You can feel overwhelmed even though you decided to run a one-person business. It is daunting because you will take charge of everything without any other support. You will have to do everything to meet your goals. You cannot delegate your work to anyone else. This path is easy for a self-motivated and passionate entrepreneur. Still, it doesn’t guarantee profitability. Business and personal challenges can make you think about procrastinating, but you must keep the fire burning in your belly for your company’s growth and future. Amid this crucial battle, there is a high chance of forgetting about securing your retirement and saving for it.
Indeed, you don’t have access to a workplace retirement plan anymore. But self-employed people also have excellent opportunities. Check the 5 best retirement plans, so you don’t have to spend much energy on this. Of them, a solo 401(k) can make more sense for its ability to offer most of the benefits you find in a workplace 401(k) and a self-employed IRA. Let’s now focus on how to go about setting up your one-person business. Here are a few suggestions.
Side venture
Initially, starting a side business without disrupting your primary income source can be better. When you do this, you earn time to build your customer base and save more money. With savings, you can cover many startup costs at the beginning of the challenging days. Also, saved money helps you grow your venture when you enter it full-time. However, if nothing works out, you can think about your idea and why it didn’t. You may want to choose something else. But all these experiences will not affect your regular earning, which can be a huge relief, especially if you are a safe player.
Business structure
Another critical decision can be determining your business entity type. The simplest choice can be sole proprietorship for its flexibility; you can work as a freelance writer, independent contractor, etc. The main challenge with this structure can be your responsibility with debts and profits. Your assets will be at risk if you face any problem with business expansion because you are responsible and not your business entity. One way to decide on the business structure is by focusing on your business idea. For instance, if there are lawsuit risks, it can be best to incorporate your business. According to experts, opting for LLC or corporation can be better as you get liability protection. Some people believe that sole proprietorship can become a hurdle in their path to evolving into a multi-member organization, but this is baseless.
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Task prioritization
Understand what is more important for your company’s long-term well-being. As a one-person army, you must manage your time well to keep your business up and running from all sides. It will help if you segregate your tasks and allot time to them. For instance, if you spend 2-4 hours on your business daily, prevent yourself from devoting too much time to emails and tedious work. Also, choose a timeline for critical things, like launching your business website, social media profile, marketing, etc.
Take smaller yet progressive steps without exhausting yourself entirely. After all, you want to become your boss.
