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considerations for expanding when self employed

Considerations for growing a company of one — self-employed, freelancer, solopreneur

 

When thinking about expanding or growing your company of one, it’s important to remember why you became self-employed in the first place. Was your plan all along to build a business that one day could be sold? Or did you simply want to work for yourself?

As a solopreneur coming up on 25 years of self-employment, I have faced many decisions around how to grow my business. I became self-employed because I realized I could earn more and have more freedom. It was never about building something to sell. At times when I had more work than I could handle, I over-worked myself, used subcontractors and hired an assistant. In the early aughts, business was booming and I formed a strategic partnership with a web development shop and hired a full-time designer to expand my capabilities. It worked, financially, but I was miserable. My role changed so significantly that I was then managing and selling and designing very little. It was unfulfilling to me spending my days doing things I didn’t enjoy… just for money.

Remaining true to what fulfills you

Fast forward, I went back to the solopreneur model that fulfills me. I make things and help people every day. And I am paid well for it. I have a small team of outsourced talent that helps me as needed. I still do not plan to sell my business. Instead, I have been investing in my retirement since the beginning and continue to do so. Does this mean I am not growing? Of course not! Growth for me is about increasing net revenue and personal fulfillment.

There are all kinds of ways to grow

To increase revenue, I create new/additional revenue streams like Live Love Dogs — Pawsitively Fetching sWAG, am working on some informational products and have some other ideas marinating.

There are so many options when it comes to growing a business as a solopreneur that, regardless of whether you call yourself a solopreneur, freelancer, or self-employed, determining how to plan for growth can be challenging. Earlier this month on the IRC WealthCast, I discussed some of the choices and considerations when you’re a company of one and want to expand. Tune in as Joe Schum and I talk about how there are all kinds of ways to grow; and that gaining revenue is not the only way to keep score.

IRC Wealth - Growing a company of one — self-employed, freelancer, solopreneur

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