Entrepreneurs often say they “wear a lot of hats.” This is true for most people starting their own business, and many business advisers suggest delegating certain tasks when possible. Entrusting employees with Deposit pakai pulsa reduces a founder’s busyness and allows them to work on their business, rather than in the business.
The advice makes sense, but what happens if you’re the only person within your business? If you’re running a one-person business, you don’t have to hire a team of employees and delegate to find success. Depending on the industry, you can create successful and long-lasting one-person businesses.
Building a one-person business that finds sustained success can be challenging, though. There are countless obstacles you must face alone, which makes the process of developing a solid business harder. These obstacles can be overcome, however. To understand how to make it as a one-person business, we reached out to entrepreneurs across the country. They shared tips on how to run a one-person business from their experiences.
How to start a one-person business
Before we dive into the tips we got from entrepreneurs about how to launch a one-person business, it’s important to note that none of these pointers are absolute facts. Every situation is different, and not every rule applies perfectly to your business. We have found, however, that most people we spoke to about starting and developing a one-person business normally follow a similar trajectory. This doesn’t mean you have to follow that plan, but this framework tends to lead to success.
1. Start your business on the side.
An overwhelming majority of people we spoke to mentioned starting their one-person business as a side venture, at least at first. They recommended doing this primarily for financial reasons. Instead of quitting your job and losing a major income source, try to start your business on the side until it gains traction. Use a few hours before or after work to build the business and gain clients or customers. If you do decide to quit your job, you’ll want a good bit of money saved up to grow your business. It’s going to take time to build a one-person business and quitting your job can make finances a challenge.
Starting on the side also sets you up for success when you decide to leave your current situation. If you develop a client base over a year or two while also working a full-time job, you’ll bring in money on the side and be ready to grow an already established brand once you take the venture on full time. For financial security, starting your one-person business as a side hustle is often the way to go.
Beginning as a side project also gives you time to iron out the flaws in your business plan and work through struggles without it drastically altering your income. Starting your business on the side reduces some of the stress that comes with running a one-person business full-time.
You may even find that starting a business brings unexpected challenges that you aren’t interested in overcoming. A few months of pursuing a business idea might cause you to re-evaluate your career path or develop new business ideas in different sectors. The main benefit of starting your business on the side is the flexibility to make mistakes and fail without losing your only source of income.
2. Find the right business structure.
The seemingly obvious choice for a one-person business is a sole proprietorship, which are the simplest forms of business available. There’s a solid amount of flexibility with a sole proprietorship, as you can be an independent contractor or operate a small business in a more traditional sense. Hypothetically, if your side business consists of you writing marketing copy for businesses on a freelance basis, a sole proprietorship is the logical choice.
On the other hand, sole proprietors are responsible for all the company’s profit and debt. This can become an issue as your business expands. If you get into a lawsuit, your assets are on the line and can be held responsible, rather than the business entity. Potential lawsuits become more relevant the more customers you serve. You’ll also want to keep an eye on what self-employment taxes you might have to pay.