Helping Your Business Grow as a Solo Entrepreneur
As a solo entrepreneur, one of your main goals is likely consistent growth for your business. All businesses want to experience growth to be successful, but unfortunately it isn’t always simple.
Growing your business as a solo entrepreneur presents a lot of challenges. So, to help, below you’ll discover some of the best ways to grow a business when you’re running it single handed.
Be wary of growing too fast
Although you’ll obviously want to grow your business as quickly as possible, you need to be wary of growing too fast. Unless you have the capabilities to handle fast growth, it could prove detrimental to your company.
Think about it. If your business suddenly experiences fast growth, you’re going to see an influx of new orders. This means, you’re going to need to fulfil these orders quickly in order to keep customers happy. Unless you have a plan in place to help you package and ship orders quickly, you’re going to leave a lot of customers unhappy with delayed shipping.
Similarly, your website might not be ready for fast growth. If there is a sudden influx of visitors to your site, it could crash. This again would drive a lot of customers away if they can’t even access your website properly.
These are just a couple of issues you can run into when you experience fast business growth.
Ensure you have the funds to grow
One thing every business needs to grow is funding. Whether it’s money for new premises, additional advertising or to create a new product range, you’re going to need some level of capital to achieve the growth you’re planning.
Solo entrepreneurs can find it difficult to secure the funding they need. This is especially true if they haven’t been trading long. One of the best options is to take out unsecured business loans. These provide a lump sum to help with business growth, and they won’t be secured on the business. This means, if you miss a repayment, you won’t need to worry about losing the company.
You’ll also want to have adequate business insurance, so that unexpected events don’t drain your capital. If you want to protect your new business, then taking out professional indemnity insurance could be a good idea.
Utilise the latest technology
Are you currently using the latest software? If not, you’ll want to start adopting new technology if you’re looking to grow. All of the top businesses these days utilise the latest technology. Whether it’s marketing software or customer service technology, the right tools can really help you to expand the business and generate a competitive edge.
These are just some of the ways a solo entrepreneur can grow their business. Ensuring you have the funds required and you’ve put together a solid plan to accommodate the growth are crucial to your success.
Make sure that your marketing can keep up
As your business grows, demand on your time will increase. Colleagues and clients will eat up your day.
For that reason, you’ll need to put various business activities on autopilot, including marketing. Hiring an artificial intelligence marketing company is one option. The idea here is to use data to develop a marketing strategy that works best for your enterprise, without needing to dedicate hundreds of hours of work time to the proces.
You’ll also want to make sure that your marketing is scalable. For instance, you might dedicate 10 percent of your revenues to marketing efforts, meaning that the absolute spend rises with the size of your enterprise. Naturally, you’ll want to choose marketing options that avoid saturating your audience.
