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Friday, August 8, 2008

How to handle the home based business alone

Picture the image of you sitting in your office looking over your business; you are the chief, cook and bottle-washer. Everything that's critical to your business depends on you. For hundreds of thousands of business owners, this picture is very real. They are going it alone in business. The sad irony is that the more a sole proprietor tries to do to propel the vision of their company, the harder it is for them to go it alone.
The vast majority of sole proprietors take care of the accounting, billing, book keeping, marketing and production for their business. Sure, they sometimes have assistants working on the process but it's their baby. Entrepreneurs tend to try to do everything themselves not just to save money but because in many cases they feel that they are the only ones who know how to get it done. Of course, this is nonsense.
How do we grow when you're a one man band?
The problem we face in business is that of profitability and growth. It's very difficult to grow and get that much more profitable when entrepreneurs go it alone. There is a finite amount of time and effort on the part of one or two people to accomplish all that a viable organization really needs.
Here are some important but not so obvious issues solo business owners face:
What is the most profitable and satisfying use of your time?
How can you get it all done and build a solid personal life?
How do you go on to the next level of business success?
How do you get your business working for you?
The Self made person myth.
There is a certain romance to the self made man (or woman) that still gets portrayed in books and in the media. Why is it so important that we dispel the myth of the entrepreneur as Lone Ranger? The major reason small businesses fail is due to lack of business experience and business follow-through. The average small business owner needs to create a strong support system of people who will successfully handle the areas of business that are vital to its success but not crucial to the direct decision making process.
The reason I say that is because the business owner must be able to become a capitalist in the true sense of the word. They must manipulate capital to benefit their business and allow the business to generate profits without their direct day to day input. Once this level of business is achieved, the entrepreneur becomes a viable business owner. They can focus on the growth and success of the business and not on its day to day operation.
Building your bulletproof team to support your vision.
Each business owner must take the time to assess the strengths of the components of their team. One of the most powerful reasons to prepare a business plan is to identify the members of the support team. Each member of the team must be chosen dispassionately. Rather than picking someone who you like to fill a spot, choose each member as if you were selecting someone to raise your children after your death. I know it sounds morbid, but remember that each consultant must be trusted, and verified to do the job. They must be supremely qualified to give advice in their field of expertise and also be willing to tell you what you don't want to hear. Their value is in the collective experience they bring to the business.
Your team will consist of accountants and lawyers to be sure, but don't forget that you'll be assisted by many others as well; you'll need graphic artists, administrative assistants, housekeepers, printers and sometimes even the lawn guys. The team will be there to make the life on an entrepreneur that much more comfortable in order for their vision to become realized.

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