So your little practice is thriving, with you, and only you, at its helm, doing everything from landing the clients to managing their books to taking the calls to emptying the garbage. It’s all you—that’s the nature of a sole proprietorship. And while that’s been good so far, you’d like to advance your business to the next level.
Anita Campbell, author and manager of online communities and informational websites, shares “How to Take Your Solopreneurship to the Next Level” in a guest post on the U.S. Small Business Association website. Here we share three of her five suggestions:
1. Change Your Business Structure. If you’re a solopreneur, than you’re running your business as a sole proprietor which is one of the easiest business structures to launch. But as your business grows, it’s important that you protect your personal assets, which are left unguarded in this structure. If someone sues your business, they’re suing you, making you personally liable for those expenses. But if you change your business structure to that of a corporation or LLC, you separate yourself from your business, eliminating any personal liability.
2. Figure out Your Staffing Needs. To truly grow your business, you must hire a support staff that enables you to serve more clients than is currently possible. While you may be weary of the cost, there are only so many you can serve on your own. And expanding your business doesn’t necessarily mean you must hire a large, full-time support staff. Campbell suggests looking at the following options when considering your staffing needs: “freelancer, intern, agency or consultant, part-timer, full-timer.” Each of these comes with pros or cons, and not all will suit your requirements. Do a little research before your start the application process.
3. Be Willing to Invest Time. As Campbell explains, “While yes, adding people to your team will lighten your load in some ways, if you’re truly ready to grow your business to be competitive with bigger players, you’ll probably have to spend more time working on that growth. Let your family know that at least for the time being, you’ll be less available at home.”
If you’re thinking about advancing your practice, these three tips will definitely point you in the direction of increased capacity and profitability. Do the necessary research and then act!
The Universal Practice Builder (UPB) Program
If you want to advance your business, one way is by increasing your clientele—that will help pay for the added expense of hiring a support staff. The Universal Practice Builder Program is designed to train you to promote your practice in order to experience significant growth and profitability. Imagine all that you could learn from our experience training thousands of individuals like you!
This program offers the following:
- $30,000 in new annualized billings in only 12 months
- Tactical goal planning and setting
- The generation of 15 to 25 qualified leads per month
- Phone marketing instruction and training
- Training in the benefits of newsletters and websites
- 12 proven marketing strategies
- Financing options
Enroll in the Universal Practice Builder program today! We’ll teach you not only how to understand your clients’ unique needs, but how to satisfy them. It will also enable you to increase your capacity by increasing annualized billings. Call 1-877-833-7908 to become the premier accounting practice in your area!
Campbell, Anita. “How to Take Your Solopreneurship to the Next Level.” 18 September 2014 www.sba.gov