Thursday, May 16, 2013

5 People Entrepreneurs Should Have on Their Team

As you're growing your business, your team should be growing as well. Many entrepreneurs start off as "solopreneurs." Usually because money is tight and you have to do everything yourself. But there will come a time when you are making a steady income as an entrepreneur. Most solopreneurs believe that they are saving money performing all business functions themselves. Bad idea. Trying to do everything leads to frustration and burnout. However, having a team eases that frustration if done properly.

First, identify what tasks are necessary for you to perform, and what tasks can be outsourced to someone else. Typically, the first tasks to be outsourced are administrative. These are the day to day tasks that need to be done to keep the business running such as, setting appointments, returning calls, taking messages. So one of the first members of your team should be an administrative assistant. The assistant doesn't have to be in house, and with the advent of the internet, having a virtual assistant anywhere in the world is possible.

Another member of your team should be an attorney, especially if you haven't made your business legal yet. And by legal I mean forming a separate entity to protect your assets. There should be a layer of protection between your personal assets and your business assets. We live in a litigious society. Therefore should something arise where your business gets sued and your business and personal assets are co-mingled, you will be in a world of trouble. Get an attorney.

The next member of the team you need will be an accountant. Make that 2 accountants. One who specializes in business accounting and one who specializes in tax accounting. One makes sure the books stay in line with Generally Accepted Accounting Practices (GAAP) and the other makes sure you're in compliance with the IRS. Getting a good tax accountant now may save you from needing a tax attorney later.

Another member of your team should be your marketing expert. This person is the one who devises a plan to bring in the leads. Leads are the life blood of your business. Even though you may have been doing great with word of mouth, the marketer can help take you to the next level by identifying ways to improve your marketing strategy.

Once you have your team in place, conduct regular meetings to make sure everyone is on the same page. Let your team know what your goals and expectations. Also, the people on your team should be able to explain things to you in terms you understand. Allow your team to give you an honest assessment of how things are going. You may have hired them to do the things you don't want to do or the things you don't do as well, but you are still responsible for your business and should understand how it is running. "I didn't know" is never a good excuse when you are running a business.

So to recap, here are the 5 people who should be on your team as you grow your business:

  1. Administrative/Virtual Assistant
  2. Attorney
  3. Business Accountant
  4. Tax Accountant
  5. Marketer
Remember that this is just to start. As your business grows, your team should be growing with you.

Image courtesy of Ambro at

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