While being your own boss has many benefits, it also has some challenges. Solopreneurs often find themselves working around the clock, struggling with time management and finding clients to support their business.
Striking out on your own can be an intimidating especially if you’re starting a business by yourself. But that shouldn’t hold you back if you have some great business ideas. Every business owner starts from somewhere. But, the great thing about Solopreneurship is that you can have a million-dollar idea in your kitchen or bedroom and grow it.
There is no one else in the business but you, so full control of your business is in your hand. The freedom of having full control over your business and generating ideas with no opposition are the usual perks of setting up business on your own.
Just don’t let your ideas fade away because you have no partner to champion the ideas with you. The good thing about going solo is you can go ahead with your ideas anytime you want which also means you can speed up decision making. There is no waiting for the rest of the team to arrive at a decision. You do what you want to do and when you want it. You decide the schedule.
You will take on all the workload by yourself. You can’t delegate an important decision or administrative work to someone else and you won’t have employees to take on entry-level tasks. You’ll be doing almost all the important work by yourself burning your nights and weekends indefinitely. However, you can definitely outsource some of the work to another party. The most common outsource agents are payroll agent, secretarial services company and accountancy.
Outsource your duties
Solopreneurs can easily fall into the idea that you can and should do everything on your own to run your business. Apart from operating the business, there are other things you have to consider – book keeping, payroll and legal compliance issues. The task of ensuring your company is in compliance with the law can be daunting, thus, Company Secretary duty is usually outsourced. It is not necessary for you to do these own your own.
As a Solopreneur, time budget is just as important as your financial budget, and since you run the whole show on your own it is important to outsource your mandate administrative duties to a secretarial services company. This will free you up to spend your time with business-generating activities.
Stay focus on your role as a business owner instead.
Join a community
You don’t have to be alone despite a Solopreneur. Join a community or business group where business owners gather for networking and sharing. Commit to the group meet up at least once a month. You are not really alone and don’t be surprise that there are plenty of Solopreneurs just like you. It is not difficult to find business support groups in Singapore.
The good thing about networking is that you do not need a team to do that. You can find a number of networking groups online designed to build relationships, like a Facebook group. Establish friendships with other business owners while at the same time generating business for your company.
There are other ways to attract new customers than the standard “word of mouth”. You don’t have to spend a lot of money on advertisements. Use your social media network to advertise your business to the mass population.
It’s really easy to find free online advertisement platforms that require no paid-membership to advertise your business. So, make good use of these free platforms to your advantage.
All the profits
This is another perk which attracts many to start businesses by themselves. Running the business on your own means you take all the profits. There’s no profit sharing with less competence partners.
You choose who you work with
You are in control of the people you surround yourself with. It is not easy to find someone who shares your mindset, values, work ethic and someone whom you can trust completely. Going solo means you have 100% control of choosing people who you want to work with. You can shape your company in any way you like.
Just one to setup a Company in Singapore
The minimum requirements to set up a Company in Singapore is to have one local Director, one member, one Company Secretary and a local Registered Office address. The current paid up capital for setting a Singapore business is SGD1.00 only.
The requirements are so easy to meet that almost anyone can setup a business here.
Starting a business takes a huge leap of faith. You’re jumping off of a mountain and hoping your endeavors will lead you and your business to success.