When you tell your friends and family that you have fired your employees, what is their first reaction? Yes, they would say “Is your Startup failing?” But what if you could go employee-less and become a millionaire solopreneur?
It is possible! Keep reading below to find out how:
Become a Solopreneur
A Solopreneur is one who runs his business without any full time employees. He/She could have multiple freelancers/hourly workers from anywhere in the world but no full time employees or fixed office space. The one-man-army usually spearheads highly scalable businesses and can make millions alone – without any overheads of infrastructure & full time employees.
Use Automation Tools as much as you can
What would you rather do? Hire a Graphic Designer and a social media manager OR use a graphic design tool (with existing templates) and a social media posting tool. There are several tools available on the internet that can help you automate several tasks like website design, graphic design, animated video design, social media scheduling etc. Some helpful tools are listed below:
- Canva (graphic design)
- Weebly (website design)
- Buffer (social media scheduling and analytics)
- Hootsuite ( Social media scheduling and analytics)
- Sprout social (Social media analytics)
- Powtoon (animated videos & graphics)
- Shutterstock (Stock photoshoots)
Hire Freelancers instead of Full Time Employees
Freelancers charge by the hour/per task and not a fixed salary. Thus you can save yourself from fixed infrastructure and salary costs. Several websites offer the services of quality freelancers. Freelancers can be hired from the following websites:
- Upwork (Formerly odesk + Elance)
Have a Virtual Assistant answer your Calls/Emails
This one is a big time saver. Often one ends up spending all their work hours on talking to leads, queries, clients on emails & calls. Due to this, they are not able to utilise their skills effectively and end up being completely unproductive. You can hire a VA/Virtual Assistant on an hourly cost who will take calls/schedule meetings for you. This will help you focus on the important tasks at hand instead of creating reports, answering to calls & emails.
Do not Lease an Office Space
Do not spend money on an office space lease, furniture etc. Just don’t! Put that money on marketing or increase your take-home. Avail the services of Coworking spaces, Business Centres & Shared Office spaces. In these facilities you get access to already existing resources without having to pay any extra cost and no commitments. This will help you stay free and cut costs whenever the need arises.
If one chooses their business model wisely and then focusses on outsourcing the rest, doing the best – they can make themselves counted in the list of Millionaire Solopreneurs. Hustle hard but keep your direction right!