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