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How to be a Successful Entrepreneur in a One-Person Business


How to be a Successful Entrepreneur in a One-Person Business
by The Trilojee Team, posted 10/8/2017

Many entrepreneurs start their journey as a solopreneur and hope that somehow they’ll eventually achieve their desired goals. However, the road towards a successful business is usually bumpy, and quite often bumpier than expected. The truth is that most entrepreneurs going at it alone are going to experience a sense of overwhelm so it will be important to expect it and be prepared for it. 

If you first establish the right mindset and have realistic objectives, then you can begin to work on how to keep your business and momentum moving forward. Fortunately, we can ease the process for you by listing some things that will help you to become another one-person successful business story.

USE YOUR TIME WISELY

When you start running a one-person business, you won’t always have the luxury to postpone meetings or tasks for a later date. The day has 24 hours so you should be as effective as possible in those active hours. First of all, don’t just list what you have to do for the day, start by scheduling even the small obligations, because those obligations will later on become big ones and impossible to manage. Put aside the things that require little of your concentration and leave the big decisions and tasks for your most productive part of the day. You may experience some difficulties since your business will take most of your energy, but if you have clear goals and create an actionable plan to achieve them, the fruits of your hard work will soon start to show. If you are a morning person, get up and start the day by finishing your most important obligations or tasks during your productive hours. After you’ve fulfilled your most important tasks, you can then focus on finishing the day by checking your e-mails and creating to-do’s for the next day.

PS- If you’re unsure what you should be working on, ask yourself this, “does this task have the potential to produce income for me?” If you can’t answer yes to this question, then try to reprioritize your tasks and focus on income generating activities first!

HAVE A PLANNER

Planners are a great way to remind yourself what you need to finish in a day, since you don’t have other team members in charge of a specific obligation. The planner should contain every single appointment, deadline, payments, delivery, shipping, contacting a client, checking your e-mail, and replying to emails. The key to success is patience and great organization. Your clients will appreciate it if you can manage to deliver on time, and they will value you even more once you expand your team and improve your efficiencies. Write your planner in a manner that you finish your most urgent obligations first. There are some things that you can finish from home or by using your smart phone. Fortunately, technology continues to make it much easier for one-person businesses.

MAKE USE OF TECHNOLOGY

The cloud can be quite handy when it comes to storing and accessing important documents. We are all doing it, even the bigger companies practice such convenience. Cloud based programs can mean the world to you, especially in times when you have limited time and not at your desk. Now instead of running back to the office every time you need to get something done, check for documents in your cloud and save valuable time and much-needed energy. In fact, you can use your mobile device for things beyond storage of important documents. Nowadays, there are many apps that are designed to help you from tracking your expenses to managing payments and invoices. You can easily rely on these apps and use them regularly in order to increase your efficiencies.

PREPARE YOURSELF EMOTIONALLY AND MENTALLY

Establishing and maintaining the proper mindset and a positive attitude towards your business is crucial and can greatly increase your chances for success. The greatest entrepreneurs all have one common trait, they view a challenge as an opportunity. Yes, you are only person and yes you will feel overwhelmed at times, but preparing for setbacks and viewing them as something that needs to be solved is part of a winning formula! Establishing the proper mindset is an ingredient that cannot be left if you want to overcome obstacles. If you want to achieve success, it’s best you rewire yourself now!

SEPARATE YOUR PERSONAL LIFE FROM YOUR BUSINESS ONE

We don’t just mean creating a work-life balance. We all use our personal phone number for everything because it’s convenient but you should consider getting an additional business number. The same mistake is made when using an existing bank account. In times when you’ll consider loans and make business payments, it’s best to keep it as professional as possible. You are not just a person anymore, you are a business and your business affairs should be handled accordingly. As for the phone, forget about the convenience, you should answer the phone by using your company name or introducing yourself. A simple “hello” does not signify professionalism nor does it give a customer or prospect a good first hand impression.

CHOOSE AN LLC TO FORM YOUR BUSINESS

Since you’re a one-person business, you’ll want to simplify things by using all the advantages that you can get. In order to do that, you need to consider the form of business and a good one is the limited liability corporation (LLC). The LLC is beneficial for one-person businesses because it can protect you in cases when your personal assets are at risk. With this type of business entity, any lawsuits that you could encounter will be solved within your business. In addition, an LLC allows you to claim profits and losses on your personal tax returns which will eventually simplify things for you and/or accountant.

USE SOCIAL MEDIA AND CREATE A PROFFESIONAL WEBSITE

Social media can be of great help for promotion in general, as well as promoting your website and its content. Your website should be simple, clean and easy to use. It should convey your value and commitment. By using these tools for presenting and promoting your business, you will save plenty of money on marketing campaigns and also give your audience the impression that your business is a credible. Update and refresh your content regularly, answer to massages as soon as you can and consider investing in promoting your business via Facebook for instance. The professional image and engagement that you create for your audience will be effective and convert more visitors into customers. This will also help you to eventually expand your team and hire people who will take care of these types of tasks for you.

In conclusion

When running a one-person business, it’s all about creating the right mindset and making the commitment to do an amazing job. When your business begins to gain momentum, consider investing in professionals to handle the tasks you’re not very proficient in. This will allow you to stay more productive and happier by focusing on the elements of your business that you’re better at, and that are more rewarding for you. Until then, set realistic goals of what you as a one-person business want to achieve and do everything in your power to make it happen!

Wishing you much success!

 


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