Outsource It!
Many solopreneurs start a business because they are passionate about something or have developed an amazing business idea. When it comes to executing those things, they do a phenomenal job. The area most solopreneurs don't do as well in however, is in the area of business administration.
Every business will have administration requirements. For example, if you have employees and/or contractors, you need to execute payroll. Every business will have state and federal requirements that need to be adhered to if they want to avoid legal liabilities. Another example may be in the area of record keeping and other business responsibilities such as keeping track of taxes, answering email, developing a website, and managing the matketing events that position that business in the minds of consumers. This is where it becomes important for entrepreneurs to develop a business team to whom they can outsource some of these responsibilities.
As an entrepreneur, you don't have to know everything. You just have to be able to develop and depend on a team that knows what you may not. Below are some key roles every business should have as a part of their business team:
Administrative Professional: An administrative professional (AP) is skilled at all things administration. They can handle office management and day-to-day activities that require record-keeping, payroll, managing systems and processes, checking and responding to emails, managing social media engagement and most general HR related functions on behalf of the business owner. Because they are skilled at what they do, it takes them less time to accomplish these activities than it would a business owner, leaving the business owner to focus more on income producing activities.
Certified Public Accountant: A certified public accountant (CPA) specializes in managing tax-related events that are crucial to a business's success. They are well acquainted with tax laws, and the do's and don'ts of doing business as it relates to financial management. Because this is the case, they are able to assist business owners with ensuring that they stay legally compliant with all state and federal financial laws. In addition, they are able to advise new entrepreneurs on how to set up their businesses in the most cost effective way to gain the most tax benefit.
Business Lawyer: Some businesses have greater liability potential than others when it comes to the products or services they provide. Because of this it is imperative that entrepreneurs consider having a business lawyer as a part of their advisory team. Quite often, they can be contracted on an hourly basis to be available to offer legal advise as situations arise that may require wise counsel on how to proceed in certain legal sensitive matters. This role should be reserved for a lawyer whose judgement you trust!
Business Coach: Another very necessary role is that of a business coach. For those who are new to the concept of starting a business, a business coach serves much of the same purposes that a lawyer serves, but in every other area of business. The purpose of a business coach is to guide you through the process of establishing your business in the most effective and efficient way possible, while allowing you to glean valuable information and help you navigate around common pitfalls that they have learned through experience. In addition, a business coach can offer guidance as situations arise and help to keep you focus on your strategic direction. Why reinvent the wheel?
From personal experience I can tell you that establishing a business team will help you to get further faster than you can even imagine, and can help provide much necessary wisdom in the management of your business. If you are in business to make money and to grow, you can't afford not to have this critical team by your side.