Are you going it alone with a new business idea? If so, there are plenty of advantages. You are the boss, of course, and get to do things your way. Every success your business has is down to you – and you only.
But, let’s not beat around the bush. Setting up as a solopreneur is easy. When it comes to growing your business, though, you are going to face some major problems. Here are some of the most common challenges all solo entrepreneurs will face at some point in time.
Isolation
There’s something about being in a team that makes it easier to push forward and grow a business. You are all in it together, and can encourage and inspire each other to achieve more. However, when you are a solopreneur, you are all alone – it’s just you on one side, with your clients and suppliers on the other.
Isolation is a serious issue. It can cause you to stagnate, and feel out of touch. You might miss out on hearing about amazing new technology or developments that are ideal for your business.
Your best bet to tackle this problem is to start networking. Go to local business groups and make some friends in complimentary industries. Who knows – perhaps you can even get some extra business out of it!
You can’t do it all
It’s physically impossible to do everything yourself in a successful business. Let’s look at the most basic functions you need to survive as a business – marketing and production.
You need to produce work to sell to customers, but you need marketing to sell the product. That means you will be in production to serve those customers, and then marketing to find new clients in different phases.
It’s not an efficient use of your time. Your best bet is to decide which you are best at, and hand over the reigns to someone else when it comes to the other activity.
You spend time doing unnecessary tasks
Your time is money, and the more you spend it doing profit-making activities, the more success you will have. However, when you are on your own, you will find yourself doing lots of tasks that just aren’t worth your while. They will take you away from working with your most valuable skills, and end up costing you money.
Do you want to be knee deep in software and server problems when there are third party IT companies you can use? Is there any point in filing your paperwork when you can hire someone to do it for $10 an hour? And, do you have the hours free to learn about new SEO techniques when you can pay an expert to do it all for you?
Outsourcing can solve all of your big issues here, and help free up your time, so you are earning more for your business.
As you can see, there are plenty of problems with going it alone. However, most of them are easily solved. The more you can hand off to third parties, the more you will be able to achieve. As long as you keep it cost-effective, there is every chance you can take your business to the next level.
In summary, while being a solopreneur offers autonomy and direct credit for successes, it also presents significant challenges such as isolation, the inability to handle all business aspects alone, and the burden of non-core tasks. Overcoming these obstacles is key to growth and can be achieved through networking to combat isolation, focusing on strengths while delegating other tasks, and outsourcing non-essential activities. This strategic delegation not only alleviates the solo entrepreneur’s workload but also allows for more efficient use of time and resources, ultimately paving the way for business expansion while maintaining cost-effectiveness.
