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By Sidjae Price
Your transition plan for going from solopreneur to small business owner should outline exactly how you can grow your company.
It is perfectly fine if you desire you to be solopreneur forever and if you do then reading this article might not do you any good.
However, transitioning from solopreneur to small business owner is a goal that many aim to achieve.
In fact, if you wish to achieve financial freedom, and regain time with your family and friends then you must transition from a solopreneur to a small business owner at some point in your journey.
In order to understand why this is necessary then you should consider the benefits of both.
A Solopreneur is someone who operates an entire business on their own. In other words, this means that a solopreneur is limited to the number of people they can work with or the number of hours they can work in a day.
I mean let’s be realistic there are only 24 hours in a day. This business structure limits the opportunities for revenue growth.
A Small Business Owner
A Small Business Owner is someone who operates an entire business with the help of a team. In other words, this means a small business owner is not limited to the number of people they can work with or the number of hours they can work in a day because they have help.
Additionally, a lot more can be done in 24 hours with a team. This business structure creates more opportunities for revenue growth.
From these brief descriptions, the differences between a solopreneur and a small business owner should be fairly evident.
Should your interest be peeked by now let’s discuss three pain points that you should consider if you are contemplating how you can transition from solopreneur to small business owner.
What are Your Business Long Term Goals?
This is the most important question that you must evaluate if you are considering transitioning from solopreneur to small business owner. In fact, this should be evaluated even before the transition.
If you are uncertain of the answer to this question then take a step back and go back to your business plan.
Take a look at your vision statement and use it to reflect on why you started your business. But most important evaluate on if this vision can be achieved by yourself or will it require the help of others.
Take a look at your vision statement. Can your vision be achieved by yourself or will it require the help of others?
Can You Let Go of Controlling Everything?
Letting go of controlling everything is the beginning of any great leader. Great leaders are known for building some of the most successful companies.
If you actually take a moment and do a quick Google search of your favorite leaders and how they conquer the art of delegation and trust within your their teams you will further understand how important this is.
Leading a team is no walk in the park, but there is a dire need to let go of controlling tendencies, establish relationships, implement training and build trust within a great work culture if you intend to transition from solopreneur to small business.
Leading a team is no walk in the park, but there is a dire need to let go of controlling tendencies.
Can You Afford a Team?
This is the big question, and to answer it there are two factors that must be taken into consideration. Evaluate the demand for your services/products: • Is there a need for your services or products that are beyond what you can do? • Is this beginning to make you feel overwhelmed? • Do you have a waiting list or backlog of orders to fulfill? Paying team members: • What’s your budget? Will you add them to a payroll? • Will they be contracted, employees? • Did you check with your attorney and accountant on how this looks? While this is not all to consider when looking at if you can afford a team it a great place start. If you have reflected on these three pain points and responding to them was a no-brainer for you, then it is probably time and you consider transitioning from solopreneur to small business owner. The totality of what this will take will require a transition plan. A transition plan for how you can seamless exit from being a solopreneur and enter into being a small business owner. Your transition plan for going from solopreneur to small business owner should outline exactly how you can seamlessly grow your company from a one-man band to a full musical production. Your transition plan for going from solopreneur to small business owner should outline exactly how you can seamlessly grow your company from a one-man band to a full musical production.