Five Strategies for Winning at Working Solo

By Barbara Weltman
SBA blog | Originally Published May 14, 2018

Eighty percent of all U.S. small businesses have no employees. The number of non-employee businesses is expected to grow in coming years, due in part to the expansion of the gig economy (e.g., Uber, TaskRabbit, Thumbtack) and favorable economic conditions. Being in business with no employees means you don’t have to deal with payroll, minimum wage rules, and other employer-related responsibilities. But it doesn’t mean you are relieved of all business-owner obligations. You must wear all the hats in your business and see that what needs to be done gets done.

Here are five strategies you can use to make your business work — even though you don’t have any employees working with you.

1. Outsource daily chores

There are only 24 hours in a day, and you can’t work every one of them. You have to let others handle certain matters for you. This may be doing your bookkeeping, handling your calendar, or dealing with customers. Outsource to individuals or companies that can address your needs. For example, consider engaging a virtual assistant who can spend the hours you require each month on your business activities.

Also, be sure to arrange good help (including backup) with personal responsibilities—caring for a child, an elderly parent, or a disabled spouse. This will free you to concentrate on your business.

2. Put together a team of experts

As a one-person business, you don’t have a legal department, an accounting department, a marketing department, or an IT department. But you likely need the help of experts in each of these and other areas. I recommend a team that includes:

• Attorneys. Likely you’ll need different ones for different purposes (e.g., ones specializing in contracts, in intellectual property, in employment-related matters).
• CPA. You need an accountant to provide financial guidance to your business. This expertise extends beyond filing tax returns. It covers business practices you can use to improve your bottom line.
• Insurance agent. You can to discuss the coverage you have and what you need, especially if your business changes over time.
• Banker. It’s helpful to establish a relationship with your local banker. It may help you if you ever need a loan, and your banker likely is a good source of referrals to experts in your location.
• IT. It’s essential today for a business to have an information technology expert on call. This person or company can advise on cybersecurity and handle problems with hardware and software.

3. Automate whatever you can

Your time is limited. The more you can automate your activities, the more time you’ll have for…[MORE]

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To read the entire article, visit the SBA blog website, via: Five Strategies for Winning at Working Solo