We live in a world where the entry to business can be very slim. Rather than having to build up a wealth of experience and seek funding in order to launch any kind of business venture, we can get started at the drop of a hat. As long as you have an idea, internet connection, and passion for what you’re doing, everything can take off in the way you want it to. If you desire to build a life on your own terms, solopreneurship can be such an attractive way to do it. But what happens when you then want to take things to the next level?
Whether you get started with a side hustle and hope for the best or you intentionally start with the desire to create a long-term business in the end, making the shift can feel challenging. However, it doesn’t have to be. If you have started to see some success with your solopreneur endeavors and you’re looking to expand, you’ve come to the right place. In this blog post, we’re going to take a look at exactly what you can do to take things to the next level. Let’s get into it.
1. Understand Your Intentions
Initially, you’re going to want to sit down with your thoughts and a notebook, or a blank page on your computer, and get yourself together. What are your intentions here? What’s driving you to change the way you do business? Actually working out what you’re motivations are here and what you’re looking to achieve is a key first step. The last thing you want to do is dive on into executing any old idea – as it could make the process chaotic. But looking to get everything out on paper and come up with a logical plan is a crucial part of the process.
2. Focus on What You Want to Create
At this point, you may find that things feel overwhelming – because it really is a lot to think about. But it’s easy to strip this all back and focus on everything step by step. So to begin with, make sure that you’re turning your attention to exactly what you intend to create here. Because from this point, you’re then in the best possible position to execute it. You need to know exactly what you want the business to be – from the setup to the ethos to the look and feel of the brand. Then, you can create it.
3. Set Some Goals
From there, you’re then in the best possible position to set goals. Setting goals for your business might seem overwhelming, but it can actually help you to feel more organized and prepared for what you want to achieve. You’ll know exactly what you’re working on and you can then take your intentions and break them down into manageable, actionable tasks.
4. Create a Business Plan
Now you can look at pulling a business plan together. This can be a fun part of the process! Thinking about each area of the business and what you’ll do in order to expand are create the level of custom you’re looking for can be exciting. It can also act as a handy guide that will support you as you action each point. Ideally, it will be made up of key steps you can follow to get everything up and running in the way you’d like!
5. Get Set Up Professionally
If you haven’t already, you’re also going to want to make sure that you’re set up and running as a business entity. This might mean moving from self-employed to a limited company or looking to set up a business bank account and register a trademark. Only you know what steps you’ll need to take here for your business – but it’s key to get things underway as soon as you can. You may need key tax and registration numbers for your invoicing systems.
6. Consider Your Key Monetization Options
Another thing to think about here is how you’ll make the money you are aiming too. Now, it may just be the case that you’re keeping everything largely the same. But if not, you’ll want to think about the additional ways you can expand the business and make money. It might be that you’re looking to introduce new revenue streams and that’s what spurred you on to change your business structure in the first place. If not, this is still a handy area to think about.
7. Implement Key Business Practices
Next, you’re also going to want to think about what business systems and processes you need in place to help you expand as a business. If you don’t have them in place already, key invoice processing and bookkeeping software will be a must. That way, you’ll know all of your financial records will be easier to manage and keep. Utilizing the correct processes here can speed things up for you, save you time, and help you to be a lot more organized.
8. Consider Expanding Your Team
At this point, you may also start to think about whether or not you want to add more team members to the business. If it has always been just you (which is to be expected in solopreneurship), it might be the case that you want to bring on some initial support with an assistant. It’s hard to know exactly when to expand your team, but it’s important to know what support you need and when you’ll have the budget to take it on.
9. Focus on Developing Your Sales and Marketing
In order for your business to actually generate the kind of money you’re looking for here, you need to make sure that you’re developing your sales and marketing in the way that you want too. When you’re looking to expand in business and grow from being a solopreneur to a bigger enterprise, your sales and marketing strategies here are key. How are you planning to grow? What are your sales tactics? Have you got a marketing plan? If not, you might want to outsource some of these areas or hire experts to help you at some point.
10. Know How to Increase Profitability
You’re also going to want to make sure that your business is as profitable as possible or that you know how to make it as such! Having a healthy profit margin and increasing your bottom line is key to your success. It’s important to make sure that your expenses are in line, that you’re charging the right amounts, and that you’re growing your sales year on year. Keeping an eye on this will always help you to succeed.
11. Prioritize Your Expertise
The next thing that you’re going to want to look at focusing on here is making sure that you are going all in on your own area of expertise. As a business owner, it’s easy to want to focus on every single area that needs your attention. While it is important for you to know what’s going on at all times, you will always excel when you’re able to focus on what you’re good at. The business will benefit from your expertise here, and you can then look to call in others who can support you in other areas, such as finance or marketing.
12. Keep Your Eyes on the Prize
As a step on from that, you’ll also find that it really helps you if you can keep yourself focused on what you’re aiming to achieve in the long run. Focusing on long-term success and making decisions from that place is what will help you to actually make it happen. But if you are making decisions based on where you are today or out of fear, it may hold you back or take you longer to get there. Building the business you want is all about having that long-term vision in place.
13. Have Determination, Compassion, and Grit!
Finally, you’re going to want to make sure that you have the right attitude and approach to see this through. Turning your solopreneur ventures into a fully-fledged business doesn’t have to be a huge ordeal – but it will take the right effort from your end. This is where having grit comes in. It’s often not enough to have the right intentions, you need to be determined to see them through and have the grit to keep going when things aren’t that easy. Compassion can really help you here too as you are kind to yourself when you’re tired, stressed, or overworked!
Final Thoughts: Setting Yourself Up For Business Success
Taking your side hustle or self-employed ventures full-time and transforming them into a fully-fledged enterprise doesn’t have to be stressful. It also doesn’t have to take a lot of time or be overwhelming. As you can see from this blog post, it’s a simple process as long as you follow the right steps. In order for you to make sure that you turn your business into a successful business, working through your setup, your marketing, your plans, and your operations can be a huge help. From there, it’s down to your passion and drive to see it all through!