As a one-person business owner, what are some of your biggest challenges?
Everyone has their own personal or business challenges that each of us is dealing with.
– As a solopreneur/digital nomad/freelancer what are the problems you're dealing with?
– What solutions would you wish for that would help you solve those problems?
I think a one-person business is more like a tennis player, meaning all your successes and failures are up to you. And that's huge pressure on your shoulder above the other things life put us through. It comes with good and bad. But I do believe the bad part is the mental weight of that, but if you learn how to deal with it, don't take it too seriously I do believe is the best thing if you know how to make things work. Anyways, is always great to have someone to talk to about business even a friend with good ideas, never talk business with someone who doesn't care or is not smart enough, they will give you the worst advice and in a weak moment they can destroy everything, just be sure about your vision and trust yourself every moment.
I don't think there is a solution or a guide. I think even at the worst moments it's an adventure that is worth going for. Like I always say to myself, there is nothing bad to come back to a 9 to 5 but I'm going to give it all to my dream.
Thank you for your message and for sharing it with everyone.
Are you currently self employed?
Figuring out how to do everything at least somewhat well that you can't afford to hire out (yet).
I've become talented at the following since launch:
Search Engine Optimization (SEO)
• client experience development
• Project Management (hiring contractors on and efficiently managing them)
• Partnership management
• Web design
• Content creation
• Social Media Management
• Tech support
• Digital Marketing
I've improved my skill in the following (only skills I had before launch):
• Relationship Management
• Financial planning
There is not enough time to do everything.
Before, I used to just focus on the service work but I wasn't making enough to make due. I also didn't make the necessary operations to lighten the load. I also didn't take to expand beyond multiple growth channels.
I think recently, there is some light at the end of the tunnel. I am adding more validated product services that are starting to convert orders.
The only thing that I do not like is that it takes longer for you to do things than you expected.
Today, I prospect and do service work while maintaining the rest of my energy doing market research for validated product concepts to scale up my standard of living.
After paying down immediate expenses, I am going to build and scale a digital asset to replace my income from this practice. I have learned a lot and this practice is essential for helping me mend my immediate affairs but after everything is taken care of, I will shutter this practice in favor of more scaleable assets.
In my honest opinion and my experience, service-based practices are the best to start and then you move on to the next bigger thing (ideally one that can scale your income and revenue higher.)
Do you have enough funds to outsource some of your tasks? What tasks would you like to outsource?
The point of the SEO content writing service was to validate a lean hypergrowth approach. It works.
Also, the market wouldn't allow it. They prefer actual writers for better content always but value it low. To be fair, I am moving away from service-based work altogether for better scaleable opportunities after immediate expenses are resolved.
I also started this SEO content writing (or in this case, a retail-based productized service provider) to get my life off the ground. Great professional choices. I am making better personal choices for myself now.
I have learned that by using different growth channels, you can essentially "scale and pivot" a small business but you will never grow big. You can outsource but you will never grow super fast but you will be stable. You can automate operations in small business so that everything can go smoothly. If it comes to that, I can do that and set aside time strategically to achieve that.
It's just that there are much better growth opportunities elsewhere for me. I provide a good service for all who is queued but going forward (after immediate expenses are handled), the focus would be to move forward into other opportunities.
I ran a ecommerce digital marketing service alone for almost 1.5 years.
• The hours were long – forget 40 hr weeks if you plan to stay alone. Look after yourself.
• You need to wear all the hats and it gets stressful: I was running ads, briefing freelance designers, chasing clients for payments, pay creditors, manage the book keeping, meet clients, find new clients and more. It does get tiring.
• The service you can give is usually limited to your skills (clients might need more) – this might be a challenge if a client requires technical expertise that you do not possess. Developing a small network of freelancers that can help is vital
• Managing freelancers is a job in itself – Some Freelancers (not all of them) might get the job done for the sake of getting it done. I've worked with many freelancers who were in it just to earn extra cash and their lack of responsibility to get the job done well directly affected the service.
• Your money = Your Business Money – When you are the sole owner, your personal money and your business' money tent to get very related. Make sure you separate them. I made a mistake of interpreting a month's profit as my full salary and I could have saved much more for the business If I hadn't done that. What you could do is set a monthly salary that your business gives you and treat the business finances as if it's someone else's (it's still yours in the end but it's much harder to save money when it's all reaching your personal bank account)
But please do enjoy it! These points above are just some issues i went through when I was running the ship on my own. However, it was a beautiful time still. Any step of the business will provide its set of challenges, whether solo or not.
Something to note about your own mental health:
Not having colleagues or co-founders to discuss work issues with can make everything more difficult. Startups are full of uncertainty and all the thoughts in your head will get you stressed and make you feel lonely at times. If you do not plan to grow a team, try to find a mentor that you trust and that gets what you do to discuss work problems and have different perspectives to your business challenges.
I only experienced burnouts when I didn't have any employees, so make sure to not overdo it. Now with a small team I'm still stressed and I still work long hours, but I can take a couple of days off and the ship stays afloat.
Feel free to drop me a dm! especially if you work in digital marketing/ecommerce
Thank you for sharing this.
Digital marketing service is time-consuming. How do you manage to get new clients with all the work you do?
So your biggest struggles are managing outsourced teams
Mostly new clients came through referrals that existing clients where providing.
Re challenges: yes. Managing the internal team is already challenging in a startup, but things get more complex when you're working with outside help.
I'm planning on trying out a business again. So yes, it will be a one-person business in the beginning.
I know the biggest challenges will be those that no textbook or mentor can teach. E.g. time away from loved ones, when to take a break, developing personal relationships…etc. Also dealing with adjustment from a steady paycheck to no safety net is something that can't be taught, you have to experience it.
In the end, dealing with one-person-business challenges involves interaction with fellow one-business owners, because they will understand what you're either going through or about to go through.
What kind of business did you tried before? Was it a solo?
And what kind of industry if you don't mind telling us.
I tried offering work that involves creating spreadsheets, documents and slideshow presentations as well as research services. I've got a business administration background. But it didn't work out due to not really putting in much effort in marketing and really structuring my idea properly.
I really think there's potential but I need to reorganize myself and give it a last go.
I'm also trying to find software (pc/mobile) that is heavily under used or undervalued that I can administer on the behalf of clients.
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