It can be tempting when starting a new business to take on as many of the different roles yourself. This can help to keep costs to a minimum. Unfortunately this is not always the best approach.
Although it costs more to hire an initial team, if you choose this team wisely you’ll have all the expertise you need to get your business off the ground and you’ll do it faster and more efficiently. In the process you can avoid some of the most common start up mistakes.
Here are some of the best reasons to hire a core team:
You may have the business idea and the drive to see your business succeed but this doesn’t mean that you have all the skills necessary to achieve your goal.
For example many innovative entrepreneurs don’t have the time or the patience to crunch the numbers; having the right financial management person on your core team will ensure you don’t need to worry about this.
In short your core team will deal with the issues you don’t have experience with; leaving you free to deal with the direction and progress of the business.
Another use for your core team is the implementation of your dream. You don’t want to be bogged down producing your product or responding to every social media tweet. But, these things do need to be dealt with quickly, efficiently and effectively.
That’s what your core team does for you, again leaving you free to focus on the bigger picture. If you try to handle these elements yourself you’ll never have the time to question where the business is going or how it will get there.
If you’re hoping to start a business that is going to last for years to come then your business needs to become a recognizable brand. This actually starts by building a culture in the workplace.
This culture is the combination of you and your core teams personalities mixed with your vision of the future. In order for this to be a rounded concept that can survive the test of time it needs to be something that is created naturally by a team of people; not just one entrepreneur.
If you start a business by yourself then there is little to incentivize an investor. In short a one person firm can easily change direction or fold. But, an entrepreneur with a good core team has the skills necessary to adapt and move with the market.
This is a much better opportunity for investors and one they are more likely to put funds into.
If you need funds now or may need them in the future a core team behind you will help.
Sometimes there is a big, or even a small, gap between the vision and the practicality. It can be difficult to find a way to make the two connect by yourself but t a good core team will make this process much easier for you.
Shared ideas and dreams will make it possible for virtually any vision to be turned into a reality.
The best part is that the core team will also be invested in the idea; making it much more likely that you’ll find a way to overcome any issue.
While it would be great to think that your business takes off and goes from strength to strength the reality is different. There will be difficult stages and times when you doubt your vision, your business and even yourself.
The core team are there to help you overcome these issues and see the bigger picture; driving you and the business to achieve your goal.
The team is bigger than any one idea and can even help you to know when to leave a specific market or product. There will always be an opportunity to redirect your focus.
Time To Pause
You may think the single minded pursuit of your dream is the only way to really achieve your goal. However, this is also a very common way of burning out.
The idea may not sell as well as you think; there may be unforeseen issues or hundreds of other problems. If you’re too bogged down in aiming for your dream you may miss the opportunities on the way.
A good team will ensure that you have the opportunity to step back occasionally and reevaluate the business and your plans. This will help to ensure business success; even if it’s not in the way you originally imagined.