How to start a one-man small business
How to start a one-man small business

Nowadays, entrepreneurship is not as easy as pie more so if you are a solopreneur. But how do you start and grow a one-man business? How do you easily get your new business off the ground?

We all know that launching a new startup is a daunting task, however, the main struggle is running the business.

After launching the business, you will be left with the responsibility to steer your business to success. To successfully run a business is hard work even if you have all the essential resources and the people to help you.

How to start and grow a one-man business

Every entrepreneur understands the importance of not only having the right resources but also having the right people to help. However, you don’t have all these luxuries if you are running a one-man business.

As a solopreneur, the pressure is on you not only to raise funds but also to do other stuff like marketing. This means you will have to devise means through which you will be able to successfully run your business.

So, how do you start and grow a one-man business? Below are some of the right steps to take to launch and run a one-man business.

Solopreneurship: How to Start and Grow a One-Man Business

#1]. Write a business plan

A business plan is not a legal document, however, it’s an important document for every business owner to have. A business plan describes and helps you clarify your business idea, spot potential problems, set out your goals, and measure your progress.

 

Your business plan will cover such things as objectives, strategies, sales, marketing, and financial forecasts. It is one of the required documents should you ever decide to seek financing or sell your business.

#2]. Secure funding for your business

Money is an essential resource that everyone needs to launch a startup. However, it’s difficult to secure capital for a small business especially if you are new to the process.

There are several ways you can actually raise funds to finance your business. Mind you, some financial institutions might require your business plan in order to secure a loan.

Advisably, try applying for a small business loan from the bank and other financial institutions. You may not even need a bank loan if you are starting small. This is because you could be able to raise funds through your savings, friends, and family members.

#3]. Start small and grow big

Starting as small as you can by choosing a business idea that involves something you know about. This will give you a good head start and the opportunity to possibly run the business from your home.

Do you know how to run a one-man business?

With the right business tools, you will be able to quickly grow your business because you are operating within a sector you are knowledgeable about.

Also, it means you wouldn’t need to spend much of your time getting used to how things work. The point is that the less time you need to spend learning about the business, the more time you will have to run it.

However, there are laws guiding a home-based business or “running a business from home”. You’ll need to check with your local authority to find out how to go about it so that you won’t end up operating an illegal business.

#4]. Marketing your business

Marketing is another important aspect of the business that you will need to take care of. People need to know about your business and marketing is arguably the best way to go about it. However, marketing is expensive, especially for a small one-man business.

You may find it difficult to market your business to the right audience with little resources. Therefore, you’ll have to devise means to get your business in front of your potential customers or clients.

Start by printing leaflets and t-shirts with your business name, website, and contact information. You can also make use of street marketing while word-of-mouth marketing could also be a great option for you.

 
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Furthermore, social media also offers you a great opportunity to target the right audience. With a tool like Brand24, you can easily get instant access to brand mentions across social, news, blogs, videos, forums, reviews, and more.

There are so many online resources out there for you to learn how you can easily leverage social media platforms for your small business marketing. Make use of great tools like Crowdfire, it will save you a lot of money!


#5]. Organisation is important too

Every small business owner understands the importance of organisation and this also applies to a one-man business. Being able to organise yourself and everything relating to your business is vital to be successful.

As a solopreneur or one-man business, you will need to handle all aspects of the business including keeping records of your business dealings. This is why you will need to have basic organisation and documentation skills.

Also, having some basic knowledge of bookkeeping is a great advantage when it comes to your business finances. Luckily, great tools like QuickBooks can help you with your business finance and even business tax.

 

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1 COMMENT

  1. Hi Elechi, I love having the right tools that can save TIME. Time is my biggest challenge. One way I’ve helped that challenge is to hire freelancers. I’m interviewing one more this morning to help keep with the work flow. Somedays like yesterday, working 14 hours is quite the challenge. It’s something I know I can’t do day after day and remain at my best. Everyone needs a good night’s sleep and a little time off too 🙂 Thanks for the tips!

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