Have you ever dreamed about running your own business? It sounds like a big risk, but what you might not realize is that most small businesses are run by people doing it as a side-project or a hobby, not as their primary source of income. So if you’re looking for a way to supplement your income, you might want to consider starting your own one-person business.
In the United States, one-person businesses account for three quarters of all registered businesses, but there are a lot of challenges in building a business from scratch. If you’re planning to try your hand at working for yourself, here is our advice:
- Compose a concise business plan. You need more than just a specific skill set to start your own business; you also need a business plan that covers all of the specifics. Consider it the skeleton of your business giving structure to your skill set. If your business is viable and takes off, you’ll need to know how to respond and organize yourself to keep the boom manageable, lest you lose control and watch your endeavours crash and burn. Always value organization and big picture thinking. Inc.com has a guide on how to write a business plan that will point you in the right direction.
- Review your financial situation. Odds are you’ll need some capital to start your business. If you can afford to start your business, go for it. If your finances are unstable, then you might want to reconsider your plan to go solo, or at least take strides to plan for a much slower start of your business. Remember that if you borrow money you can’t afford to pay back, your personal assets will be at stake because you will be personally liable for all aspects of your business.
- Work with your strengths. Don’t go into a business you know nothing about. If you’re a star software developer, stick with that since it’s what you’re good at. Also, you’ll get a better sense of satisfaction doing something you actually enjoy rather than something you’re just doing for the cash.
- Be disciplined. If you are going to run your own business, you’ll need to be on top of your workload and always be “on”. This is not a time to slack off as you will have no one else to rely on to do your work.
- Get some advisors. Just because you’ll be embarking on a solo business venture does not mean that you have to go it alone. If you put together an arsenal of professionals who can offer you valuable business advice, you’ll have an easier time getting your business off the ground. A good place to start is among friends and former colleagues and employers; LinkedIn is a great social networking tool to accomplish this. If you had a really good professor in university who seemed to know a lot about the business you’re interested in, now would be a good time to reconnect with them.
- Use Payza to accept and make payments for your business. One headache you can avoid right away is figuring out how you will accept payment for your products and/or services and how you will pay your suppliers. Payza offers some really fantastic and useful features made specifically with the solopreneur in mind, such as our corporate disbursements feature to pay out, and the email invoice feature to request and accept payments. If you have an online retail shop, you can also use Payza payment buttons to accept instant and secure payments from your customers!
Make use of the tips offered above and all of the great online resources that will give you the information and support you need to get started, and good luck!