Hello SOTGC community,
One of the most critical components of running a successful business is having the right team in place to support it. A single entrepreneur can only do so much; so having the right support systems and teams in place during the start-up phase can make all the difference.
The first step to building your support network is to hire the right trusted advisors. A team of outsourced trusted advisors is essential for all businesses during inception. If you are considering starting your own business, I would begin by finding the right CPA, business attorney, business banker, branding expert and web developer. It is absolutely crucial to set your venture up in the proper format; therefore you must consult your accountant prior to establishing your entity. They will be able to advise you on whether you should set up your company as a sole proprietorship, partnership, corporation etc… Next, engage with your legal counsel to discuss matters such as drafting articles of incorporation, intellectual property protection, patents, or partnership agreements. Your business banker will help you set up your business bank account after you have your fictitious business name and/or articles of incorporation. They can also assist you in obtaining financing for your business operations, business equipment, or even tenant improvements if you are building out a custom brick and mortar location. A branding expert will help you establish your logo and determine the best way to present your brand; and will work alongside your web developer to create your website. Other professionals that you will want to consider adding to your team early on include a business coach, human resource consultant, marketing consultant, insurance agent, commercial real estate broker, payroll provider, and an IT professional.
Once you have the right outsourced trusted advisors in place, you will then need to begin to build your internal team. Most entrepreneurs wait until they are through the inception and start-up phase and have begun to build a pipeline before they hire internally. Your internal team will likely be specific to the line of business you are in. Generally speaking, since you are the owner and leader of the organization, you will want to hire people that can handle tactical items so that you can focus more time on strategic leadership. In my business experience, there have been two main reasons as to why I have hired internal personnel – I either needed additional manpower to service my clients, or I needed someone with a specific skill set to handle a job that I was unequipped to do. For example, I hired another real estate agent when I was at a point where I could barely service all of my existing business because there just were not enough hours in the day. Hiring another agent allowed me to continue to grow and begin accepting new clients again. I chose to hire a marketing assistant because I am not skilled in graphic design and did not possess the desire, nor have the time to learn how to conquer this task. Your internal hiring needs will depend on your industry, growth and future vision for the company; but no matter what position you are hiring for, it is imperative that you hire the “right” person!
So, now that you know what positions you need to fill, both outsourced and internal, how do you go about finding the “right” team members and maybe even more importantly, how do you afford them? Stay tuned for the next chapter on Building Your Team…
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