Building a successful business by yourself is no easy feat. You must master a plan, practice patience, and execute top-notch strategy.
So, after you get the ball rolling, how do you take your startup to the next level?
Here are three ways to help master your one-person startup.
One piece of advice—work smarter, not longer. Your time is valuable. Don’t work around the clock, only to accomplish little, to nothing on your to-do list. Instead, get organized and plan out exactly what you need to accomplish every day. Try downloading a scheduling app to help keep yourself organized and on task.
Only quit your day-job if you can afford it. Going all-in on your solo venture will mean that your sole source of income is tied to your startup. This isn’t a bad thing … but be sure to weigh the pros and cons before you quit your nine-to-five.
Think you’re ready to pull the plug? First, map out every business expense and set a clear (and followable) budget. Be sure that your expenses don’t outweigh your revenue. The last thing you want to do is put your startup’s finances in the red before you’ve barely launched.
You are your greatest asset. As a solopreneur, you must protect not only your startup but also yourself. Be sure to ward of risks by consulting a risk manager and investing in liability, health, and life insurance. In the same vein, do your homework, and be mindful of who you do business with. Trust is key when building a startup, but not everyone who is interested in getting involved in your startup’s success is worthy of your trust.
Running your own startup is a highly rewarding career path. With reward, comes sacrifice, and solopreneurship demands a great deal of planning, patience, and strategy.
What has helped you master being a solopreneur? Tweet @StarterNoise to let us know.
Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.