Solopreneurs take on a daunting, exhilarating task: creating and running a business on their own. It’s a path for the creative, dedicated, and self-motivated individuals ready to make their mark on the business world. However, it’s one that comes with more than its fair share of challenges.
Fortunately, there are plenty of ways you can lighten your load and boost your business while keeping complete control of the reins. Start with the following advice, courtesy of HamroLinko.
Protect Your Personal Assets
Every business needs a legal structure, and when you’re developing and expanding your business, it’s critical to consider not only your current situation but also your future. For this reason, a limited liability company (LLC) suits a great many small business owners.
Even though you’re flying solo right now, there may come a time in the not so distant future when you’re adding on and growing. An LLC has the flexibility to scale with your business, plus, as the name suggests, it protects your personal property in the event your business experiences legal or financial issues.
There are also tax advantages, as the Houston Chronicle explains, as business owners are taxed at the personal level, rather than a business level. If you decide an LLC is right for you, you can even sidestep an attorney and file through an online service. Just make sure you establish your LLC in accordance with the regulations where you live.
Build and Sustain Your Professional Network
A professional network isn’t just a list of hoarded business cards — used properly, it’s one of the most valuable assets your business can have. Other business professionals can serve as word-of-mouth marketing, as well as connect you with resources you might not have known existed otherwise. Connect with your local business associations, area colleges, and even organizations dedicated to retirees.
Meeting other movers and shakers will broaden your horizons — and your network — leaving a world of possibilities at your fingertips.
More experienced owners can serve as mentors and guides; your peers just starting out will be valuable sources of solidarity. If you share a coworking space, MOO notes this is another great place to begin building your network.
Of course, opportunities don’t end there. Use sites like Meetup to find networking opportunities in your area. Online networking is great and can be valuable, but it’s hard to beat an in-person introduction. Follow up with the people you meet and stay in touch over time. Not only will this ensure they remember who you are, but it will also keep your company on their minds when they talk with other pros.
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