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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Succeeding As The One Man Band
You might think that the goal of any business is to grow, gather more professionals, and branch out. While this is a route for many entrepreneurs, according to the US Census Bureau, there areover 36,000 one person businessesgenerating above $1m in revenue every year. Clearly, there are routes to a successful, wealthy business, even when the only member of staff is yourself.
Being a one man business isn’t for everyone. There are a few key benefits to running a one-man business in the USA, and a few market -ranging from cryptocurrency tomanual labor - that lend themselves to being a success. Typically, you’ll be looking for a skilled, or in-demand market, and do your utmost to be flexible.
Manual labor and courier work
Courier work is a well defined market, with the likes of UPS, FedEx and Amazon’s new franchise market working well. However, there are still thousands of individual couriers in the USA who work without a banner. Progression in this field is excellent, with the prospect of medical and private services available, and marketing can be done cheaply. Like all other one-man businesses, they benefit from certain exemptions and aren’t required to fill certain employee regulations. Also,business rates can be secured on vehicles, depending on intended usage, allowing work and private life to intersect, saving money. Skilled tradesmen also benefit from this angle, and, due to thenational shortage of skilled labor, are better able to dictate their terms - often without the necessity of being employed by a construction firm.
A digital based business
The rapid evolution of the web to encompass laptops, tablets and smartphones means that businesses can be constantly on the go. Digital entrepreneurs are the main beneficiary, as the spread of internet usage allows them to find business further afield. For a one man business, this is perfect. For those with digital skills, theaverage software developer earns $100,000 a year, according to US Today, far above the national average. While it might be lower for a business as opposed to someone working for a large firm, there are a number of trade offs including the lack of commute costs.
For those without bespoke tech skills, there is also the cryptocurrency market to play. Akin to stocks, shares, and forex, fortunes can be made and lost at a moment’s notice. However, given the non-regularized state of crypto and the relatively larger initial stakes required for the classic markets, it’s easier to grow wealth with careful moves in cryptocurrency. Understanding the relevant legislation may become important moving forward. If you’ve established a track record, you can found a business around brokering moves for other people - all on a one man basis.
Being a one-man-business is a great way to shed yourself of the mandatory requirements employers have. It gives you freedom, though the only person responsible for your growth is you. There are plenty of markets to get into, depending on your talents, and plenty of room to grow.
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