While launching a business is never easy, operating a one-person operation can be particularly challenging. Becoming a motivated entrepreneur is an opportunity to combine passion and effort to create something amazing and realise your dreams, even though it means you won’t have a team to support your goals or the luxury of delegating.
But creating a successful one-person company can be difficult. You will be the only one to overcome innumerable professional and personal challenges as you push forward with the expansion and growth of your business.
We’ll discuss professional tips for launching and operating a one-person company, and we’ll exchange ideas and success stories to get you motivated.
How to start a one-person business
To assist you in launching your solo enterprise, we’ve compiled a list of pointers and recommendations from prosperous self-owned business owners. Even though each business and entrepreneur is unique, many guidelines should be applicable.
1. Start your self-owned business on the side.
Starting a one-person business as a side project is something many successful business owners advise doing, at least at first. Developing your side business has the following advantages:
You’ll keep a primary income source as long as possible.
Establishing your company as a side gig enables you to save costs and maintain a reliable source of income while growing your clientele and momentum. You’ll have saved up enough cash by the time you quit your day job to launch your business, allowing you to weather the difficult early going.
You’ll set up your business for success.
Establishing a side business also positions you for success after you leave your present circumstance. If you build a clientele over the course of a year or two while working a full-time job, you’ll be able to grow an existing brand once you take the business full-time and earn extra money. Gaining an early advantage can lower stress levels and lessen the difficulties of launching a business.
You may realize the venture isn’t for you.
Clarity regarding the venture may also be attained by starting your business as a side gig. Perhaps you’ll run into unforeseen difficulties that you don’t want to overcome. You might decide after pursuing the business idea for a few months that it’s not the best career move for you, in which case you can pursue something else.
2. Find the right business structure for your one-person business.
It’s critical to think about which legal entity type is best for your company.
Sole proprietorships vs. incorporating
A sole proprietorship, the most basic business structure available, is the obvious choice for a one-person operation. Nevertheless, this business structure has advantages and disadvantages:
Sole proprietorships offer flexibility.
With a sole proprietorship, you can run a small business more conventionally or as an independent contractor, giving you a great deal of flexibility. For example, a sole proprietorship makes sense if you want to work as a freelance writer of marketing copy for companies.
Sole proprietorships can introduce risks.
All business debts and profits are borne by the sole proprietor. As your company grows, this could become a problem. Your assets are in jeopardy if you are sued as a business. It is possible for you to be held accountable rather than the company. The more clients you serve, the more relevant potential lawsuits become.
Consider your business type when deciding on a legal structure.
Various business structures suit different business concepts. It might be best to incorporate your company if you believe it could be sued.
For instance, you might be subject to greater legal repercussions than an online art retailer if you launch a one-person firm that assists other companies in collecting debts.
Your business structure can evolve.
One-person companies have the option to grow by hiring staff members and converting from a sole proprietorship to an LLC, general partnership, or limited partnership. If you begin as a sole proprietorship, you are not obligated to continue as such for the duration of your business endeavours. Running a profitable one-person operation doesn’t preclude you from eventually growing into a multi-person company.
3. Prioritize your tasks to succeed as a one-person business.
Effective time management is essential for single-person businesses. One-person enterprises need to stay focused in order to avoid becoming overburdened, without assigning tasks to workers. Here are some tips for one-person businesses on time management.
Prioritize your workday.
Don’t spend too much time checking emails or doing tedious tasks if you’re only dedicating two to four hours a day to your business. On important projects, you want to make significant progress. Uncorked Ventures founder Mark Aselstine said, “My main piece of advice is that you have to prioritise your day and your schedule.” “You’ll feel like you’re being pulled in a million different directions, and everyone expects a quick response to emails, phone calls, and text messages. But consider this: do they really need one? Aselstine suggests scheduling time to concentrate on the long-term viability of your company.
Set goals and hold yourself accountable.
Set your business goals several months ahead of time to ensure that you stay on course. Set deadlines for developing an online presence, such as constructing a website and setting up social media accounts, if you’re starting from scratch. You give yourself something to strive for when you make goals and hold yourself responsible. Pinterest marketing strategist Isabelle Paquin stated, “I work in 90-day cycles.” I set objectives and choose two or three projects to concentrate on every quarter. The next step is to exercise the self-control to put on blinkers and concentrate on flawless execution.
Don’t go it entirely alone.
Having a one-person company does not preclude the need for assistance. Recruiting independent contractors expands your business, increases the likelihood of reaching your long-term objectives, and frees up your time to concentrate on other facets of your enterprise. Diane Jones, president of DJ Public Relations, advised someone just starting out to “know what you don’t know and surround yourself with great people [like] other small businesses and independent contractors who can provide the services that you can’t.” As an illustration, I work in public relations and provide a range of services, such as graphic design, website development, and video production.
I don’t personally do all of those things, though. I oversee the process while working with a fantastic graphic designer, website developer, and video production company to create the finished product. We both benefit, and the customer receives the desired product in the end.
4. Build a community of supporters for your one-person business.
Managing a solo venture can be mentally taxing. Make connections with like-minded people outside of work to counter this.
According to Kathryn Selby, the founder of Selby NYC, “really, the one thing that I struggled with was just being ‘alone,’ not having a team to chat with about the daily stuff.” “If you are someone like me who works best in small teams, try to find extracurricular activities where you can experience a sense of community. Dinner clubs and group exercise classes were two of the things I found to be the most beneficial.”
