<aside> 💡 The people involved with your business in any capacity will make or break it. Some of these people might work for you; others might be part of your professional or services team. Regardless of the role they play, your team has an enormous impact on the success or failure of your business. Thinking through the people you want to bring on board is the quickest way to give yourself the best chance of succeeding.
Table Of Contents:
1. Business Validation
2. Business Plan
6. Business Entities in Michigan
7. Insurance And Contracts
Teams exist to spotlight areas of strength while minimizing weak points. This shared work model is handy because you cannot run a business single-handedly - nor do you want to. Developing a team of people with various skill sets not only makes the workload easier, but it brings an authoritative flavor to everything you do. When you feel out of your depth, chances are someone around you will know what needs to be done, and can do it well.
00:30 - Why you need an Legal Entity
01:40 - What is a Legal Entity
02:10 - You Options
02:50 - How to Choose
03:40 - Your Next Steps
Nope, sorry. You simply must have a team around to help your business grow. These people don’t even need to be your employees - they could be sub-contractors, service providers, or even people you hire for one-time gigs.
It’s true that as you begin your business, you will wear a lot of hats and might not have a large team. But if you want to grow and scale your business, you’ll need outside help. The reason you need a team is to leverage the power of specialization.
You probably could do your business taxes correctly without software or an accountant, if you spent enough time research and reading. However, an accountant could do what might take you a week in just a few hours. Doesn’t it make so much more sense to let someone skilled do what they do best, and you do what you do best?
As a business founder, you have a million things to do. Here is a helpful guide to sort through all of the ideas.
Option 1 | Don't Do It: Often, people spend a lot of time doing things that they could not do. Before starting a task, ask yourself what would happen if you just didn't do it?
Option 2 | Automate it: Many tasks in business can be fully or partially automated by using technology. Research to see if there is a way you can have a computer or smartphone do the work for you.
Option 3 | Delegate it: As a business owner, you need to focus on doing what you are good at and what only you can do. If you are weak in some area of the business, get someone else to do if for you. (This, of course, needs to be cost effective.)