business Administration, other fundamental elements of business start-up include developing a business and marketing strategy, as well as a customer cultivation plan.
This involves assessing your business objectives, identifying your target demographic, and making determinations about the best ways to reach prospective clients. Market research can help you in this regard.
You will also need to secure and set up a workspace, whether in a storefront, business park, or home-based office. You might even fare well in a shared workspace, like a business incubator.
Ask your local universities and economic development agencies about options in your area.
Independent Contracting Help
As a solopreneur, you might not necessarily need to hire full-time employees right away. Even so, it’s wise to find independent contractors and freelancers who can work in a part-time, as-needed, or temporary capacity.
This can be especially helpful in areas where you might not be well-versed. For example, some tasks that are relatively easy to hand over to a freelancer include web design, social media, marketing, advertising, and PR.
You can find these pros via online job boards, or by referral from other trusted people in your industry. For best outcomes, define your project needs, timeline, costs, and expectations in advance of retaining services.
When you’re ready to start hiring employees, a good labor management and HR platform can help. TimeForge is a robust labor management solution suite that offers best-of-breed scheduling, labor optimization, compliance, and timekeeping for clients all over the world. Whether you have 5 employees or 500, TimeForge can help you save time and money.
Utilize Technology
Of course, having a smartphone and the latest computer technology is important when it comes to launching your business.
Video conferencing platforms can also be beneficial if you’re doing work in different time zones. Project management software and programs that allow you to manage time, log projects, and keep track of vendors, contractors, and suppliers can all be helpful for your business.
Not only do these types of tech allow you to be more organized in your approach, but they can also help you free up time to work on building your clientele.
According to Industry Today, other leading tech for small businesses includes AI and machine learning, process automation, and analytics apps.
Don’t be afraid to ask for help when you need it
Building a business from the ground up as a solopreneur is an ambitious undertaking.
Ask for help when you need it, whether that means hiring a consultant, securing freelancers or part-time specialized help. You can also find guidance by getting involved in industry associations that can benefit you.
For example, local small business development centers, chambers of commerce, or associations can provide you with tips, tools, and training. Even small industry-specific groups can give you an opportunity to learn, network, and even collaborate with others.
TimeForge specializes in smart mobile apps, employee scheduling tools, and payroll and HR integrations that can save you time and money from the get-go.
About the Author
Julia Mitchell is goal-driven to have a career that makes her excited to wake up every day. Now she is working in her dream job in a financial services firm.
