5 Tips to Help You Thrive in a One-Person Business

These days, you don’t need a whole team of specialists to run a thriving company. Instead, you can make money at home and build a powerful future for yourself, just by launching a one-person business.

The rise of the digital world and internet companies means that anyone can start selling online, or even launch a business as a freelancer. The good news is that there are things that you can do to better prepare yourself for success.

Here are some tips that will help you to thrive in your new one-person business.


1. Do Your Research

Launching a business requires a lot of research. First things first, you’ll need to know how much you’re going to have to spend to launch your business. That means finding out what you need to get your company off the ground. If you’re a freelance video designer, for instance, you might need some basic software, a desk, and a computer to get you started.

If you don’t have the money for all of those things already, you’ll need to research potential companies that might be willing to give you a loan. Since business loans can be notoriously difficult to apply for, it may be better to opt for a different type loan, depending on how much you need.

2. Find Something you’re passionate about

Running a business can be a fun experience, but it’s also a lot of hard work. There are going to be times when you’re terrified about your finances, and not sure whether you can afford to keep your company going for another month. When these worrying occasions happen, it’s important to make sure that you’re doing something that you feel passionate about.

Your passion in your business will help you to stay focused and committed to your goals when the going gets tough. It also means that you’re going to have more fun in your job, which is a good thing. Most self-employed people work a lot of long hours.

3. Don’t be Afraid to Network

Sometimes, it’s not what you know in business that matters most – but who you know. Building the right network of experts to help you accomplish your goals and find new clients could make it a lot easier for you to find sources of income. Additionally, your network will also act as a crucial source of support when you need guidance and assistance to help you overcome difficult patches in running your company.

Visit local events where you can come face to face with other people in your landscape that have been through similar experiences to you. It might also be worth joining social media groups and forums online, to help you meet new people who aren’t in your immediate area.

4. Be Committed to Learning

The business landscape is constantly changing, no matter which industry you decide to get involved in. Because of this, you need to be willing to learn and adapt at the same rate as your company. Committing yourself to consistent learning, such as taking business management courses, will help you to overcome the little challenges that come along when you start to grow your company. It could mean that you can quickly learn how to use new software that will make your business more efficient, for instance, or that you know how to track down sources of income when your existing revenue dries up.

Being committed to learning also means that you might be able to develop extra skills that make you more desirable in your chosen marketplace. For instance, an online writer could also learn how to create videos and make graphics to give their clients a wider range of services.


5. Have a Backup Plan

Finally, no matter how passionate you are about your business, and how much work you put into making it a success, there’s no guarantee that everything’s going to go according to plan. Sometimes, businesses don’t work out. You might find that after a couple of years, you start to lose more money than you earn. When that happens, you need a backup plan that will allow you to quickly leave your venture behind and try something new.

If you do find that your business starts to fail – for any reason, it’s important not to beat yourself up about it. As upsetting as a failed company can be, it’s crucial to remember that you’ve made the effort to pursue your dreams. If nothing else, the experiences that you got will help to guide you in your future life choices.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.