Can You Run a Business by Yourself?
Starting a business alone is an ambitious endeavor that requires a lot of work, patience, and talent. Everyone knows that running a business is difficult to do at any point, but nowadays, due to recent state restrictions and guidelines, many companies have suffered. While some businesses have been forced to downsize their customer and employee capacities, their workers are looking for new ways to earn an income. Going into business for yourself is empowering for a lot of individuals because you can control your schedule and possible earning intake.
Pros and Cons of Starting Your Own Business
Though opening a business is risky there are many benefits that may be worth the risk. Below is a detailed list of the pros and cons of starting a business alone.
Unlimited Revenue. The sky is the limit and your business can make as much money as the effort you put into it. There is no cap to how much money your business can make and little to no guidelines on how the owner needs to pay themselves.
Flexible Hours. If you enjoy setting your own hours then becoming a business owner is the right option for you. Prioritize the events in your life and give yourself the freedom to pick tasks that are convenient for you.
Tax Advantages. Most states allow business owners certain tax breaks when they legally become established.
High Failure Rate. With reference to the Small Bussiness Administration, more than half of new businesses fail within the first five years. This sometimes has nothing to do with the owner’s skill set or knowledge but a myriad of factors including the current economy, physical location, and market.
Long Hours. You may have control of when you work, but that does not mean that you won’t be putting in a ton of hours. Owning your business is nothing like having a 9-5 job you may be working off the clock, weekends, and overtime.
No Guarantee. There is no guarantee that your business would be successful and the risk is that you may not earn a reward.
One Person Business Ideas
There are many types of businesses that you can start and operate on your own. Listed below are a few businesses that can be successfully run by one individual.
Freelance Makeup Artists. The life of a makeup artist is creative, exciting, and competitive! Many freelance makeup artists find a competitive edge by becoming mobile and traveling to their guests, rather than having their guests come to them. Use a customizable wheeled makeup case to keep all of your cosmetics neat, organized, and safe while your traveling to your next special event.
Freelance Gig Operator. Nowadays, there are many ways to make money online. So long as you have a smartphone many options become available to you, some of which require little to no experience. These freelance applications are as listed and do not require a ton of experience.
- Task Rabbit
- Door Dash
Online Business Operator. Online businesses are simple, easy to start, and can produce a lot of money with just a little effort from the owners. In addition to selling your own merchandise consider making extra money on the side with Affiliate marketing. Affiliate marketing allows you to advertise another company’s products on your website, and earn a commission off the sale. Learn more about our affiliate marketing program.
Real Estate Agent. Some real estate agents go into work for themselves and earn 100% of the commissions they get on houses or buildings. All states require a real estate agent to obtain a license in the state they practice in. Course time depends on your state as well, and classes range from 75-135 hours.
Beginner Tips on Running Your Business Alone
- Keep your business’s money separate from your personal account
- Outsource tasks that you might not be good at such as accounting or getting legal advice
- Stay organized with a daily calendar and plan ahead for success
- Ask for help when you need it
- Focus on making multiple forms of income
- Build a business website and make use of social media
- Conduct your own market research before making any decisions
Get your office Ready with theLAShop
Regardless of which type of business you own, you’re going to need a clean and organized working space. To get your office ready, theLAShop suggests the following items:
Mobile working station. This portable workstation is great for small offices, warehouses, or kiosks. The three-level design give you enough room to place your PC, keyboard, and even printer.
Monitor Stand Riser. Organize all your work tools with a desktop organizer.
Getting your home office ready for work is simple. Join theLAShop Rewards Membership Program to earn points and save money on purchases on home essentials. Don't forget to follow our Facebook and Instagram for information on the latest deals, freebies, contests, and more!