5 People to have on your team
Even if you have a killer business idea or process, you probably don't know everything about running a business. To make up for these weaknesses it's beneficial to bring people along with you to support your business activities. There are five people you need in your business: a partner, a coach, a lawyer, an accountant, and an ideal customer.
Partners keep you motivated and add skills you do not have
A Partner for your online business
It’s hard to do hard things alone. Starting a business, as you might assume, is one of those hard things that go smoother when you have someone to back you up. A partner does not necessarily mean someone who also owns part of the business, but that might be the case. What does a partner bring to the table? A partner brings resources like contacts, ideas, and experiences to the table. Tasks can be divided and tailored to your strengths. In case of an emergency, the partner can still fulfill business responsibilities. Finally, a partner is someone who believes in the same crazy dream you do. There will be a lot of people who point out the negatives and why your business dream will not work. A partner can bolster your confidence and help you make it through the times when you want to give up and give in.
The partner does not have to be an equity partner. There are plenty of ways to get a partner without giving away the business. If you do have an equity partner pay close attention to the differences in risk tolerance, resources devoted to the business, and having the same passion and vison. I think 9 out of 10 business fail and even more partnerships fail, so be careful who you give your company away to.
All high performers can benefit from a business coach.
A coach for your online business
All high-performance teams have a coach. Sports is the easy analogy. There's a performance coach for anything you can think of. You have offensive coaches and defensive coaches for football. There are also quarterback coaches, lineman coaches, and receiver coaches. If you want to improve your golf game, get a coach. Anyone who wants to achieve results faster would benefit from a coach that is tailored to the activity that they are attempting to do.
How does a business coach help? First, they help you see the forest through the trees. In a day-to-day business grind with meetings, customers, clients, and employees an owner can lose their way. The problem in front of them becomes primary rather than the mission, vision, and values. A coach can keep the new business owner on track. Second, a business coach has walked a similar path before. This means they have experienced some of the dangers and thrills of being a new business owner. Some of their advice will save a new entrepreneur time and money. I always say my coach has saved me more time and money than I could ever pay them. One good decision will pay for all their services and save time and needless tears.
One phrase in a contract can save you from massive legal costs and headaches
A Lawyer for your online business
I have not used layers too often, but when I have they sure added value to the equation. Besides all the support they can give when setting up your online business, they also keep you from making massive legal mistakes. When I rewrote our contract for online services a lawyer supported me. The biggest value I found was he was writing it as if he had to defend the decisions in court. He was making up legal arguments and rebuttals on the fly in real-time. The process was fascinating. I know 100% I could never do that. The phrases and clauses he added protected the company and created a much stronger contract. Also, I have peace knowing someone is watching my back legally. The review given by a lawyer for the business contract was worth the price just for the peace of mind we have a legally sound contract.
Up next…
The benefits an accountant and a preferred customer bring to your online business.
