Many small businesses started as one-man businesses.
There are more one-man businesses in Nigeria today than any other business type because of how easy it is to start.
But running a one-man business also comes with its challenges, which makes it difficult for a good majority of them to remain small year on year.
How do you overcome the challenges of running a single individual business? Check the tips we’ve shared below:
1. Create A Business Plan
Taking out time at the beginning of the business to create a plan for the business is the most productive thing you can do for your business.
It sets a vision of what you what the business to be in the coming years and how you intend to achieve those goals.
And I know for many just starting, each time they hear the business plan, they immediately visualize this bulky document they have to fill with big words and numbers that they don’t understand.
No, a business plan does not have to be big and bulky, it can be as simple as a one-page document that outlines how your business intends to operate, the goals it wants to achieve, and any other critical element of the business.
2. Employ Proper Time Management
Every business has the same 24 hours in a day to achieve its daily goals.
But for a One-man business, time is especially critical.
Because the business relies on one person to carry out the bulk of the activities, the business needs to function.
By employing proper time management, the sole proprietor can make the most of the limited resources and deliver as much impact to the business as possible.
Some tips to note here include:
– Ranking business activities in terms of importance to the business
– Assigning time to business activities based on their priority
– Avoiding time wastage and distractions as much as possible
3. Leverage Technology
In the past, being the owner of a One-man business was more of a challenge than it is today.
Thanks to technology, sole proprietors can accelerate their productivity, scale and run their businesses efficiently from anywhere in the world.
If you have not already, leverage the benefits of technology for your business. There are hundreds of apps and software (free and paid) that would increase your chances of running a successful small business.
Some of them include Canva for graphics design, Mailchimp for Email marketing, QuickBooks for accounting, and so many others.
4. Get Help
Nobody can build a business alone.
You need assistance and support if your business must succeed.
That is why the most One-man businesses that have succeeded to become big businesses today, employing hundreds and thousands of people around the country, will tell you they didn’t get there alone.
They got mentors and advisers to guide them to make the right decisions.
They outsourced some aspects of their businesses to people with more skills and experience in those areas.
And they employed business coaches who transformed not just the business, but the business owners themselves.
photo created by wayhomestudio