Hats a Solopreneur Has to Wear
Being solopreneur means every job within the business falls on your plate, from hiring contractors to driving leads to then nurture into clients. As you move forward on the entrepreneurial journey, the number hats a solopreneur has to wear will quickly become evident.
As you adapt to the various roles you need to perform as a business operator, keep this advice and insights into mind. Navigating the experience will be challenging but seeing your business grow is well worth it.
Chief Marketing Officer (CMO)
Marketing is probably one of the very first hats that you will need to utilize as a solopreneur because without customers or clients, you don’t have a business enterprise. Marketing also comes before sales–you have to push the leads before you can nurture them.
Since the CMO of your business, there are a few responsibilities to learn:
- Lead-driving, if from social networking, email marketing, content or networking. Remember that content marketing is a significant long-term solution to put in place early on.
- Messaging and branding is going to be important for your business. It is up to you as the CMO to align your message with your efforts to create a cohesive brand that brings the ideal audience.
- Strategic partnerships and event direction will also fall onto your plate, whether you are connecting with other regional companies or managing a booth in a trade show.
These are a couple of of the most important activities to keep in mind as your company starts to grow. You can enlarge with freelance writers and sociable networking managers if you are not quite ready to employ a full-time employee. In our digital world, this is a important part of your business and one you can not miss.
Director of Sales
As soon as you start driving prospects, you need to convert them as the Manager of Sales. Your strategies will depend on your business.
- Forget what you are selling; do not lead with the item, direct with queries.
- Push for testimonials from customers and your own network.
- Cold telephone –but do your research . Find ideal clients, don’t go after”anything with a heartbeat.”
Find a balance of open and closed questions to reach the”hot button” and make the sale. With minimum brand equity, then you may need to rely on your own personal brand to earn some first earnings.
Chief Operations Officer (COO)
The COO plays a huge role in every business and this person is you. If you have never worked in operations, here are a few tasks that You Will Need to add to your to-do list:
Inventory tracking: If you sell products, such as clothing, inventory tracking is a task you can not forget –and you will be glad once you do this job seriously:”From a statistical perspective, this info can allow you to see which parts of your shop do best, and what kinds of items consumers seem to buy from you,” according to How to begin an Online Store in 7 Steps. This is especially critical as your company grows or comes with an influx of sales. The same guide continues,”with an efficiently coordinated inventory is incredibly helpful–especially during periods where there’s a sizable product demand, i.e. throughout the vacations or an extravagant sale”
Pricing: A vitally important part of your job as the COO is setting pricing for your products and services. Understanding how much to bill without depriving your self or pushing customers off with prices that are too large –will likely be among your first major challenges. Check out this manual, A Founder’s Guide to Product Pricing, for some advice as you browse this part of your company.
Selecting and managing sellers: Who will you utilize? Who gives the most competitive pricing for software? Who will handle your deliveries or sending? All of these are concerns for the COO–as a solopreneur, you will want to answer these questions yourself.
As a solopreneur, you likely will work with contractors or freelancers, whether you want writers, a web programmer or even a graphic designer. As such, you need to be the HR specialist and make sure that you’re after the authorized duties required of you.
The best thing you can do in this position is to know your responsibilities and rights as a company with freelance or contract workers. Begin with the Independent Contractor Guide from the IRS. Additionally, make appointments with your attorney, tax accountant or CPA to ensure you’re after all the necessary measures for payments, taxes and basic compliance.
Chief Financial Officer (CFO)
Running out of money is the 2nd most common reason why startups fail, as reported by Forbes. Since the CFO of your own business, it is your job to be certain that doesn’t happen. Additionally, it is important to be aware of if you have to hire a CFO, rather than relying on your DIY efforts. CFO Choices indicates the times when you may need to hire a CFO:
During rapid expansion: This period requires automated systems, additional capital and financing. “For a business to grow more quickly, a CFO will examine the organization’s current financial position, market trends to execute the best approaches, and enhance cash flow and profits.”
To develop new offerings, markets or products: Your CFO can help identify new opportunities and generate a plan for stable growth.
When taxation planning gets more complex: managing regulations and rules can get hard as you grow, not to mention,”A business’s integrity is dependent on its ability to prepare and disclose precise financial results and maintain its tax obligations. It could be time to hire a CFO when a provider is unable to achieve that.”
Master All of the Hats a Solopreneur Has to Wear
There are many hats a solopreneur has to wear, and all these are just a few of them. Be ready to learn, grow and make mistakes on the way. As you adapt yourself to the requirements of your business, you’re going to be extended in ways you did not anticipate. When you are in a position to do so, you’ll watch your hard work pay off time and time again.
Interested in learning about the hats a solopreneur has to wear, starting a business or growing a business in Santa Barbara? Contact us today for your free business consultation! Call Santa Barbara Entrepreneur at our Impact HUB location (805) 633-0877.