How to run a one person business successfully

April 13, 2021

How to run a one person business successfully

They say “Two heads are better than one” Is that right? For others, it is difficult to run a one-person business because you will be the host, the mastermind of all the decisions, you will be the one to solve the problems alone, you will be the only one to talk and take care of the clients' needs and when you do not succeed you have nothing to blame but yourself. In addition, you will be the one to pay the legal fees and taxes, you and yourself alone. On the contrary, you won’t have to think and wait for a decision with your business partner because sometimes this is where the misunderstanding begins. Many one-man entrepreneurs have found that a limited liability corporation (LLC) is a good solution. An LLC protects your personal assets from liability in case there are any lawsuits or claims against your business. An LLC also allows you to claim business profits and losses on your personal tax return, eliminating most of the paperwork and headaches involved in building a regular corporation.

There's only one you and unfortunately, you only have 24 hours a day - so make the most of it! Your business plan can be a great guide. Separate the goals in your business plan into a series of small steps you must take to achieve them. By focusing on smaller tasks, your to-do list will be less cluttered, and you’ll be able to make steady progress. If you still find yourself struggling to keep up, spend a week or more tracking how you actually spend your time each day. Try to identify if you are a natural or less energetic person and, if possible, schedule your most important tasks for the times when you are at your highest performance or during your free time. In short, time management.

Take advantage of so many small business apps like social media and order retrieval apps, which are free and will help your business. This will help your one-person business run smoothly and fit better into your day. For example, putting your business documents in the cloud or GDrive means you can access them anywhere, anytime instead of rushing back to the office or your home to check it out. There are apps to help you do everything from tracking business expenses and generating invoices to signing documents and receiving payments from customers on your mobile device. It’s not bad to seek help from your entrepreneur friends, ask them for other tech tools or advice/strategies to make your business successful. This will help you to streamline your day-to-day duties.

If you have the budget to build a website this is a good thing to do, it is a must! A website is the face of every business, and especially for a one-person company, it is important to present the right professional image. If you want to create the illusion that you are not just a startup person but a thriving, successful business, a business website can really help. For example, you can include contact information of your business, such as customer service email, phone number, social media accounts. You can also place order retrieval on your website. Not only the company profile but also your offered items. This will build confidence with prospective customers.

Running a one-person business is hard, but these techniques can help make it more profitable as long as you have persistence, perseverance, and loving what you do you will never be far from success.