| Recently USA Today ran a poll and asked
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| | hourly wage.
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| sole proprietors what their primary
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| | Problem No. 3. Limited resources.
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| challenge was in running a small business
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| | Everything costs money. And when you are
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| by themselves. If you work solo or are
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| | your own boss, the money you spend on
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| about to leave the corporate world to
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| | equipment, overhead, travel,
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| pursue a small business, you may soon
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| | entertainment, professional fees and
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| discover that one of these top five
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| | other expenses comes straight out of your
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| challenges could "make" or "break" you.
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| | bottom line. The paycheck you take home
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| But not to worry! I've been there and I
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| | becomes smaller and smaller.
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| know a thing or two about overcoming
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| | Solution: If possible, share office
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| these challenges.
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| | space, office staff, office equipment and
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| Problem No. 1: Inability to focus on
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| | other services with other sole
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| generating new business. Not only is a
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| | proprietors in the same boat as you.
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| sole proprietor required to take care of
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| | Think of the money you can save by
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| her existing clients, she must also find
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| | covering only half the rent or half the
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| time to focus on marketing, promotion and
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| | lease. If you are a morning person, you
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| sales if she wants to generate new
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| | may be able to work from early morning to
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| business. Finding new customers or
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| | late afternoon and then sub-let your
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| selling more product or services to
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| | office space to another sole proprietor
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| existing clients can take time to build
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| | who is a night owl and who likes to work
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| up.
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| | from late afternoon to midnight.
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| Solution: Set aside three to four hours a
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| | Problem No. 4. Running the business more
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| day four days each week to generate new
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| | efficiently. As a sole proprietor, you
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| business. This may seem like a lot of
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| | have no boss looking over your shoulder;
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| time, but the future of your business
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| | no supervisor to keep track of your
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| depends on it. Ask your current clients
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| | efficiency. It's both a blessing and a
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| for referrals and keep a log of the
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| | curse.
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| people who have been referred to you. In
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| | Solution: Learn to analyze how you use
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| this log keep a record of your
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| | your time by keeping a log hour by hour
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| correspondence and phone calls so you can
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| | throughout the work day. It is not enough
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| tell at a glance whether you have
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| | to do things right. It's also important
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| followed up with these referrals.
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| | to do the right thing, hour by hour. Ask
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| Remember, your clients already like you
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| | yourself, "What is the highest and best
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| and your product or service and have
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| | use of my time?" If a person less skilled
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| recommended that you contact their
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| | than you can perform the job for less pay
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| friends or colleagues. Their
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| | than you require, then hire that person.
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| recommendation will go a long way to
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| | Your job is to market and promote your
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| generating new business.
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| | business and to provide the product or
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| Problem No. 2. Spreading time across
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| | service.
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| multiple projects or roles. Sole
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| | Problem No. 5. Not having enough time to
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| proprietors are notorious for spreading
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| | focus on their own passions. Sole
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| themselves too thin. Most small business
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| | proprietors often feel overwhelmed by
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| owners take on too much of the
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| | their businesses with little time left
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| administrative work and feel overwhelmed
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| | over to devote to family and social life,
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| by all the details of making an office
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| | much less their secret passions.
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| run smoothly.
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| | Solution: In order to make time for
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| Solution: Hire someone else to do tedious
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| | activities you feel passionate about, it
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| small stuff that doesn't require your
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| | is going to be necessary to clear your
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| full attention, such as opening the mail,
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| | calendar. Take a good hard look at the
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| processing invoices, making out the bank
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| | log where you keep track of how you spend
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| deposits, and filing paperwork. If you
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| | your time during the work day. Hiring
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| are not a trained bookkeeper or
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| | some part time office help could free up
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| accountant, hire someone else to do that
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| | a couple of hours so you can slip out to
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| job. If you are still cleaning your house
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| | an executive golf course and play nine
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| yourself, hire a housekeeper for at least
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| | holes some afternoon. Regardless of
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| a couple of hours a week. Spend 60
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| | whether your passion is golf, skydiving,
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| percent of your time marketing and
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| | hiking, antique hunting, or reading
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| promoting your business and 40 percent of
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| | romance novels, setting aside a few hours
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| your time working for your client.
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| | each month to pursue it will rejuvenate
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| Everything else can most likely be done
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| | you. Put it on your calendar and make
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| by someone else for a lot less than your
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| | sure you fit it in!
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