Hans Solopreneur bringing the first of, hopefully, many useful blogs on running a business on your own or with a team.
First of all, which one are you?
Are you Nick Cage, busting it on your own, or Nick Fury, recruiting a team of heroes around you?
Lets start with…
So you’re going it alone, feeling the wind in your hair from your own success, no-one you’re accountable to and no-one you’re accountable for.
Let’s assess some of the pros and cons, things to look out for and areas to watch.
- No team to manage means no ongoing staff costs, no time spent managing and leading, no down time teaching, recruiting or re-recruiting, no additional insurance expense, no additional paperwork (H&S, HR policy etc).
- Doing it yourself means you know the quality of the work going out the door, you know time scales, time constraints and the bottlenecks, you know the ins and outs of every part of the business.
- You get to do it your way without needing to consider a teams schedule, strengths and weaknesses and therefore you can make changes quicker.
- There is only one of you so scale is harder, time away has to be planned with potential down-time, you are dealing with every element of the business.
- No team means you are becoming “a jack of all trades” rather than specialising in what you are good at.
- With no team around you, motivation may wane, the business journey may become lonely, you may not hit your targets as you are only accountable to yourself.
Still planning solo – what can you do to counter the cons?
- Get accountable – to a mentor, a mastermind group, peers, family, or add structure to your own accountability, sticking to your goals and reviewing targets vs actual. And, importantly, celebrate your milestones and achievements.
- Make sure you enjoy what you do – doing it solo means YOU are doing it. If you do not enjoy what you are doing, it will become a drag and extremely hard to keep motivation and momentum.
- Use gig economy – so you can focus on what you want to do and NEED to do for the business, hire in expertise on a task by task basis to do the bits of the business you are not good at or do not enjoy, but must be done. Fiverr.com and Upwork.com are two I keep going back to.
- Realistic plans – knowing your own limits (time, resources) should be reflected in your business plans so you have realistic growth plans. Whether you are planning to scale through more customers or increases in price, knowing the limits of your solo business will help set out the targets for each.
- Talk to people – running a business can be all consuming and this can sometimes lead to operating in your own bubble. By talking to others (business peers, friends, family) you can get a sometimes much needed alternative point of view or reality check on what you are doing. It also makes the journey that little less lonely.
Would you add anything else to this list? Let us know in the comments.
If you are still working out which ‘Nick’ you want to be, then keep an eye on this blog for the pros and cons of working with a team.