Entrepreneurs who have decided to quit their jobs to become their own boss tend to share a common story. They grew bored of their workplace.
For young parents, it’s often a matter of flexibility. Some companies fail to offer flexible working hours, which can impact on the relationship of families with young children and babies. As a result, launching a home-based business often feels like the best option to make a living while caring for the kids.
For others, the cumulation of frustrations drives them to quit. Whether it’s a bad boss or an unpleasant colleague, more and more individuals decide to take matters in their own hands and create a safe and welcoming job for themselves.
Regardless of the reason behind your independent career, you are likely to find yourself battling with the challenges of your solitary position. Indeed, when you launch a solo-business, you need to be smart to make it work. You can’t only focus on your expertise. You need to establish the necessary process to run your business as effectively as any other company. Ultimately, your clients expect the same level of professionalism and reliability than they would from bigger firms. While you might be tempted to spread your work across multiple fields, you should stay away from multitasking. Indeed, you’re unlikely to have the necessary skills to manage multiple business processes. Besides, you will soon run out of time if you try to do everything! Instead, you need to find effective alternatives.
The Internet is a dangerous place; you shouldn’t go alone there
If digital plays a role in your business activities – whether you’re using online storage options or interacting with your customers online –, you need to consider the safety of your IT solutions. As surprising as it might sound, many independent entrepreneurs put their business at risk by failing to introduce online safety measures. More often than not, the idea is that hackers and other cyber attacks are more likely to target large corporates. In reality, while big firms can be the victim of a hacking attack, cybercriminals prefer small businesses. Indeed, the absence of adequate protection makes them an easy target. Admittedly, it would be foolish to expect you to become an IT expert on top of your other skills. Therefore, it’s a good idea to entrust your digital protection to a specialist, either by using a software tool that does all the hard work for you or by finding an IT security consultant.
Wait, how much tax do I owe you?
Preparing your taxes is never easy. But when you manage a business, there are many regulations, exceptions, and calculations that you may not be aware of. It’s not uncommon for small businesses to over- or underpay their taxes as a result of miscalculations or lack of knowledge. The worst thing that can happen is to get in trouble with the tax collecting organization, which is never a good thing for a small business. Instead, you should find professional expertise that you can trust in your day-to-day activities. Solo-entrepreneurs on a tight budget tend to prefer using cloud accounting software tools that let them keep track of their budget, invoices, and other financial transactions and duties in real time. Alternatively, if you don’t have any time to dedicate to the matter, you should let an accountant manage your books and your taxes.
Google Analytics is free, but I still don’t get anything from it
Collecting customer data is an essential part of your business growth. For solo-entrepreneurs, the abundance of free and cost-effective tools offer a strategic advantage, whether you need to check your web visits on Google Analytics or your keyword rank. Unfortunately, while data are easy to access, analyzing them a lot more challenging. Countless amateurs waste precious hours reviewing Analytics dashboards without being able to find pertinent information. In fact, the situation is so dire that Google decided to provide free support sessions to entrepreneurs via the Digital Garage initiative. But, the truth is that unless you’ve got time to invest in learning a new skill, one-to-one Analytics sessions are not going to be helpful. Instead, a dedicated consultant who can provide regular data reports and highlight threats and opportunities can be the best solution to encourage you to grow your business.
I’m not too sure about this strategy
Ah, designing your business strategy is not for the faint-hearted. It takes excellent data knowledge and analytical skills, which, if you haven’t invested in a data collection and interpretation solution, is going to be difficult to achieve. Many entrepreneurs fall in the trap of bad strategy approaches, which force them to accommodate conflicting factors as they occur without giving their business a chance to focus on a long-term goal. At its core, your strategy needs to serve as a response to a market challenge. As a result, you need to know and understand the problem to provide the best-suited response. Working closely with a consultant is a preferable solution.
You may be knowledgeable, but you’re only one person
The truth is that even with the best of will, you can’t tackle all the challenges of your business. Running a business is not a one-person job. You need all the support you can get to be able to stick to your professional goals. Indeed, too many new entrepreneurs get trapped in a situation where they spend the majority of their time managing their business instead of using their expertise to deliver income-generating services. There is no point in learning the skills if the cost of your doing the work in-house is too high. That’s where outsourcing can help you to maintain your market position by freeing up valuable time.
I’m ready to hire someone… but how do I do it?
Are you ready to bring a new employee on board? Hiring your first employee is one of the most difficult things you’ll have to do, especially if you lack recruitment experience. However, mistakes can prove devastating for your reputation and your finances. It’s always a good idea to hire a recruitment specialist for the task.
The image of the multitasking and hard-working entrepreneur is, unfortunately, wrong. When you are ready to launch your own business, you need to accept that you can’t manage on your own. Finding consultants to support you and outsourcing specific jobs can help you to build a profitable and sturdy business.
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