When a small business is running with just one man or woman behind the scenes, this person is considered a solopreneur. Soloprenuers usually prefer to run the business alone and aren’t concerned with hiring and scaling as much as they are with simply doing their job with minimal growth. They want to run the business alone while still being able to manage everything alone and make enough profit to support themselves.
This type of business is much different to run than a business with a group of people or a team behind the scenes. When you are working for yourself without a team of people to brainstorm with, delegate tasks and try to mesh personalities together, you get the joy of all of the power but it also comes with the stress of handling everything alone. Follow a few rules to stay afloat in the business of being a solopreneur and you’ll find happiness and success.
Know what you want from the business
It’s important that you understand what you want from your business. You need to make sure it’s wiser to be a solopreneur and that it wouldn’t make more sense to hire a team. Do what’s best for you and the business whether that be to grow into a huge operation or to take on the solo operation. Scaling isn’t the way to go for all businesses but it’s important to understand the reason behind the decision.
If you are happier running it alone, that is not a bad thing at all. You might just have to try things out and if going solo isn’t working, start bringing on a few employees to see if you’ll be happier. Just don’t base it solely on the potential profits but more so on how happy you’ll be with your business.
You will need to make sacrifices
The next rule is that being a solopreneur is going to come with sacrifices. When you run a business alone, you aren’t going to be as profitable as you would be with a team. You can do more with a team behind you which leads to more services or products being rendered and more profits coming in. Be willing to sacrifice a large income in order to run the business solo if that’s the best decision for you and your company.
Don’t limit yourself
Even if you are an introverted person, you may still need to step outside of your comfort zone to get the job done. You don’t have to enjoy parts of the business in which you interact with others but you need to be willing to do so if that’s part of the job. If you are extroverted, be willing to spend time alone on your work even if you’d rather be socializing.
Don’t limited yourself based on your personality and hold yourself accountable with the business operations. If you’re getting everything done and not limited yourself, reward yourself, and if it’s the other way around, hold yourself accountable and commit to do better next week.
Lastly, it’s important to react quickly to new opportunities that come your way, to constantly be learning from your experiences and to build a wide range of skills. Find ways to automate your business to save time, utilize the tech tools at your disposal and find a support system that can cheer you on or be a shoulder to cry on. Enjoy the freedoms of working for yourself and be patient when it comes to success.