Solo Pursuit: The Benefits of Micro Business Ownership

Article by Courtney Rosenfeld (guest writer)

When you’re a solopreneur or a micro business owner, you’re responsible for every element of your business operations. While this type of total control can help ensure your business runs the way you want it to, it can also become overwhelming from a time management perspective. Fortunately, there are freelance and other assistive services that can give you access to expert help when you need it without the added hassle of having W-2 employees on your payroll.

Hiring Out Special Projects

Most small business owners are, or quickly become, subject matter experts in their field or business. However, since they likely have their hands full with day-to-day operations, it only makes sense to hire freelance or contract services to add layers of expertise and lessen their workload. For example, if your solo enterprise is a catering company, it might be to your advantage to hire someone to design your website, handle your bookkeeping or make deliveries so you can concentrate on client cultivation, customer service, and food preparation. Even farming out personal services, like house-keeping, dog walking, or personal errands, can free up precious time to devote to running your business.

Taking Advantage of Technology

Advances in technology have created a dynamic in which small business owners can easily tackle things like accounting, tax preparation, and invoicing online. Virtual meeting platforms similarly allow people to collaborate from multiple locations, which can save everyone valuable time. You can also access remote help in the form of virtual assistants, schedulers, or receptionists. Even “help bots” on your webpage can respond to customer inquiries with answers to frequently asked questions. Not only are technology-based business aids less expensive and more flexible than employees, but you can also pick services you need when you need them.

Running a Successful Business

Operating an enterprise on your own means you’ve got to be hyper-aware of your use of time, appropriate identification of your target demographic, and implementation of superior customer service skills. Creating a detailed business and marketing plan can help you create a roadmap for how your business will function, as well as help you identify areas where outside assistance could be beneficial. According to the US Small Business Administration, writing a business plancan aid in this effort, and is a necessity if you plan to apply for a small business loan or another type of funding to get your company up and running. Good recordkeeping, target advertising, and cultivation of a loyal repeat customer base are all elements to manage when operating a solo endeavor.

Protecting Your Assets

As a solopreneur, you are the face of your business, both operationally and legally. To ensure you’re compliant with rules and regulations of your industry, and to protect yourself against liability, establishing yourself as a limited liability company can be a smart move. States have different requirements for LLCs. You can do a bit of legwork through your state’s department of businesses and industry and file paperwork yourself, hire a pricey attorney, or use a formation company to do the work on your behalf.

Being your own boss as a micro business enterprise is an exciting and rewarding experience. You increase your chances for success by providing exceptional service, comprehensive customer care, and ensuring that you price yourself fairly, yet competitively. Don’t forget, according to the US Internal Revenue Service, you can deduct a lot of qualifying business-related expenses when you file your taxes each year. Keep good records so you’re able to take advantage of all of the tax benefits that come with small business ownership and operations.

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