Over 4 million new businesses launched in the US in 2020 and half a million new businesses started in January 2021 alone! But have all of them become successful companies? Here are some tips for building a sustainable and profitable one-person company to save your business idea from failing.
Be Small but Mighty
Typically, companies too big are more prone to failure than small ones. They have a larger workforce to handle and more financial investment to turn into profits, and thus more to lose. Plus, in a larger company, several business operations are continuously in motion on a large scale at any given time. You cannot immediately steer them to adapt to a different working environment due to a change in business strategy. Even the company’s massive resource requirement and infrastructure management will make it difficult to change direction when needed. On the other hand, in a small one-person company, you will be able to quickly implement dynamic changes in its work style according to expected future trends or its previous performances. You can adapt to the majority of the customer preferences while staying well-focused on your core strengths. You will also be immune to the effect of competition on the brand to an extent. This is also why a small company can build a robust and loyal customer base for the long term, making it more resilient. Keeping the failing part of the plan aside, as a one-person company, you will not have to worry about the expenses of employing a huge workforce, which includes recruiting, training, and managing. You can take all the required actions per your sole plan and efficiently deliver the maximum output with profits.
Focus on Endurance
When you first enter a business market ruled by other well-established companies, you will most likely face high insecurities regarding your idea, workplace, strategy, and audience. But note that the term “Progress” does not hold a strict, universal definition. If, for someone, progress stands for a continuously growing customer base and exponentially increasing profits, then for you, it may mean sustaining yourself in the industry with a small yet loyal customer base. You can make reasonably decent profits through lead generation and serve your customers with maximum satisfaction, and still be progressing. Once you focus on strengthening your company and enduring in the highly competitive marketplace, you will build genuine relations with many clients and customers. Your business will grow organically over time.
Pay Attention to the Individual Customer
As a one-person company, you have one major advantage: To cater to your customers one on one. You get an opportunity to understand what each person expects from your services or products and personalize them. Make your existing customer base and potential audience feel connected to your company by sending them the exact information they demanded by attending emails and calls yourself, not delegating these tasks to a computer. For a firm grip on customizable front-end services, learn about the current advanced automation systems and essential technologies such as SEO content analysis, Google trends, digital marketing, FB advertising, and basic web page designing. This can give you an edge over the others in the domain and make the user experience seamless.
Feedback is Essential
Did you know that 89% of all companies globally compete mainly based on customer experience and feedback? Customer feedback management is the most straightforward and underestimated method of gauging your company’s success in the initial stages. From website experience to product delivery, from customer support to payment procedures, be prepared to receive more negative reviews than positive; such honest feedback will help you figure out where you were going wrong and improve for the better. To do this, you can keep a review section on your website or collect feedback over calls. Work on the constructive feedback you get and change your system according to what the consumer needs. This will help your business grow. After all, this is the only way you can keep your business from deviating from its goals and shape your business to your audience’s needs.
Outsource
When you build a company from its foundations, you have to manage everything from A to Z by yourself. These tasks include resource acquisition, manufacturing, transport, accounting, strategy development, networking, marketing, legal matters, etc. You may even be skilled enough in each task to carry out business operations well. But once your company starts growing in size, you will have to give more time to each section. That’s why you should consider outsourcing all the other departments except your core strength to expert service provider firms. About 70% of all companies outsource to cut down costs, while 24% did to make their business operations more efficient. As a one-person company owner, you can outsource most of your company’s regular yet necessary tasks. This will make your work easier, more efficient, and more affordable. There are plenty of marketplaces to hire freelancers. Plus, service provider firms have professionals handle the job well. With the time and energy saved, you can dedicate your expertise to the more high-value tasks of the business.
Conclusion
Establishing a one-person company and bringing it up to the market level of your competitors is a challenging task. But once you get the hang of it, your company will reach heights in no time! So, the future of your company is in your hands. Please take the necessary steps and build on them for creating a successful one-person company.
