Your clients are the lifeblood of your business, but they can also put a serious dent in your rigid time management schedule.
'So often people can monopolize your time, which is the most valuable thing you have,' Jordan says. '[Business owners] make the mistake that you have to drop everything to answer the phone for a client, even if you're working on something totally different. You have to be in charge of your own schedule.'
One of Jordan's tricks to sticking to that schedule is limiting all phone conversations to 30 minutes. 'I can be in a great conversation, but when we start creeping up on that 30-minute point, I'm aware of it and ready to go onto the next thing,' he says. 'It's something I've ingrained in my head.'
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Running a One-Person Business: Delegate, Delegate, Delegate
Just because you're the only employee of your business doesn't mean you have to do everything on your own. In fact, you should delegate any task that can be outsourced, particularly if you're not that experienced – or good – at something. This will allow you to focus on your most important responsibility: driving sales.
Tabaka says she's a huge fun of virtual assistants. According to the International Virtual Assistants Association, virtual assistants are independent contractors who remotely provide administrative, creative, and technical services for multiple clients. One of the biggest concerns among solopreneurs, however, is that they won't be able to afford virtual assistants, whose services typically cost around $40 or $50 an hour.
'Solopreneurs often don't see their own time as having a dollar value,' Tabaka says. 'It does. It might take you 20 hours a week to do web design because you've got a huge learning curve. That's 20 hours you could put toward marketing and bringing in new clients.'
Hiring freelancers or independent contractors is another option. Dick Clark, owner of Atlantic Training, hires independent contractors to help reduce the burden of managing the management consulting firm based in his home outside of Los Angeles.
'I try to farm out everything I can,' he says. He prefers to do that with independent contractors rather than full-time employees due to the constantly changing nature of his business. 'If I have people working for me, I'm responsible for paying their salary. With contractors, I pay them when I have an income, and I don't hire them otherwise.'
Technology can also be a major time-saver. Here are a few tools to get you started:
- QuickBooks – a business accounting program for small business
- Quicken Home Office – personal and business finance software
- Filemaker – database management software
- eFax – converts your faxes into PDF files sent to your e-mail
- Google Docs and Calendar – create and share web-based spreadsheets, presentations and calendar alerts
- Mail Chimp – free e-mail marketing service and e-mail list manager
One word of caution from Lonier, however: Make sure you're familiar with your finances before you hire someone to do your bookkeeping. 'If you don't understand how your finances work, then you've lost control of your business,' she warns.
Don't forget that as a sole business owner, your business relies entirely on you. If you die or become incapacitated, you need to arrange for who's going to take over your business, or at least pay off your debts. Or if you simply want to take a vacation, make sure you can arrange a backup for when you're gone.
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Running a One-Person Business: Surround Yourself with Advisers
You've probably noticed by now, but the reality of running a business by yourself is that you're not going to be successful if you do everything completely alone.
In addition to delegating, it's a good idea to assemble a diverse group of colleagues, peers, and advisers to bounce ideas off of, Tabaka says. 'Look at your needs, and look at the areas you're not strong in,' she says. 'Surround yourself with people who know more than you do. You'd be surprised how flattered a lot of people are when you ask them for this mentorship.'
You should ask this advisory group to meet with you on a regular basis, either in person or over the phone. Lonier, who has been in such a group for more than 15 years, meets with them every four to six weeks for about an hour. 'We come prepared to talk about some of our current challenges and to get feedback on what we've been doing,' she says. 'We also hold each other accountable.'
Having trouble finding some advisers? Don't forget about social media. 'I've actually met some tremendous people on Twitter,' Jordan says. 'It's important to have that third-party perspective to provide valuable insight.'
Of course, you'll also want to make sure you have a good business accountant who's familiar with small business and can meet with you quarterly, as well as a good lawyer if any legal issues come up, Tabaka says.
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Running a One-Person Business: Make Time for Your Life
The dividing line between work and play can often become blurred when you run your own business, particularly if it's home-based.
'Some people love their 10-second commute,' Lonier says. 'They like that they can work when they want. On the other hand, some people haven't taken a vacation in four years.'
Realize that you are the most valuable part of your business and take care of yourself, she says.
Doing that can become one of the more difficult parts of being a solopreneur. 'I'm constantly working to find that balance,' Jordan says.
Dig Deeper: 10 ways to improve your work-life balance
