I've often asked myself this question. It seems that when I was younger no one talked about individuals owing and operating a business without employees to help share in the work.
Here's what I've come to conclude: solo business is possible today because of the tools and resources we all have at our disposal to leverage the workings of the business.
Said another way: The business owner of today can leverage his personal time and effort in running the business such that, by himself, he can accomplish the cumulative tasks of all the other business employees.
Especially important to this concept is the personal computer and access to the Internet.
It is through these means that the owner/operator can single handedly do the work of several employees, contact his prospects and customers, present them with products he owns, complete financial transactions, and deliver purchases to the customer.
All of this can be done no matter where the business owner lives, regardless of his education and background, without having to pay employees for their time, and without great up-front operating expense.
Can you see why solo business is such a powerful strategy?
Can you see how a combination of leveraging the owners skills and time as well as constant outsourcing of business tasks allow the owner to accomplish great things all by himself?
For the solo business owner there is certainly a lot of work that has to be done. There are a lot of tough decisions and choices to be made. Often the skills and knowledge needed come only after study, practice, and some trial and error.
And, as with every other type of business, there is a cost involved. Solo business is never accomplished "free" and it is rarely easy or simple.
But it does have the great attraction of being relatively inexpensive to get started and if done carefully, the solo business can be scaled (ramped up) with the business revenues rather than personal savings or outside loans.
Here are three other factors that make solo business such a powerful strategy: minimal risk, execution from anywhere, and unlimited earnings potential for the owner.
Of course, any of these advantages can be wiped out depending upon how the business is set up, positioned and executed.
There could be great risk and severely limited earnings potential if the business is, for example, niched in the wrong subject, heavily encumbered with debt and obligations, or marketed in unproductive ways.
That's one of the reasons we started Lone Wolf Tracks. We wanted to give the entrepreneur the benefit of some solo business education, guidance, and resources that will help him/her in the journey toward profitability and unlimited success!
 |
Post#310 |
