The Risks of Being a One-Man Team in Business

These days, putting up a business is more cost-effective, easier, and faster. Concepts such as bootstrapping, crowdsourcing, and lean management allow you to create an enterprise from scratch while using your capital on activities that give the best value.

The availability of many types of platforms also means you can do the business all by yourself. If you need to file tax returns, there are software applications, which allow you to create and send an invoice, track your inventory, or bookkeep.

Working by yourself saves you a lot of money on wages. If you’re going to hire someone, you pay only for the service or retainer’s fee. There are dangers, however, with working alone, and one of them can hurt your business more than you know.

Depression and Self-Employment

Since the Great Recession, about 10 million people are self-employed, and they work a variety of jobs from management to health care. Many of them also work at home, which significantly limits their social interaction. This may eventually lead to depressive symptoms such as anxiety. Although self-employed individuals can use apps such as Skype for communication, nothing replaces the benefits of face-to-face interaction.

Depending on the severity of the depression, your physical health can suffer a major setback. You lack sleep or have a poor appetite, risking your immunity. You are also more likely to be irritable and make poor or rash decisions. All of these, over time, can ruin your business’s credibility, reputation, and financial standing.

Here’s How to Beat It

If you want your business to grow fast, you need a team. An alternative to a physical office is offshoring, which gives you more control over how much you want to pay for your wages. You can hire BPO management services that will be your partner in overseeing overseas operations and reduce your stress.

When it comes to doing business, know what matters: people. Work with them, and you’ll give yourself a better a healthy mind and business.