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

By November 1, 2017 April 18th, 2018 As Seen On, Business, Continuous Improvement, Food for thought
considerations for expanding when self employed

 

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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