I’m Goin’ Solo: Running a One-Person Business

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More and more people are thinking about quitting their job and starting their own business. Many of these budding entrepreneurs are even thinking of going completely solo. They won’t be hiring employees. They’re going to go at it as a one-person operation.

A brave and noble decision, right? Well, make sure you read this before going down that path yourself.

Have you g ot what it takes?

When it comes to starting a solo business, there are many traits you need to have in common with starting any type of business. The difference is usually found in the degree to which you need those traits. For example, starting a business always means you need to have strong self-determination. You need an inability to be easily intimidated. Those things are certainly easier when you have a bunch of employees who have your back. But when you’re on your own, you’re going to need those traits to a larger degree.

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You’re also going to have to be someone who can work independently. Yes, that seems obvious. But focus really needs to be placed on how little you need someone to tell you what to do.

However, that doesn’t mean you shouldn’t be able to take advice and criticism. You’ll definitely need those from time to time.

Do you have the resources you need?

You may think that getting capital is the first thing you need to worry about. But this isn’t necessarily the case. After all, a solo pursuit is going to cost you a lot less than a regular business with employees. In many cases, employees are the biggest expenditure when it comes to business costs. If you don’t have to worry about that, then you’re freeing up a lot of room, financially speaking!

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You’ll certainly need to have a good amount of money saved up. A small loan may even do you pretty well. But there are other resources you need to consider. Do you know what kind of working space you’re going to need? Many will opt for working at home; it can certainly be the easiest and most cost-effective way of going about it. But if you need the feel of an office, or if you’re travelling a lot, then co-working offices might be the solution for you. See Office Evolution for more details.

Before you quit your day job

So you’ve thought about all of this long and hard. You may even have come up with a strong business plan. You think it’s about time to quit your day job and get started. But you don’t want to rush into this pursuit. First, you have to make sure you have enough money saved up to go about this. You should have the living expenses of the next six months covered, at the very least.

Something you should be willing to do before quitting your day job is moonlighting. You should work on your idea and get things started during your time away from your day job. This does mean, essentially, working two jobs for a while. And that’s no fun, I know. But it might be essential if you want to get this transition done correctly.

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