There is no one-size-fits-all when it comes to the “rules” of running a business. There are, however some tried and true methods that entrepreneurs who have gone before you have found helpful in growing their businesses.

What can you do to be a successful solopreneur? Here are a few tips:

  1. Understand what you want your business to be. If you know what you want from your business you are better able to map out the path ahead of you to achieve it. How many hours do you want to work a week? Do you want to grow your business to the point where you can sell it and retire? Do you want a business that will sustain your family today and also sustain future generations? Do you want a business that you can operate for yourself without employees using support from an outside team? Knowing the answers to these questions will help you to scale your business.
  2. Be willing to spend money. It’s nice to have a financial cushion, but the adage of “you need to spend money to make money” holds true for entrepreneurs. Work with an accounting Picture1professional who can help you make wise choices for your spending while still helping you keep that financial cushion. You’ll need to hire people in the areas you are skilled in like marketing, website design, etc.
  3. You need to be able to hold yourself accountable for both the good days and the bad. As a solopreneur, you succeed or fail based on the time and effort you put into the business.
  4. Be willing to react to new opportunities and to shift course if the path you’re on isn’t working or if a new viable path suddenly appears. This is one of the benefits of being a solopreneur: you can make decisions and change course with nimbleness. In business, opportunities may fall into your lap that will require you to make a quick decision. Don’t procrastinate away a good opportunity. Evaluate the risks and if they are worth the possible gain, consider moving in quickly.
  5. Learn from your experiences. Don’t take a setback as a failure; look at it as an experiment that didn’t go as planned, reboot and try it again. Always learn from your mistakes, but don’t let them make you throw in the towel.

Slow and steady wins the race for many entrepreneurs. Overnight success is what we’d all like to see, but it isn’t a reality for most business owners. Be willing to work for what you want and celebrate the success once you achieve it.

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