Tips for Operating a Successful Solo Online Business
Ask any entrepreneur, and they’ll tell you that running your own business isn’t always easy. It’s typically a lonely trek uphill and involves working long hours to attain success. Being a solo online business entrepreneur poses a whole new set of challenges. If you’re working without any outside assistance or employees, then you know you’ve got your work cut out for you every day.
From doing taxes to marketing, web design to branding – as a single business owner and operator you’re inundated with a mountain of decisions and tons of work. Thankfully, there are steps you can take that can make operating a successful online business with a staff of one a lot easier.
Pros and Cons of Being a Solo Business Operator
The clear and most obvious benefit of being a one-man (or woman) band with your business is that you call all the shots. There are no bosses or supervisors squelching your decisions or prohibiting you from living your entrepreneurial dream. However, this can often be a deficit, because you might not have the objectivity required to make well-rounded business choices. Read further about more insights into avoiding failure as an entrepreneur and thriving as a solo online business owner.
Seek Counsel and Outside Advice
As mentioned, being an independent business owner gives you the freedom and flexibility to run your business your way. However, sometimes outside expertise is needed. Perhaps you’re unsure about website issues like WordPress WooCommerce hosting or wondering how to keep your website safe from security hacks. If this isn’t your realm of knowledge, it can be tough to do all that research yourself and make clear-minded choices. That’s why it’s important to seek advice from experts in the field you need help with.
Professional advice doesn’t have to cost a lot of money. Ask family, friends, or neighbors if they have any experience with areas that are challenging for you. Or, you can perhaps work out a bartering system with a professional instead of paying their top fees. What’s important to understand is that no businessman or businesswoman is an island, and sometimes outside consultation is a must.
Stick to Your Budget
Unless you’re independently wealthy, running an online business on your own is bound to bleed money from your bank account. Many independent business owners bemoan the fact that they’re always backed in a corner when it comes to budgeting and finances. In fact, according to USNewswire, 47% of all independent business owners say doing taxes and bookkeeping is the most dreaded part of doing business.
While you might loathe counting pennies and keeping to a budget – that’s exactly why you should do it. If you’re not a natural at accounting, then get financial apps or small business accounting software that can help you with the task. Be super-vigilant about your budget and money management, especially if you fall short in this area. The more diligently you stick to a clear budget, the more successful your online business will be.
Focus on Time Management
Bills are due, your best supplier pulled out of his contract, you’ve got three meetings to attend by noon and then you find out your mother-in-law needs to be picked up at the airport. You get the idea. Running your personal life is hard enough, but running your business independently can be downright maddening if you don’t keep to a schedule. Look into getting a scheduling app on your phone, or purchase a day planner to help you with time management. Also, do your best to keep your personal time separate from work time.
Consider Networking and Making Friends
Working for yourself can be a lonely proposition. Too often, online solo business owners spend days and weeks cooped up in an office working tirelessly on their websites and business services. That’s not a healthy way to work, and it will eventually affect business productivity. You can avoid the business owner’s hermit trap by networking with others in your field.
This doesn’t necessarily have to be for your business purposes. You can connect with others on social networks or discussion forums to get inspiration and ideas. Ultimately, the objective of networking and making new friends should be about bringing you out of isolation. Too much time spent without the company of friends, peers, or mentors can be crushing on your entrepreneurial spirit, so take the time to branch out and make connections with others.
The Last Word on Managing Your Solo Online Business
Finally, There’s nothing better than independently building a successful business and saying, “I did this on my own!” Nevertheless, the solo path to business success can be an arduous path to tread all alone. You don’t have to give up your freedom, but you should be proactive about managing your time, money, and social engagements while working on your solo online business goals.
