Starting and running a successful business alone isn’t for everyone. Do you want to know the simplest ways to make the best of one-person businesses? Here are some tips to help you.
What Exactly Does a “One-man Business”, Or “One-person Business” Mean?
The Cambridge Dictionary defines a one-person business as “a business operated by just one person,” i.e. you alone! A single person with no staff or partners.
According to this, many of the most successful businesses, limited liability companies, and partnerships started as one-person operations. Regardless of size or legal structures, every business should have the basics, including a business plan, website and bank account.
As you already know, running a one-person business is challenging, and it requires a lot of patience and impeccable time management skills.
Regardless of the type of business model or business structure, your most precious asset is your time! There are only so many hours in a day or a week that you can work.
However, the internet- and web-based tools have helped to level the playing field for you by lowering your overhead costs. So, you can compete against the big players in your industry.
I get loads of inquiries from one-person business owners asking me how to grow their business online and be more successful. As a one-person business owner myself, I quite understand your circumstance.
Regardless of the type of business venture, you can make the best of your one-person business by following these 12 simple ways highlighted in the infographic below. These are traditional yet contemporary rules for your one-person business.
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Are You Looking for One-person Business Ideas?
With so many business ideas already existing globally, it is challenging to develop the right business idea or business plan for you.
Now, with the current pandemic, I get lots of questions such as “How do I know which business ideas are best for me?”, “How can I start my side-hustle?”Our goal at Mauco Enterprises is to help business owners grow their businesses using digital and social media marketing. Click To Tweet
To help you get started, here are the top ten business ideas that are lucrative because they are inexpensive to get started, and the fields of speciality are endless. Find business activities that fit your interest and circumstances.
If you don’t fancy the idea of an online business, then maybe you should look into other small business ideas such as:
- Personal Trainer
- Event Planning
- Property Manager
- Real Estate Agent
- Public Speaking
- Personal Chef
- Day Care
- Interior Design
- Project Management
- Business Development
- Makeup Artist
- Personal Services
- Child care
- Gift Shop
- Wedding Planner
- Massage Therapy
- Food Truck/Food Cart
- Fast Food
- Bed and Breakfast
- Fashion design
- Call Centre
- Home care
- Independent Contractor
- Floral design
- Portrait/Wedding Photography
- Landscape Architect
- Selling life Insurance
A few months of pursuing your business idea may cause you to re-evaluate your career path and pivot to new business ideas in different sectors.
These tried-and-true one person business ideas linked above are perfect for aspiring business founders looking to drop the 9-5 and try something new.
One important thing to note is that you don’t have to worry about paying employees’ salaries with one-person business ideas, especially when you are just starting.
But at the same time, don’t delude yourself into thinking that every business idea you lay your hands on will automatically become the next unicorn.
Ways to Make the Best of Your One-person Business
- Have a plan no matter how rudimentary it is and set goals.
- Have a substantial amount of savings to see you through the first few months or years (yikes!)
- Your most priceless asset is your time. Stay focused on the essential things.
- Focus on marketing your business and driving sales. Finding new customers is the most significant challenge of most one-person companies.
- Take advantage of technology to grow your business online. Get a website. Use social media to connect with potential customers.
- Study your competitors to find their strengths and weaknesses and focus on filling any gaps in the market.
- Live a modest life and work from home, if feasible. A humble life reduces your overheads and transportation cost.
- Put your knowledge, skills, and resources into doing a business that you know and that is financially gratifying.
- Surround yourself with wise advisers and consultants to show you the ropes.
- Outsource aspects of your business that you are not proficient in. Don’t be limited by your creativity and skill set.
- Start your one-person business while you’re still employed (if possible), so you can acquire some clients before you quit your full-time job.
- Learn to take a break. Health is wealth. Enough said.
Share Your Thoughts
Feel free to reach out if you need any advice. Our goal at Mauco Enterprises is to help business owners grow their businesses using digital and social media marketing.
I hope you make this year the most fabulous year yet in your one-person business.
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