So you want to start a sole proprietorship? It’s one of the easiest and most cost-effective business structures you can start. You’re in complete control of the day-to-day operations, decisions you make, finances, and don’t have to deal with overwhelming paperwork.
That said, a sole proprietorship comes with its challenges. You have to do everything on your own and be driven and motivated to make your sole business lucrative. If you’re interested in starting a sole proprietorship business, here are some insights to help you succeed.
Write a Business Plan
According to small business insights from Salesforce, solopreneurs should first understand the legal structure of a business and have a concrete business plan before taking any steps. Just because you’ve decided to become a solopreneur doesn’t mean you can start without having a clear road map for your business.
Since you’ll be dedicating so much of your time, energy, and money in running your sole proprietorship, it’s critical to have clear goals and a strategy to achieve them. Take your time to draft a concrete business plan to guide your decision-making process along the way. Ensure that all your paperwork is also ready before you start.
Create a Simple and Responsive Business Website
Solopreneurs face one big challenge when starting out – getting their name out there in a highly competitive market. A website is the face of your business and presents the right image to your customers or clients. For solopreneurs, you’ll need an authentic, client-attracting, and attractive website that works for you. Everyone does some research before making a purchase today.
People are spending more time online looking for solutions, helpful information, and expert help. With an online presence, you’ve taken the first step. Now work on optimizing your business content for higher ranking, create regular content, incorporate social media marketing, and be actively engaged in customer interactions online.
Manage Your Time Effectively
You’re running your business on your own, so every working hour and the day has to be accounted for. The goals you outlined in your business plan should be your guide here. Break down your goals into small steps that you can achieve and focus on smaller tasks. With a to-do list for your everyday operations, you won’t be overwhelmed and will likely make steady progress.
When your sole proprietorship succeeds, there’s more work to do, more customers to serve, more phone calls and emails to reply and other activities that need to be done. To save yourself a lot of stress, you need to track how you spend your time each day and what activities take up most of your time. Schedule crucial tasks for hours when you’re at peak performance.
Take Advantage of Tech Solutions
Running a small sole proprietorship business is not easy. With so many things to do, you’ll find your hands full at some point. To ease the burden on yourself, consider automating repetitive tasks that you do every day using tech solutions. For instance, you can centralize all your business financing and accounting with ERP accounting software and keep all your documents in the cloud.
There are small business applications for just about everything you do in your small business – from generating invoices, tracking expenses, accepting payments, chatting with customers online, email automation, task scheduling, project management, to online calendars. Find out what tech tools solopreneurs use and set them up to streamline your daily operations.
With the right business plan, marketing strategy, time-management, and streamlined operations, you can grow your sole proprietorship to a successful business. At some point, you may have to delegate some tasks and duties to help you manage your work. Solopreneurs are dedicated to what they do, and with the right strategies, you, too, can make your sole business rewarding.