Often we hear or come across individuals who are doing very well in business. Of course, many successful businesses started with one person, a person with vision and determination which later on became huge corporations. Here we are specifically talking about businesses that are owned and operated by one person.
Running a business alone is challenging but is also quite rewarding. In case you’re about to start a business you may find the below statistics inspiring.
There are nearly 25 million single owner businesses in the USA and they are making more money now than ever before. The number has been increasing steadily. More than 36,000 are earning seven figures.
All successful businesses are faced with challenges but they overcome those obstacles showing that despite all the issues you may face, that shouldn’t prevent or scare you from starting a business of your own.
SDI has been helping owners start successful businesses for nearly two decades now. No one understands market conditions better than us and we know what it takes to thrive.
Now let’s run through the various advantages of starting a single owner business and also the strategies necessary to succeed.
1. Easy to start
There is no need to set an elaborate structure with a board of directors and their meetings. You can keep the complexities pretty low and start a business with very few legal formalities. Start-up costs also remain low when you go this route.
You have total control to make the decisions you want to make without the hassle of setting up a meeting to discuss with a board room full of people. Even if it’s 1 or 2 other people it can sometimes be time-consuming to have to check-in and get their opinions on everything.
Here again, you do not need to share the profits with anyone. The income generated from the business is yours alone. Yes, there is the risk of losses too, but through proper planning and work ethics, this can be avoided. At the end of the day, this is the best part. All your hard work is worth it when you keep 100% of your company profits.
All the important facts and ideas about the business will be known only to you. There is no threat of confidential information being leaked from other partners. While this does happen in business there are also times where individuals delve out information they think isn’t important in a casual conversation which later turns out to be used by someone else. Although frustrating, it’s definitely easier when it’s just you that has all the details.
The following are some of the strategies that will help you start and run a million-dollar business successfully.
Choosing the Right Business
It is very important that you decide on a business that is not only right for you but right for the market. It could be something which you are passionate about or one you feel will be very successful. Start a business after proper research. Figure out what is trending and what is lacking to help fill that void. The target audience should also be clearly identified.
Have a Business Plan
It is very important to define your goals and the plans necessary to achieve them. This will save you a lot of time and money later on. It will also help you to overcome obstacles as and when they occur.
A good idea is to contact our startup experts, who will then guide you in preparing a detailed business plan.
It is essential to have a website that presents the right professional image for your brand. It will help you to interact with customers, sell your products to a wide market, and decrease some of the common overhead costs. It’s also very difficult for a single owner business to survive without a website.
It’s important that you get web services from an experienced web development company like SDI. Websites are designed based on your business and needs, with attractive features that attract visitors who could then turn into potential customers.
Another way to tap into technology is by developing an app for your business. An app can help your customers access your services while on the go. Research suggests that a lot of searches/sales are made from mobile apps. A highly interactive app helps your business stand out and give you an edge. The whole world ends up becoming your customer base.
Developing highly successful apps and websites for all kinds of businesses big or small is another important facet of SDI.
You may have a lot of questions about how to build a website and/or app into your business. Not to worry. Call 408.621.8481 or email us at email@example.com and we will answer all of them and help you start your million dollar business.