From solopreneur to small biz: Tips on making the leap

Perhaps you’ve been running a successful “solopreneurship” for years, making a good living, but working your hind end off because you’re responsible for all tasks involved.

If that sounds familiar, you’re far from alone. Some 23 million firms are classified as “non-employers,” a category making up 80.4 percent of all firms in the U.S. That said, the U.S. Census reports that they collectively generate only 4 percent of all sales nationwide.

If you’re among those who’d like to be generating more, however, you may be thinking of hiring some employees and expanding your company into a full-fledged small business with a payroll. At the same time, you may have trepidation about making that leap.

One fact that may reassure you is that some reports about the failure rate of new U.S. businesses are overstated. The Washington Post recently published a reality check, pointing to Small Business Association studies revealing that about half of all new businesses survive five years or more, while one-third survive 10 years or more. However, studies also show that the probability of survival increases with a firm’s age, suggesting that if you’ve already spent several years as a solopreneur, you have a better chance of continuing to survive as a small business owner.

Either way, anticipating your challenges could make your growth process smoother. Consider how these tips could pave the way as you make your plans.

– Don’t rule out the possibility of a merger. While giving up your autonomy may be challenging, joining up with a complementary company that has the strengths you need may be easier and more productive than adding capabilities to your original firm.

– Be realistic about the time needed to make the transition. Expect to put in more hours to ensure everything goes as planned, and be advised the complete shift may take longer than you think.

– Determine the size staff you need, making a comprehensive list of all tasks required to run your business productively. Think about whether you’d be better served through freelancers, interns, consultants, part-timers, full-timers or a combination. Whatever you decide, understand that you’ll need to let go of some control and trust others if you wish to grow.

– When feasible, get help to start delegating your day-to-day tasks so you can focus more on strategies that will grow your company instead of just maintaining it.

– Research how technology tools might boost your productivity and efficiency. A number of available products can minimize the time you spend saving and retrieving information, tracking and collaborating on projects, issuing invoices and proposals, monitoring your website, emails and social media, etc.

– If your clients are accustomed to your personalized one-on-one service, manage their expectations by creating a publicity campaign explaining your plans.

Custom Toll Free can design a productive inbound marketing campaign for your small business. Contact us at 1-800-CUSTOMIZE.