Monday, September 16, 2019
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How to run a successful sole business

successful sole business

Most entrepreneurs emphasizes about how they put on many shoes in other to achieve their aim in business.

Running a successful business especially when it’s done personally often makes work more strenuous but employing a few hands can help you in certain ways.

What of a situation when you probably don’t have the capacity to employ a few extra hands to yourself, you will definitely need to do it on your own. You are not the only one faced with this situation so be at rest because you are in the right place.

Hi everyone my name is Timileyin and in this post i will be talking to you about how to start and run a successful sole business.

A sole business is one that is run by just an individual in which both the risk and the returns are shouldered by that individual. Therefore before starting up you need to know how to go about one and also what it takes to do so.

Let’s get on with it, how to run a successful sole business

1. Start up a side business

Starting up a side business comes with many advantages which are as follows

  • Having a sole business on the side before making it a full time one can be a moment for you to build adequate capital from your regular job before getting enough client base to help make an income for yourself.
  • Having a business in which you run solely on the side can also prove to be a good idea in terms of financial security. As a side business also working on a regular job before quitting the job, make sure you have built a huge customer base so that when you eventually quit the regular job to start your sole business, it will be very successful and you will just be building on an already laid foundation.
  • While running a side business alongside your regular job, you get the chance to see the flaws in your business and also make some changes with respect to those flaws.

2. Operate on the right business structure for you

Starting off a personal business can mean quite a lot and a lot of thought should be put into it in terms of it’s viability, growth potential and also it’s future structure.

Every business person wants his or her business to grow or scale up therefore, bearing that in mind you would want to make sure that as the business is growing customers demands are being met within the duration allotted.

Due to the reason above, most business will eventually have to increase it’s employee base or turn the business into a partnership or a limited liability company among many other things.

3. Set your tasks on a scale of preference

As we have often stated running a sole business successful can be very tiring but if you know just the right things to do then you will have no problem.

Like i said in the previous paragraph about how tiring it is to run a sole business therefore you effectively run one you need to ensure that your tasks are prioritized in terms of their level of severity.

The more important ones comes first followed by the less important.

Even the Founder of Uncorked Ventures Mark Aselstine validated it by giving his only advice to entrepreneurs which is to prioritize our daily activities and schedules.

You will definitely get different things that will draw your attention away from your job like emails,  texts, calls. You need to know the appropriate time to do those activities, not when you are currently on a task.

One way to keep up with this approach to success in business is to always maintain goals for every season so you know you are always working on something pressing and not just trying to pass time.

As you intend to fulfill your tasks there are some tasks or projects that you can’t do on your own. At this stage you need some sort of help but because you probably don’t have the financial strength to start paying employees you can hire a freelancer for a period of time.

Therefore, to ensure that you don’t lose focus or run out of things to work on or opportunities to leverage on you can surround yourself with people that can add value to your business and life and also small businesses and private contractors.

4. You need to understand your potential obstacles

Every business will not always have it’s way in everything,  there will be some form of limitation. Identifying this in your business early enough will guide you in decision making among other things.

In other to get a picture of the kind of obstacles you may tend to face, writing a business plan even before starting off will ultimately save you the cost of running into those obstacles.

To clearly see and foresee seen and unseen obstacles, you also need to be patient about it.

Read, practice and share

Regards

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