Just the perception of professionalism in business can be enough to open doors. The old adage of fake it till you make it just doesn’t work anymore, and people can see right through it. Yet it is possible to startup in a more meaningful way with a corporate solo business that plays the part.
Starting a business is always the same, and there’s no reason to include the same things you have heard time and again here. Here are some suggestions for appearing professional.
It All Begins with Branding
One of the key secrets to becoming recognized is branding. Branding is much more than hopping on Canva to create a generic AI-generated logo! Branding covers a wide array of categories related to your venture. Branding is designed to appeal to your customers, based on traits such as generational age, trends and expectations. For instance, a custom mailer box with logo designs that speak to the business demographics is much more appealing to a customer.
Appealing to customers through branding is much more critical than some new (and veteran) business owners realize. According to some surveys, around 89 % of customers will come back to a brand they recognize. That’s customer retention power that is too good to ignore! Of course, some aspects of branding, such as colors and logos, play a core role. However, when branding, think about the business voice, goals and objectives, and niche or customer expectations.
Registering a Corporate Solo Business
Even as a sole trader or solo entrepreneur, the business must be registered. Some founders have gotten into trouble for ignoring this, and you can end up with hefty fines, penalties, and even prison. It mostly relates to taxes, but for peace of mind, here are some suggestions:
- Research the business name thoroughly to avoid trademark disputes later on.
- Register with your country’s tax offices such as the IRS or HMRC in the US and UK.
- Open a separate business bank account to track income and expenditure.
- Keep accurate records for everything related to the business and money.
- Use bookkeeping apps such as Quickbooks to make it easier to file returns.
Filing taxes is a requirement of any business, no matter its size. Even if you don’t make a profit or meet the tax threshold, a return must still be filed. However, to appear more professional, it also helps to officially register your business, such as with Companies House in Britain.
The Digital Marketing Strategy
Alongside branding, a modern solo business relies heavily on marketing. Just by addressing certain marketing ideas, you have the potential to beat some of the competition. According to The Marketing Centre, 67% of SMBs don’t have a marketing plan. So what does this mean? Essentially, you are going to battle against an enemy with no defenses! Marketing strategies aren’t as challenging as some think and elevate a business in terms of professionalism.
The sheer volume of marketing strategies one can adopt is overwhelming. However, the number of plans that yield results in the modern world is pretty small. Today, a modern business comes across as highly professional (and gets the results) with a combination of search engine optimization (SEO), Pay-Per-Click (PPC), and social media marketing. Alongside a sales strategy, you have a robust campaign at your disposal to take on larger companies.
What About Financing?
No business survives without adequate financing. But there is a Catch-22 here! It is hard to secure funds if the business isn’t viewed as highly professional or corporate. Yet, it takes a lot of funding to change that perception. But there are some methods that have been tried and tested.
Loans and investors
The first port of call to secure funding is investors. Investors like to be wowed, and a solid business plan is a critical step to achieving this. Facts, figures, and projections are your friends!
Savings and side-hustles
An uncommon but effective method of injecting some funds into your corporate plan is with your own money. Life savings and money from working means you don’t have to pay anything back.
Crowdfunding for a business
A very modern way to source capital for a solo corporate business is through crowdfunding. Platforms such as Kickstarter are powerful if you are honest and believe in the product.
Securing the money needed to get your one-person company into the big leagues is one of the biggest challenges you’ll face. Passion, understanding and transparency are a major help when trying to secure the necessary funds for a project, alongside a combination of these methods.
Support, Feedback, and Understanding
Three areas that many new solo business founders overlook and that many major corporations understand are support, feedback, and understanding. Even so, 70% of companies don’t act on feedback data. Feedback is compelling because it is often honest opinions from genuine customers about the product, service, or business. So what does this mean? Customer support is vital; feedback provides insights, and understanding of a business helps you sell.
There are various ways to gather feedback. Most companies accumulate feedback data via surveys, either through email, website contact, or direct interactions such as calls and face-to-face. Any data gathered is best used to support the customer further and make changes for the better. However, it also means you gain a deeper understanding of the business as a whole. All this data combined allows you to highlight and determine a process for tackling them.
A Corporate Solo Business with AI
Are you living under that proverbial rock? No? Then of course, you have heard of artificial intelligence (AI). AI isn’t actually new and has been helping business for decades. However, the recent breakthrough in AI complexity with Sam Altman’s OpenAI has propelled us into a new frontier of machine learning. When most people think of AI they think of movies like The Terminator. However, true AI is very different and is highly beneficial to a solo entrepreneur.
AI today and in the future is highly robust. In fact, Sam Altman himself stated that he believes a billion-dollar company is possible with just one person and AI assistance. If you think that’s you, then go for it! Back on Earth, though, AI can be a great help to a solo founder. AI can generate images, text, and even video. Logo design for branding, website copy, and YouTube ads are commonly created by AI these days, freeing up your time and overstretched workload.
Workload, Stress, and Wellbeing
Further to workload, most of us know the oppressive monkey on our backs when we have too much to do. If you are suffering while trying to do everything yourself, you aren’t alone. Competing with corporations as a one-person business is highly challenging. It is so difficult that a report by Startup Snapshot found that 72% of founders have had negative mental health experiences. AI can help, but it only goes so far. You must learn to take care of yourself.
Health and wellbeing are inextricably linked. Physical and mental health contribute to an improved sense of wellness. Reduced stress, personal hygiene and diet and exercise are three common examples. But wellness itself proposes more intricate tasks for improved wellbeing. Popular activities include the practice of gratitude, mindfulness and positive social interactions. As such, one could potentially put more effort, with balance, into a solo startup venture.
Summary
Branding is a core part of any corporate solo business venture, especially since the competition may forgo it altogether. Of course, financing is a chief requirement. Loans, savings, and crowdfunding are excellent sources. However, neglecting your wellness will hinder progress.
