Industry Word

Blogs.Industry Word

Register

How to Take Your Solopreneurship to the Next Level

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.