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Four Decisions You Must Make Before Becoming a Solo Professional

April 18, 2012 | Comments: 0 | Views: 102

Being a solo professional is not for the faint of heart. You are responsible for absolutely everything in your business from operations, finance, marketing and sales and management. The buck starts and stops with you. Given you know what product or service you want to offer, let's look at four decision you must make to be successful.

Why do you want to be a solo professional? This is the first and most important decision. If your reason for being a solo professional is to earn lots of money, you have some more thinking to do. Do you like you as a boss? Do you like you as an employee? Because you are going to be both. You are going to need to be a self-starter because you won't have a boss giving you projects or tasks to do. You need to have discipline to do the tasks that need to be done to generate income, even the ones you don't like. Well, you might be able to outsource many tasks to virtual assistants, but ultimately the responsibility is yours. If your why is because you want more control and you are willing to learn whatever it takes to have that freedom, you have a good start.

Where will you work? This will largely depend on the type of product or service you will offer. Some are conducive to working from home, others are not. If you will be spending a lot of time on the phone with clients, be sure to have a quiet, private place to conduct business. There is nothing more annoying than being on the receiving end of a phone conversation with a ton of background noise like someone calling from a coffee shop. If you need to be around people, even if you aren't working with them, consider finding a business incubator to rent a desk. The incubators share common space like conference rooms and sometimes a receptionist for a monthly fee based on time used. Think of them like a gym membership for your business.

How will you market yourself? You must have a client base. No clients, no business. If you are beginning with an existing client base, you have a good start. Notice, it is just a start. You will need a constant flow of potential new clients coming in your door each month. You must have a solid marketing strategy to move your prospects through your sales funnel to becoming paying clients. You will want this mapped out as much as possible before you venture out on your own.

How will you manage cashflow? As a solo professional you do not have a steady paycheck coming in, therefore you must think about how you are going to smooth out your cashflow. Some weeks are going to be full of income, others will not. You will want to determine a budget for yourself and stick to it. You may be tempted to spend when money is flowing easy, but don't. Have a system of saving revenue receipts into an account and then pay yourself into another account from which you pay living expenses. This will help you weather the slow times much easier.

Sharon M Ross invites you to sign up for access to her upcoming book for free - The "D" Factor - 6 Key Strategies For Women To Go After Their Dreams - at for more thoughts on purpose driven money making.

Source: EzineArticles
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