Here are some strategies to overcome loneliness, network with industry peers, and receive advice.
Network on LinkedIn.
By using LinkedIn for networking, you can make connections with professionals in your field that you might eventually want to work with. There are lots of groups you can join to take part in discussions, share pertinent content, and respond to questions showcasing your knowledge.
Reach out to local peers.
Even if they are not operating a one-person operation, connect with local entrepreneurs and business owners. By conversing with seasoned businesspeople in your community, you’ll establish ties and create a network of contacts for guidance. Additionally, you can give them advice and your point of view, so the relationship is mutually beneficial.
Attend SBA events.
All year long, the Small Business Administration (SBA) organises regional gatherings. Look for local events happening, then go to the ones that most interest you. You’ll get to know locals who are starting their own businesses and going through similar highs and lows. In addition to learning, the events—many of which are free—will help you expand your network.
It’s critical to reach out and connect with people who can support you on your entrepreneurial journey, regardless of how you choose to connect with others and cultivate a network of supporters. It may seem paradoxical, but it makes no sense to operate a one-person company by yourself.
“It’s good to know that you’re never alone,” BurnBright Communications founder Bridget Burnham stated. “Many communities support you and want you to succeed. Remember to reach out and communicate honestly about your successes and challenges. It’s incredible how leads and resources materialise when you express your needs and desires to others.
5. Understand your one-person business’s growth limitations.
Teams consisting of hundreds or even thousands of individuals work for the biggest and most prosperous companies in the world. It’s unlikely that you can start a multimillion dollar company by yourself, but it’s possible. Building a large-scale business will require assistance.
Hipster Investments founder Ali Boone asserted, “A one-person business can maintain success.” The point of limitation is where accountability lies, though. Without a team, your growth will only go so far. You can therefore continue doing so for as long as you like if you are able to identify that limit, which is the limit you can reach on your own and maintain.
You might want to bring on team members at some point in your endeavour. Boone suggested, “[You’ll]have to weigh your definition of success.” You might be perfectly happy to live alone if your income supports your lifestyle and you have no aspirations of creating an empire of any kind. However, you’ll need to start thinking about assembling a team if your idea of success entails anything more.
Quick tips for forming a one-person business
When starting a one-person company, take into account the following:
Write a business plan.
Write down your thoughts and create a plan of action. Determine who your target market is and how you want to market to them. What kind of contribution do you make to the field? Avoid entering a new business endeavour unprepared. For the best chance of success, put together an offensive strategy.
Meet with a business adviser.
Finding a business adviser can be accomplished in a number of ways, one of which is to speak with the counsellors at your local small business development centre. Speak with an advisor for advice on how to launch your company. In particular, advisors come in handy if you lack a group of informed colleagues with whom to discuss ideas.
Be patient.
A company run by one person will probably expand more slowly than one with a larger team. Continue on your current path and forward motion. It takes time for the most prosperous one-person enterprises to grow.
One-person business ideas
You don’t necessarily know what kind of business you want to start just because you want to operate as a one-person operation. Easily and (hopefully) successfully go it alone with one of these business ideas.
Blogger or content writer.
Businesses of all kinds frequently require assistance with writing. You can easily turn writing into a one-person business, whether you’re writing blog posts, website copy, or even articles on prestigious websites. Just make sure your editing and proofreading abilities are up to par.
Real estate agent.
It takes very few steps to qualify as a broker for agreements between banks and homeowners or landlords and tenants, especially in large cities. Additionally, there is never a lack of clients because banks and property owners are constantly seeking for new tenants as well as people looking for places to live. Even in the absence of a support system, you can serve as their link.
Tutor.
If you are well-versed in a particular area, you can start your own one-person tutoring business in that area. Advertise your services on social media groups or online classifieds. Parents, college students, and anyone else interested in learning might come to you. Furthermore, hourly rates for even relatively inexperienced tutors can rival standard full-time salaries.
Driver.
Try driving if you have a car and the freedom to transport people or things wherever you want, whenever you want. You can operate a one-person driving business by yourself, without the assistance of coworkers, providing personal transportation or assistance with deliveries. All you need is a car.
Dog walker or dog sitter.
A dog walking or dog sitting service is handy, if not the most profitable of these concepts. Your neighbours, relatives, and friends may be among your dog walking clientele. In addition to charging much more, you can typically start and manage another one-person business in addition to doing other tasks while watching dogs.
Examples of successful one-person businesses
Finding out about some well-known firms that started out as one-person operations may also serve as inspiration. Here are a few of the well-known names:
Urban Dictionary.
While still a college student in 1999, Aaron Peckham founded the one-person website that is now the internet’s go-to resource for slang definitions.
DuckDuckGo.
DuckDuckGo is a privacy-focused web browser that Gabriel Weinberg created on his own in 2008.
Under Armour.
In 1996, Kevin Plank invented the perfect athletic undershirt and launched a one-person company with it. He had grown into a warehouse and headquarters in less than two years.
eBay.
A single person used to run one of the most well-known buying and selling websites on the internet. The sole employee of eBay at first was its founder, Pierre Omidyar.
Amazon.
Undoubtedly, the most well-known instance of a one-person company growing into a huge mega-corporation is Amazon. Since starting it on his own in 1994, Jeff Bezos has amassed the largest fortune in the world.
