A Look Inside the Soloprenuer’s Toolbox
Running your own business is an attractive proposition. If you have an especially clear vision for your company and little interest in sharing control (or glory), solopreneurship might be the path for you. This is a type of business ownership in which the creator is the beginning and the end of the company. Although solopreneurs might outsource work to contract employees, they don’t hire anyone permanently. This is a major undertaking, but the right kind of person can thrive under this structure. Here, we break down some of the best tools solopreneurs can use to make the most of their vision:
Freelance Workers
Although solopreneurship is defined by its lack of full-time hiring, there’s nothing stopping solopreneurs from outsourcing work to freelance employees. This type of relationship is inherently temporary, and there’s no expectation (unless it were explicitly stated) that the contractor would be building toward a full-time position or any kind of leadership role in the company. This means you can get the help you need for the project, then part ways once it’s done. Contractors can handle everything from building your website to helping you set up your IT infrastructure. It’s important, however, to make sure you get all the proper documentation you need before assigning any work. Companies aren’t obligated to take taxes out of a contract employee’s pay, but if you haven’t got the right documentation, you may have trouble proving you haven’t neglected your tax duties.
Business Formation
Registering a business with the state is a must if you want to maintain compliance and protect your business. In many cases, an LLC is the easiest and most cost-effective choice. This particular structure offers tax advantages, asset protection and paves the way for business loans or lines of credit. Best of all, online formation services make it easy to file with your state quickly and affordably.
Software as a Service
Another good tool for solopreneurs is software as a service (SaaS). These programs are incredible resources, since they handle or automate many different business management tasks. For example, you can use time trackers that will give you reports on what tasks are taking up most of your time, allowing you to figure out what processes are and aren’t efficient. There are a ton of SaaS products on the market, many of which can make a big difference for your company. That said, there are also a lot of products that make big promises, but are ultimately half-baked. Thoroughly research any SaaS company, including customer reviews, before you make an investment.
A Website and an App
These days, every business needs a website and a mobile app. This is how customers and clients can engage with your brand and find out more about the services you offer. Since first impressions are key, invest in a quality design that provides a seamless experience for the user, whether they’re on a laptop or smartphone. Website and app monitoring are also a must to ensure performance, reliability and ease of use for the customer. With outsourced monitoring, experts can keep tabs on the functionality of your website and address issues quickly and simply as they come through.
Work-Life Balance
Finally, one of the major pitfalls of solopreneurship is work-life balance. Many business owners never seem to find time to relax and unwind. It’s not that solopreneurs don’t manage their time effectively, exactly. It’s more that their passion is so intense that they simply forget to make time for themselves. Unfortunately, this is unsustainable and can lead to major burnout in the long run. That’s why establishing work-life boundaries is so important for business owners. For example, you should create your own home office, and never bring work outside of that space. You should also build downtime into your schedule - as in, literally mark it on your calendar. Joining an exercise class or having a weekly game night with friends is a great way to do this. Since other people are involved, you can’t just talk yourself out of it, and you’re more likely to commit to having a personal life.
Running a business all on your own can be a serious challenge, but these tools make it easier. Remember, being in control doesn’t mean you have to do everything on your own. Outsourcing work, using technology to simplify tasks, and carving out time to unwind will give you the head space you need to make your company great!
Author: Courtney Rosenfeld