When you look at a business launch and see all the effort that goes into it with so many different moving parts, one can feel almost intimidated by the sheer volume of work conducted behind the scenes. When we are running a business, and we do not have the benefit of being able to hire other people, we've got to take control of those moving parts ourselves. It's exciting to start a business all by yourself, but maintaining it is another thing entirely. What does it take to become an efficient “one-man-band” business?
Work Smart, Not Hard
During the early stages of any business, you find yourself taking on every single role, from branding to product development to accounting and everything in between. The problem is that you've got to find ways to work smart. You need to incorporate a number of quality systems into your working life which will take the pressure off you. Whether this is invoicing software to make the accounting practices easier, templates, or even voice dictation, you are slowly working out the ways to work smart rather than hard. It is not about cutting corners, but it's about making sure that the things that can be automated or streamlined are done so.
Reinvest Your Profits Into the Business and Minimize Your Personal Outgoings
To turn sales into profits you've got to reinvest every penny of your company back into the business. This could mean making cutbacks in your personal life in the short term, so you have to start juggling a number of practices to keep the business going. You need to keep your outgoings as low as possible, while also being very aware that you are playing as much as humanly possible back into the business. This means making a few changes to your personal life. You may want to gradually bring down your expenses, and find ways to reduce your utility bills, while also making sure that you aren't causing yourself any damage in the process!
Learn How to Control Your Stress
It is normally a footnote of being self-employed, but it is so important to take control over your life, which means that if you are in control of it there will be a lot less stress. You need to be confident in your business, and exerting full control over your company, rather than jumping into bed with another partner at a moment's notice will give you a far better understanding of your morals, while also making sure that you do not give yourself additional stress.
Work Towards Hiring Your First Employee
Being a “one-man-band” is essential for many people at the outset because they do not have the finances to get an employee. But you have to work towards getting your first employee as this is a better approach to managing your business in the long run. Trying to do everything yourself will save you money, but you've got to work towards being able to have someone else on board. If you are thriving and paying yourself a decent wage, you've got to think about the long term and reinvest back into the company.