13 Challenges of Running a One-Person Business

Wondering whether starting a one-person business is for you, and whether it’s worth it at all? Here are the challenges and what you might go through: What’s a One-Person Business Exactly? That’s the simplest form of business organization there is. Its official name is sole proprietorship and we’re talking about a business run by you and for your own benefit. And while it’s still possible to employ people, now we want to focus on the kind of one-man business that really has one person in the company – you. There is no legal difference between you and the business entity. While that can be liberating in some ways and mean you do everything your way, it also brings a very specific set of challenges that are not always easy to overcome. That’s what today’s article is all about. I know this can be one of the reasons why many of you don’t actually go ahead and start the business. Maybe you first start the blog, maybe you start earning a bit, but then it’s time to register it, to pay taxes, to get an accountant. To do those scary things, that although you just need to set them up once and forget them, it can be scary. Maybe that’s one of the reasons why you haven’t started your business yet. I hope to help you overcome that barrier, because it really isn’t a big one. It’s more of a mental one. Also, if you’re not sure if you’re actually meant to be in business, if you’re ready to be self-employed, I want to share some of the hard parts about it today. I always want to keep it real with you, so you can decide if you can handle it. I’ve been running a one-person business online for around eight years now in two different countries, and making a living solely off of it. So I have a thing or two to say about it. But ultimately, only you know if that’s for you or not. To outsource, or not to outsource? If you want to scale and outsource, definitely go for it. That’s how the next level is reached. Most of my business mentors would even advise you to delegate as soon as possible by getting a VA, for example, or just freelancers that can get some of the tasks done. Usually, that’s the things that aren’t your zone of genius. But there are also business owners who remain a team of one until they hit six figures. That’s totally possible. In my case, I work with an accountant, but that’s usually something every business owner has. In fact, it’s the one thing we desperately need if we don’t know anything about bookkeeping. Delegating this aspect of your business can save you a lot of costly mistakes down the road as well as a lot of stress. So this guide is for you if you’re thinking of starting a one-person business and want to prepare for the challenges, mentally at least. It’s also for anyone wondering if they can do this by themselves. And for those who’ve been in business for some time and need some motivation to keep going.