In today’s business world, small businesses are increasing at a very fast rate. Most of these small businesses are owned by single entrepreneurs and they all are mainly one-person enterprises. Even if there are a bucket full of benefits to work as a one-man army, but it is a rather challenging task to work alone as a solopreneur. Working as a one-man band can be a very different feeling than getting a regular monthly paycheck from a corporate employer. The top 10 SEO firms which are highly successful today, were once started up by solo entrepreneurs, and therefore freelancing can take you to the pinnacle. This kind of a career provides a lot of flexibility and you just need to be an extrovert to be a successful solopreneur, you must never hesitate in asking questions and asking for help if needed. To make sure that you turn the other entrepreneurs dreams into nightmares, you need to follow a few steps :
- Concentrate on Investments – It is important to focus on the cash flow that happens within the enterprise. An entrepreneur always tends to hang between a barbeque and drought. However, a solopreneur must keep some cash in the special business savings always, in order to save himself from the famine cycle. These special savings will help him cover his overhead during the times of less or little work. He must look after his spendings and cash cycles, because his entire business depends upon it.
- Managing the Cycle – The freelancer must be aware of the fact that it is not an easy task to manage two to three things altogether and sometimes he can even find himself trapped in the sell and do cycle. But that should not demotivate him, but rather challenge himself to perform that task and do away with it. For instance, when a freelancer is selling his services, and in the middle he gets a client, for example an SEO vendor, and his main focus goes to the client and to provide him with the best services. But the freelancer should not forget to keep selling his services and not engage himself solely for the work of one client. Most importantly, he must not forget to schedule sometime for networking as well.
- Structure and Discipline – Most of the freelancers lack accountability and this is why their business suffers in a number of ways. However, when we work under someone we are more accountable. To be disciplined, the freelancer must look for someone or a system so that they can be accountable to someone or something.
- Accounting – Accounting is an essential part of every business, and a freelancing business specially requires an effective accounting in order to be outstanding. Some clumsy freelancers do not really bother about the accounting front, as maintaining the accounts is not a piece of cake, it requires engagement. In order to not trap himself in any government related controversy, he must keep track of his personal and business accounts separately. If the government finds anymore mixing up business and pleasure, they can penalize the freelancer.
Don’t always perform Solo – Even though freelancing is a solo job, but that does not even mean that you can not get help and you can not even ask for it. Whenever a freelancer has more work that he can do, he must sponsor that work out, and that is how he can even get a partner to assist him with his work.