Being a solo business owner has many advantages that will make you forget about a partnership with someone. The success of your small business growth strategy depends on you as the owner.
You do what you want, and there will be no objection or second thought unless you decide to seek someone else’s advice.
Please make no mistake; business partnerships have their advantages.
There is a saying: two heads are always better than one.
However, since you must make decisions and share the benefits, not everyone feels comfortable establishing business partnerships.
In light of this, I have good news for you – you can successfully witness your small business grow into an empire as solo entrepreneur.
This goes beyond the operation of a regular or sustainable small business but something you can start and develop into a larger enterprise with a broader reach.
Rome isn’t built in a day or two, and your business empire can not be built according to this pattern either.
Be geared to work hard, but the set of skills needed and any motivation you may need to stay committed to your small business grow into something beyond competitor’s comprehension.
If you are willing to face the challenges and subsequently the benefits of your hard labor of the empire that you are about to grow up from scratch, here I’ve piled up some tips by leading entrepreneurs to help you prepare for success.
1. Start as a Side Business
As awkward as it may seem, there are very justifiable reasons why you don’t only get to start building your business as a small venture but also as a side hustle.
One important reason is your finances, so you don’t just leave your main job or cut your primary source of income to devote your time and effort to your small business growth.
It is excellent to treat it at the outset as a secondary business.
When it can substitute your primary source of income, then you can go full-time.
2. Select the Type of Business that Best Suits You
It is best to determine the correct option from the various types of business models.
The choice of the correct business structure will influence your business profile and the day-to-day management, taxation, and risk profiling of your assets.
Here in the United States, L.L.C. (Limited Liability Company) companies are the most common among the types of business models, and also advisable especially for you as a solo entrepreneur.
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However, you can choose to register your business under sole proprietorship if you require more flexibility, especially on contractual and freelance grounds.
As we look forward to developing a mega enterprise here, I recommend that you opt for L.L.C. to get away from the risk of debts, lawsuits, etc.
3. Have a Business Plan
Apart from picking the types of business models suitable for your business, here’s another critical point.
This is not negotiable, so you must prioritize having a business plan right when the idea of starting your kind of business comes to your mind.
You must look at the purpose of your business, your buyers and define your goals through a business plan.
Do some market research that includes making a S.W.O.T. (Strength, Weakness, Opportunity, and Threat) analysis and has a contingency plan in place.
The plans you have on the ground are like your road maps in business and will keep you going in your definite direction.
4. Always Focus on Solving Problems
Businesses are based on the problem-solving framework, and customers always come in hoping for solutions.
The sooner you realize this is about more than just getting patronage and what you bring to the table, the better your chances of business success.
Realising and leveraging your brand capacity to provide lasting solutions to customers’ problems, is a good small business growth strategy.
5. Always Be Ready for Competition
Regardless of how competitive the market proves to be, you can still pull a considerable chunk of sales from it.
However, you have to beat specific competitions for any patronage you secure.
This is to say that you have to give people why they must be with your company and not your other competitions.
Therefore, you must be creative, master the art of marketing and give your utmost consideration to quality, not just the quantity of what you have to offer.
6. Be Good at Marketing
You must have a strong marketing strategy on the ground, as no one will ever know your business exists, except you let them. If not, then this is a skill you need to start developing to see significant small business growth.
To generate more sales, you need to sell your business to potential clients.
You must be on the Internet even if you run your business offline and grow your presence as your business expands.
Leveraging the Internet will grow your business faster and multiply your revenues and brand outreach.
In addition, your ability to experiment with various marketing tactics will help you figure out which method works best for you.
You have to remember that making the most of the Internet is not negotiable.
7. Be Ready to Hire
Managing your business on your own doesn’t mean you need to do everything yourself.
You can’t handle all of your business operations; initially, you can, but as it expands, you’ll need to build a team of employees and devise their roles accordingly.
Depending on your business type, you may choose to work with freelancers or full-time employees remotely or at your physical office; it all depends on what works best for you.
8. You Need a Dedicated Bank Account
Now that you are running a business, it is essential to have a business bank account to direct all payments made to your business.
This will help to give buyers more confidence in doing business with you and get you to manage your business finances as a separate entity from that of your personal affairs.
Final Thoughts
When dreaming, dream big, be sure about something attainable.
Your business may be small today, and you manage it alone, but stay determined and work on turning it into something huge tomorrow.
You need to take those bold steps to make sure that your dream comes true and if you don’t give up, there’s always a chance to turn your side startup into a successful business empire.
If you need some tips to get yourself on the right track, consider the seven tips above to help you see and achieve small business growth.
What has helped you see results so far?
Read Also: 12 Important Questions to Ask Yourself Before Starting a Business!