7 Great Tips for Sole Entrepreneurs

  

Many individuals who have typical 9-5 jobs and who are tired of the daily commute to the office, putting up with ill-tempered clients and working like a horse on a regular basis, dream of leaving the corporate world and starting their own business as an entrepreneur. If you are one of these people and you think you have what it takes to make it as a solo entrepreneur that you can operate a business alone, follow these steps recommended for individuals who dream of operating a business singlehandedly:

1.     Play to your strengths.

–       Putting up a business should mean you are going to be working on something you want to do. As such, you should focus on a business where you can use your outstanding capabilities and experience so you can offer something that will set your business apart from other businesses which can help your business grow and achieve stability.

2.    Create a business plan.

–       Every business starts with a great idea conceptualised over coffee or beer with friends. However, actually putting together a business plan will allow you to see if the business idea is indeed feasible as an actual business or if it is just a great idea that cannot actually be transformed into a viable business idea. Other times, solo entrepreneurs come up with a great business idea, but the business succeeds so much that the growth cannot be controlled any more. It is for this reason that a good plan—or a good succession plan—should be in place.

3.    Look for the best bank deals.

–       To get your small business going, it is essential to look at all the available banking options for small business owners and to choose the bank that suits your business’ financial plan. Among key things to consider include low charges, discounted rates for loans and free direct deposit programs available for individuals with small businesses. Choosing the bank with the best deals can allow you to save money and enable you to have more value for your funds.

4.    Make sure you have funds.

–       Having sole ownership over a business means you are personally liable for all the activities of your business. Make sure you have enough capital for your business. If you have pooled your resources, and it is still not enough, try applying for a credit card for your business, but only if you are sure you can pay it. To determine the type of credit card you will be needing, consider if you will be using the credit card for big expenses you cannot pay immediately or will take you time to pay, or for small expenses which you can settle after 30 days. For big expenses, search for a card that offers low interest rates, while for small expenses, try to search for a credit card that provides the best rewards.

5.    Do not do everything by yourself.

–       Running a business singlehandedly does not have to mean you have to do everything by yourself. Try to delegate other tasks, especially tasks you have no experience with, or those better done outsourced. Delegating tasks to freelancers is an important step every business owner should learn in order to make the most use of your time and focus on other tasks you are good at, such as networking with people, setting up meetings with contacts, and so forth.

6.    Make use of technology tools.

–       With numerous technological developments, there are now easy ways to do tasks that need to be done. Among tools you should consider checking include eFax, which can turn your faxes into PDF files that can then be sent to your e-mail; Filemaker, a software that manages database; Google Docs, which enables the creation and sharing of spreadsheets and presentations online; and QuickBooks, an accounting program for small businesses.

7.     Be strict with time.

–       Starting your own business can require lots of time. In order to maximise your time, make sure to devote one day for one specific task, such as Monday for sales calls and business development; Tuesday for customer service concerns, Wednesday for business planning, reports and computing, and so forth. Another business tip is to be careful with time management and to make sure to limit phone calls to up to 30-minutes only at the most. This way, you can still follow your schedule and get more tasks done by limiting conversations with other people.

Being a sole business owner is a challenging task, as you have to be in charge of funding, selling, managing, and expanding the business as well as making it successful. Follow the tips mentioned and try to keep the interest of your customers and your staff to boost productivity and cultivate growth for your small business.

Article is prepared by Michael Vincent from Money Hero. Money Hero is an up and coming financial comparison website, which lets users compare financial products, like credit cards and insurance plans, side by side. This enables users to have better knowledge in making better financial decisions.

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