The concept of One-Person Company (OPC) was inducted into India by the Companies Act 2013, encouraging several thousands of businesses to incorporate themselves into the hardheaded Indian market terrain. Furthermore, the widespread popularity of technology and social media has also given the necessary boost for OPCs in the country, due to benefits such as less capital and minimal hassle of managing employees. Yet, choppy waters are as many down this way, and here are some critical testaments that will help keep your boat afloat through those dark seas.
Play to your strengths:
While one-person businesses may often require you to be an entrepreneur, employee, manager, all at once, you need not do all the accounting, legal and co-ordination work single-handedly in an OPC. Rather, it is most efficient to take up complete responsibility of those tasks that you are best at and outsource the rest. Websites such as Fiverr or Freelancer can help leaders outsource tasks efficiently by ensuring quality. Other accounting and legal related documentation procedures can also be outsourced to agencies with track records of credible work.
You are the brand:
Being the sole person responsible for getting new business, networking becomes an important aspect, be it one-to-one interactions or online schmoozing. Speaking with people about your business, intent and key differentiators will elevate the chance of getting you business in the long run.
Make space for growth:
Many entrepreneurs may prefer working from home as it allows for flexibility and less capital. However, having an office space not only helps establish credibility among your vendors and internal customers, but also turns out to be more motivating and professional than working out of your drawing room.
Set short-term and long-term goals:
When you are your own boss, it sometimes gets difficult to keep tab on achievements and shortcomings. It is advisable to set short-term and long-term targets along with tentative timelines that will help you measure your progress rate. Using online tools such as Trello or Evernote can also help organise projects well.
It’s a misconception that singly-run businesses are an ideal paid vacation, since one gets to work at their whim. Really, there’s that much truth to that, as the number of dodos left on this planet. One-person businesses demand result-oriented work, continuous improvisations on your strategy, and perseverance, loads of it. Let these tips come handy and help you keep up the energy through the highs and lows of the journey.
The Importance of Social Media for Business
It is no secret that social media has become an integral part of our lives. Just as we are conscious of our online presence and the image we build for ourselves, the same plays an equally important role in marketing our business. And with consumers becoming increasingly social media savvy, and turning to the digital medium as an influencer, social media has since redefined the meaning of the word ‘brand’.
A brand isn’t simply what you tell the consumer it is. That was the old days, the pre social media days, when PR and Advertising reigned supreme. Today your brand is also about what the consumers tell each other it is. As the importance of social media for businesses increases, below are some useful guidelines to help you address the various aspects of business development.
Target the right audience with the right type of content
Different platforms have different benefits and nuances. Some examples below:
- Facebook – As your brand’s front-facing profile, this is the overall social media yardstick for your brand.
- Twitter – For more one-to-one friendly and elicits conversations, Twitter works best for your brand.
- Instagram – As a visually appealing platform, Instagram gives your audience a glimpse of the version of you, that you want your audience to see.
- LinkedIn – A highly professional platform, LinkedIn is ideal for displaying subject matter expertise and interacting with industry leaders.
Get to know your consumer
- Social media helps you understand your customer better by providing you insights about their online behaviour.
- It helps you track conversations about and around your brand industry
- People expect quick response times and don’t necessarily need to speak to a person anymore. Such problems can often be dealt with online, with a chat option or other impersonal means of communication.
- Companies engaging in social customer service see bigger financial gains over time, as they are able to tap into online customers as well.
Edge over competition
- Social media can be used to drive business results through lead generation, creating brand awareness, boosting consumer reach and increasing sales.
- Since your competitors are on the same platforms as you, you can use social media to see the latest happenings and take action where necessary to gain an edge over them.
- It empowers you to make more informed, strategic decisions and do something breaks through the clutter
The Need for Speed
- You want that your stakeholders should receive messages in the shortest amount of time. Social media makes that possible, at the click of a button.
- Platforms now allow you to target your audience based on their location, so you reach out directly to the relevant audience.
- You can now customise your content for different audiences and even give special discounts and offers for those
Through the reach of social media via the internet, with the rise of hashtags and the democracy of distribution, it now means every voice can be heard in a public forum. It is now more important than ever to ensure that the image people have is the one you want to put out.