The growth of solopreneur businesses is taking off as people desire to move away from corporate culture and toward being independent and creating their own futures.
What is a solopreneur?
A solopreneur is an entrepreneur who runs a business as a sole owner. If you have a small business as a sole proprietor or single member LLC, you are most likely a soleopreneur. You start your business by yourself, assuming, at some point, you'll be big enough to hire your first employee. Then, your business will continue to grow exponentially.
That's the idea. But does it work for your business?
There are a number of reasons for keeping your business as a solo run enterprise.
- your personality is suited to working alone
- dealing with state and local regulations feels like too much of a hassle
- employees seem like they would be too time consuming to manage
- you feel employees will not invest themselves into building your vision or business
- limiting unforeseen expenses related to staff is necessary
However, it's hard to grow a business without involving others. You can only walk so many dogs in a day. You can virtually assist, coach, market, SEO manage, just so many clients per month.
To move your business forward, you must stop trading time for dollars.
Here's how to create growth without hiring employees:
- use freelancers for short term or temporary work
- hire independent contractors (but understand the IRS and tax implications about independent contractors before doing this)
- outsource to other legal small businesses
- use sites such as Fiverr or similar alternatives
- automate as much as possible
- continually develop new skills so you can do some of the tasks yourself (for instance, learn Quickbooks or Freshbooks and keep your finances streamlined and in order)
Don't forget to allow time for personal growth and development.
It may seem counter intuitive, but taking needed time off to step back from your business can give you renewed energy and determination to see more growth. Hire a personal coach for more clarity, take a vacation or staycation to rejuvenate, meditate, work out; read uplifting and inspiring books each day. They'll give you a fresh perspective to develop new insights into growing your business.
To your abundance with love, Suzanne