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How to Take Your Solopreneurship to the Next Level

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How to Take Your Solopreneurship to the Next Level

By smallbiztrends, Guest Blogger
Published: September 18, 2014

If you’re like nearly 18 million people in the US, you’re operating your business as a solopreneur. That means you’ve been doing everything, from making sales to refilling the printer paper. But what happens when your business grows beyond what you can do on your own?

It’s time to call in reinforcements. But it’s not just a matter of hiring a few freelancers. You need a strategy that will help you scale your operations to match up with your boom in business.

Change Your Business Structure

When you’re small potatoes, operating as a sole proprietor is usually sufficient. But as you grow, you need to protect your personal assets. If someone sues your company, they’re essentially suing you, and your personal assets may be taken to cover costs. But operating as a corporation or LLC, you are separated from your business, and you’re not personally liable for it.

There are also tax advantages to choosing a formal business structure, so do some research and figure out which is best for your company.

Figure Out Your Staffing Needs

You can’t continue to do everything successfully, so it’s time to start hiring. You have a few options here, depending on how much help you need:

  • Freelancer
  • Intern
  • Agency or consultant
  • Part-timer
  • Full-timer

If you have a one-off project, like web design, a freelancer may work. If you want to hand your marketing over to someone else, consider hiring a marketing consultant or agency. And if you have regular tasks you need help with, determine whether you need to hire part or full time.

Be Willing to Invest Time

While yes, adding people to your team will lighten your load in some ways, if you’re truly ready to grow your business to be competitive with bigger players, you’ll probably have to spend more time working on that growth. Let your family know that at least for the time being, you’ll be less available at home.

Look to the Future

As your business grows, you may change your goals. As a solopreneur, you may not set your sights as high as you can once you’re moving up to the next level. Reassess your business plan, and decide whether it’s still in line with where you want to take the company. You may find that you want to grow more aggressively now that you’ve built a team to help you move faster.

Let Go

Up until now, you were the one to make all the decisions. Now that you’re working with other people, it may be a challenge for you to not want control everything. But realize your growth involves you working with people who are skilled in areas you aren’t, so trust them to do the job and contribute to your company’s success.

Moving from solopreneurship to a larger small business isn’t an overnight miracle. It will take planning, time and money, so make sure now is the right time for you to step up your efforts.

About the Author:

smallbiztrends
Anita Campbell

Guest Blogger

My name is Anita Campbell. I run online communities and information websites reaching over 6 million small business owners, stakeholders and entrepreneurs annually, including Small Business Trends, a daily publication about small business issues, and BizSugar.com, a small business social media site.

Comments:

everything isn't easy. it's important, how to start growing your business
Actually, its never a great idea to operate as a sole proprietor. I am a solopreneur with a S corporation. You do not need employees to change to your business structure. Consult with a certified public accountant to find the best structure for your business.
Solopreneurship is a like a fresh air, which has an intensity to provide ample opportunities to those who opts for this kind of career option, but one needs to be open with innovative ideas, to make solopreneurship grow in a wider manner.
Going it alone is generally better. Also, I would never consider a silent partner that isn't active in the business. It becomes very difficult to make a profit. The investment that gets you to profit is often not enough and then you need more funding and it's just a big hole :(. I've seen so many entrepreneurs fall into the trap of giving up too much for too little.
Being in business just shy of a year, I find myself in this position. I give freely of self hoping to gain experience and knowledge from others. The problem is when the giving of self is to much for the NO or "0" return profit. I am learning this early so I hope the future gets brighter.
The solopreneur is a innovative terms to show what it needs to start a business that too alone, but hiring freelancer can actually give the inspiration & ideas as what can make a business flourish in a better & wide manner.
This term Solopreneurship I hear for a first time! Is it only me or is it really a new word?
You have to keep on working at it. At least if you managed to survive 2 years then the business should be alright.
Thanks to share a new term Solopreneurship for freelancers one man company.

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