If you’re currently handling business on your own, you’re what many people call a “solopreneur,” and a certain level of independence is essential. Still, there are times when you shouldn’t go it alone. That includes the following scenarios and elements, all of which are common when you’re starting a business.
Forming an LLC
Why start with an LLC? If you haven’t thought to create LLC documents by now, you could be missing out on some huge tax savings! Not to mention that operating under an LLC will shield your personal finances and assets from liability if you ever find yourself facing legal issues. Rather than spending thousands on an attorney, use an online tool to complete your forms. While you’re online, just be sure to look into specific requirements for your current state.
An LLC will save your business come tax time but you may be wondering whether you can tackle your returns solo? No matter how big or small your business is, it is 100 percent legal for you to complete your own tax returns. The bigger question is, should you? Sure, DIY taxes will help you save on accounting fees but you could end up making a mistake that will cost you even more. To make it easier for you to understand, here are the potential perks of DIY taxes:
- You can save on tax preparation fees.
- You’ll learn more about applicable tax laws.
- You may come up with ways to save money.
And of course, these are a few reasons why you should consider hiring a professional:
- Preparing your taxes will take a considerable amount of time.
- You could make a mistake and end up paying more in taxes.
- Even worse, you could underpay and end up in hot water with the IRS.
- Mistakes could make you the target of a stressful audit.
So really it’s up to you, but your safest bet may be to get a professional to complete your return.
You may want to hire an accountant to help with more than just your taxes. Especially if you’re not great at numbers (and there’s no shame in that if so). Experienced bookkeepers can take a look at your finances to find savings and profits you weren’t even aware of. Then, you can use that extra cash to help grow your business! Plus, you won’t have to worry about finances.
If you’re not using affiliate marketing by now, you really should be! You can read more about affiliate marketing in this article, but collaborating with other businesses and bloggers has maximum ROI potential with minimal investment from you. Now you may be concerned about losing control over how your brand is marketed and that’s understandable. But you can retain some of that control by:
- Requiring potential partners to apply before working with your brand.
- Being specific about how your links are used and spot-checking partners.
General Marketing Plans
Hopefully, you now understand the benefits of affiliate marketing, but have you given any serious thought to your overarching marketing strategy? Marketing is crucial if you want to connect with customers and grow your startup, and a successful marketing plan should include:
- Thorough market research.
- Identification of a target market.
- Enough flexibility to adapt with time.
If you feel overwhelmed just by looking at this list, it may be time to hire marketing help. Like bringing on an accountant, hiring a marketing consultant can save you time, stress, and money.
DIY Website Design
Ask any experienced marketing pro and they will tell you that an engaging website should be at the heart of any entrepreneur’s marketing efforts. Including certain elements in your business website will ensure that potential clients have a smooth experience. More importantly, they will come to view you as an expert in your field, which will go a long way in boosting your business. There are several website builders that offer these features if you choose to DIY.
Professional Design Help
You could try to incorporate the must-have features above on your own, but this is another undertaking that can take up a lot of your time and energy. This is why so many savvy entrepreneurs enlist the help of design professionals instead. Many consultants also offer branding advice, to ensure your website and other marketing materials are seamless.
Search Engine Optimization
Another perk to hiring website and marketing help? You can get assistance with SEO too! Make no mistake about it: search engine optimization is crucial for the success of your new business.
Just think about the last time you searched for a new business. Maybe you had a craving for a certain cuisine or needed to buy something specific. Either way, you likely ended up going with one of the options that came up first in your online search.
That’s the power of SEO at work! It can be tricky to figure out on your own, so this is another time when it pays to ask for help. SEO stats also speak to the importance of getting your business website right. These stats show that most people will give up if a website takes longer than three seconds to load, or if links appear to be broken. So your website and SEO should be seamless if you want to attract more customers and maximize your profits.
Being a solopreneur is something you should be proud of! You’re a boss business owner and you’re used to hustling to get things done on your own. Sometimes though, hustle just isn’t enough. There may be times when you need a little more guidance and expertise. When those needs come up, don’t hesitate to hire help or look for tech tools that can help!
Courtney Rosenfeld started Gig Spark to be a resource and the first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur.