Opting to become a solo entrepreneur

Opting to become a solo entrepreneur

  You can run your own business and be the only employee. It is doable, but it takes a lot of determination and hard work. Of course, the rewards will be yours alone, also.

 

As a single-person company, you will be a sole proprietorship for legal and tax purposes. You can opt to become a limited liability corporation (LLC) and benefit from significant legal and tax advantages. An LLC protects your personal assets from liability due to lawsuits or claims against your company and allows you to claim business profits and losses on your personal tax return, doing away with a good deal of the paperwork involved with forming a regular corporation.

 

An important part of any road map for success is a proper business plan. It is of particular importance when you are going into business all on your own, and will guide you in the right direction from the start, laying the groundwork for your future goals and business achievements.

 

Set up a business account at the bank of your choice as soon as possible. Keeping your business and personal funds separate will clarify and simplify everything. Since you will probably be doing you own accounting, at least for awhile, it will also cut down on stress and make proper record keeping much easier.

 

Small business apps can be a great help to your one-person company. Some apps will help you track your business expenses and process invoices, documents and payments from customers, all on your mobile phone or device. 

 

Being in business as a solo entrepreneur can be very gratifying and reap a good, long-term profit when you have started with a viable business idea and the proper business plan and are willing to put in the hours and dedication to see it through.