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So the three dangers of sole proprietorship as a way to grow a great business are confusing busyness with business. So, for example, there’s many things during the day that could draw your attention. Are they focused on marketing your product so that you get sales started? Are they focused on business processes so that the revenue that comes in is profitable and are they focused on repeatability so that as you bring your first few clients and customers on you can continue to build on your customer database to have some long term success as a sole proprietor.
The second piece is there’s not really any outside eyes looking at your business. So you need to make sure that there’s an opportunity to have the best advisors around you so that the type of questions that you’re not asking you’re being presented with. For example, are you testing and measuring your marketing program? Are you using multiple lead strategies? Are you making sure that the ones that don’t work you’re not continuing to put resources after those particular strategies?
The third thing to think about is what is your mentoring program going to be and your outside set of eyes and the person that develops you as a business owner. Make sure that your business can get bigger as your capabilities get bigger because if not your business will be stuck at the size that you’re thinking and that your vision is today. The business can’t really outgrow that as a sole proprietor.
We built a free business health check tool. It’s a simple multiple choice diagnostic to help you identify the strengths and weaknesses in your business. To get your free customized report, go to http://wisconsinbusinesscoaching.com.
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