⌚ 4 min read
If you’ve started a business or are thinking of starting one, you will most likely start off as a solopreneur (AKA going at it alone with no partners or people helping out with the day-to-day).
As with everything, there are pluses and negatives with solopreneurship.
Good news is that you are 100% in control of company decisions. You don’t have to consult others before deciding to do something, nor do you have to split profits with partners.
But the bad news is that being a one-woman show can only last so long. If you want to run a legitimate business that is making serious money, you will have to take on more clients/customers and that requires scaling and bringing others on board.
While it can be difficult to let go of the reins, you are not alone. Giving up control is one of the most common hurdles entrepreneurs have to overcome when growing their businesses.
If you’re close to the “hiring on others” phase or even if you’re just starting out, take note of the following advice to make your journey from solopreneur to business leader as smooth and profitable as possible!
Sell something people want to buy. Well, duh. But hear us out, it goes a bit deeper than that. When you’re a solopreneur, everything is on your plate -- from paying bills to ordering supplies to building your website, which leaves little time for you to finesse and tweak your product or service.
Instead of focusing on everything else when launching a business, whittle it down to the basics - get to know your target audience inside and out and offer them a solution to their problems. If you’re offering something people are lining up out the door for, it becomes easier to hire others on as you grow and everything else about running your business becomes easier as well.
Hustle hard, but know when to slow down. Tight budgets will be the norm for most solo entrepreneurs as they begin their journeys, and that means doing most of the work yourself. You’ll be your own accountant, marketer, designer, and responsible for whatever other tasks pop up during the day. You’ll find yourself working 12-hour plus days and not even realizing it! The business is your baby, afterall!
But it’s not sustainable in the long run. You’ll be too tired to continue producing the quality you’re after.
This amount of hustle does come to an end when you start earning enough money to hire others to help build your vision. Whether it’s freelancers, part-timers, or even full-time employees, you’ll need extra hands and experts to keep everything afloat.
Build a strong relationship with customers. On top of all the other roles we’ve listed for a solopreneur, add on customer relationship manager as probably one of the most important hats you’ll wear. Because without customers, you have no business.
In the beginning, it will be easy for you to answer questions and complete orders without much structure. But as the number of customers grows, the complexity of keeping track of everything does too. Start using a customer relationship management system as soon as possible to manage your sales processes and customer information. Without CRM systems, important steps with your customers, like follow-up calls, can be skipped unintentionally, damaging your sales.
Automate your marketing where you can. Marketing is often one of the most time-consuming spheres of a business. It’s a diverse field with many promotional options available. If you’re not an expert yourself or aren't in the position yet to hire someone, try focusing on automated and effective options like pay-per-click campaigns (Google Ads). After you set up campaigns, you can leave them on autopilot or continue to tweak for better results.
Continue to invest in your marketing. When you’re starting out, due to limited budgets, time, and knowledge, simple PPC automations or basic social media strategies may be your only options. But as you start earning more, make sure to spend more on your marketing! Some analyses have shown that new business should spend as much as 25% of their revenue on marketing. Hire on experts to produce the content and strategies you need to continue to reach new customers and inspire old ones to continue purchasing from you.
For some, a small solo business is just what they need. But if you have bigger, more extraordinary dreams, you will have to transition from solopreneurship to a business empire-building mindset. The above guidelines give a general idea of what direction to go in, but we tackle all of these issues and waaay more in our Growth course. Join us and see how this course can help you grow your business empire!