Running a business without a partner or W-2 employees has a lot of advantages, especially if you are self-motivated and love working independently. But it can also be stressful, and you may even feel isolated from time to time. It’s important not to burn yourself out trying to do everything at once, without a break. One way you can ease your own workload is to hire freelancers for tasks requiring specific skills. Another is to use tech options that are available to business owners — here are a few examples worth remembering.
Work with a formation service.
When you first start your business, you have to answer a lot of questions about the direction you intend to take. How big do you hope your company will grow? And what about making your business a legal entity? As an independent business owner, you can operate as a sole proprietor but a limited liability company (LLC) might be a better option. This is because, as an LLC, you have greater liability protection and will be able to claim more tax deductions.
Forming an entity is just one step as you start a business. You will also need to search for an available business name and reserve it, get a Certificate of Status, and more. It’s a lot of work, but the process will go a lot more smoothly if you work with a reliable formation service that can help you make sure your company is formed correctly. They will also keep you up to date on when reports are due.
Hire a freelance accountant.
You don’t need an accounting specialist looking over your books on a daily basis, but there are a few times, throughout the year, when you could definitely benefit from the services of a professional. If you have opted to be an LLC, you will need to file quarterly taxes, which can be a little complicated to calculate for newbie business owners who aren’t yet at ease with bookkeeping. To help with the bookkeeping process, it may be a good idea to use an invoicing service that can help you automate repetitive tasks to reduce errors.
Hand your marketing over to a freelance expert.
Having a good marketing campaign can be key to the success of your business. But putting together marketing materials and scheduling campaigns takes a lot of time. Plus, there are tricks to the trade that you might not be aware of. So when you hire a marketer to manage your strategies and assist with your branding, this is an investment that is likely to pay off exponentially.
You may opt to work with a marketer only in the beginning as you are launching your business. But you may also find it useful to establish a longer-term work relationship so you can trust them with periodic campaigns and social media marketing.
Use business management software.
If you’ve been using different tech and apps to manage aspects of your business and it’s all getting a little complicated, you can simplify your management efforts with the help of business management software. There are different types of systems available, and the one you choose will be contingent on pricing, your needs, and the nature of the business. What they all have in common, however, is that they integrate different systems so you aren’t having to juggle between separate software or platforms to keep track of your work. A good software system will eliminate the need for multiple data entries and show updates across different devices, in real-time.
Hiring freelancers and relying on automation are responsible choices for a business owner because it means you are making the most of your time and capital. It shows that you are determined to follow good management practices, including delegation. Plus, you still have all the autonomy and independence you thrive on.
Courtney started Gig Spark to be a resource and the first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur.