It’s a scary time for many businesses, but it doesn’t have to be for solopreneurs. Why? Now is an excellent time to launch your big idea, get a crash course in growth, and start creating the life you’ve always wanted. Not convinced that now is the perfect time to pursue a solo gig (or to scale-up)? Check out this guide on pandemic-era solopreneurship from Solopreneur Grind for inspiration and actionable tips to help you move forward.
Why Should You Start Now?
If you’re second-guessing whether now is the ideal time to become a solopreneur or not, consider the fact that solopreneurship offers a handful of perks. For one thing, becoming a solopreneur lets you maintain flexibility and independence — crucial elements in today’s economic climate.
Further, you no longer need an in-person business to make a living. Online businesses are the new money-makers — online traffic has exploded in nearly every sector, per Statista. Running a company from the comfort of your home is a highlight, and the overhead costs are lower, too.
And if you do need assistance with daily operations, finding top-notch staff is easy. Don’t worry — it’s not “cheating” on solopreneurship if you need to onboard part-time or project-based help. The best solo entrepreneurs know how to delegate to save their time and sanity (especially under pandemic conditions).
Maximize Profit Potential
It’s easy to start spending money the moment an amazing business idea settles in your brain. But by making the most of your capital, you can help your brand avoid burnout (and debt). Think about these three money maximizers: automation, lower overhead costs, and prioritizing your ROI. Thanks to technology, you can automate the tasks you hate (and anything else possible). By saving time and energy, you’re already saving cash. But automation also helps you avoid redundant and energy-draining tasks that take away from the real work.
You can also lower overhead costs by choosing a business model that’s easily affordable. Not every company structure requires a high initial investment, especially if you’re the only employee working there (at least, at first). Think about monetizing your skills in a way that doesn’t involve a lot of equipment or ‘stuff’ from day one. This is easiest if you already possess expertise in a service-based area, like website development or content creation of some sort.
But don’t box yourself in — anyone can learn to be an expert with time and effort. Then, prioritize profitability and returns on each investment, no matter how small. Getting your money’s worth is a big deal when you’re a small business, so penny-pinch wherever you can.
Establish Yourself as a Small Business
Solopreneurship might literally mean that you work alone, but becoming a small business also means taking yourself seriously. Tick the next items off, and you’ll be all set.
First, get organized and set up your company structure and legal specifics for a solid start. Protecting yourself and your brand is a must. Then, learn to outsource so you can free up those expert hours for higher-priority tasks.
Finally, consider financial options carefully, and choose small business banking with payroll integration and other features for seamless business accounting. After all, your profits are central to your company’s success, so you want a business bank account that works for you. Faster payments, high-yield interest, and convenient deposits (via mobile) are all necessities in a fast-paced solopreneurship model.
Solopreneurship may not be easy, and no one’s promising piles of cash for zero effort. But you can launch a new business venture as a soloist and still make an income, fulfill your professional goals, and find success — and this guide is a great first step. So are you ready to connect with other solopreneurs and start re-energizing your business endeavors? Head over to Solopreneur Grind for the resources you need.
This is a guest post from Derek Goodman, a fellow entrepreneur. He’d always wanted to make his own future, and he knew growing his own business was the only way to do that. He created his site Inbizability, to offer you tips, tricks, and resources so that you realize your business ability and potential now, not later.”