How To Have A Whole Team Building Your Business...Even When You're A Sole Proprietor!

Written by Philip Benjamin

There's a big difference between working FOR yourself, and working BY yourself. Every smart small business operator should learn how to build a TEAM of people around them who will help buildrepparttar business - even when they are independent owners.

The very first person on your team should be your accountant, or at least a bookkeeper. Even if you're a math whiz, and love doing your own books (will you come and work for ME, please?), an accountant should still be one ofrepparttar 117969 people with whom you consult regularly.

Based on your financial statements, they can help get you back on track in a hurry if you start veering off-course.

The next person you want to have on your team is your banker. Even if you didn't have to borrow seed money or start-up funds, it's always a good idea to develop a positive relationship with your banker - you never know WHEN you might need to dip intorepparttar 117970 pot, and you might as well have a good rapport withrepparttar 117971 person who makesrepparttar 117972 decision!

Another person you may need to have on your team is a business lawyer, especially if you are importing or exporting, or doing any kind of international business. If you're in eitherrepparttar 117973 information or manufacturing business, a good corporate lawyer understandsrepparttar 117974 nuances of things like patents, copyrights and trademarks, too - and many of them now have a pretty good handle onrepparttar 117975 demands and diversity of e-commerce enterprises, as well.

Lightening the Load ... Getting Help When You Need It

Written by Elena Fawkner

If there's one immutable fact of life when it comes to this business, it's that there's so much to do but so little time to do it all in. At some point aroundrepparttar one year mark, if you've been even moderately successful in your online business, you'll find you've reachedrepparttar 117968 limit of what you can do withrepparttar 117969 time you have available. At that point you have a choice: to deliberately retardrepparttar 117970 growth of your business to maintainrepparttar 117971 status quo, or take on additional resources to help you cope with a business that continues to grow beyondrepparttar 117972 capacities of just one person.

That's justrepparttar 117973 choice I was faced with when I returned torepparttar 117974 full-time workforce last month after running my online business on a full-time basis for two months. I realized almost immediately that if I kept onrepparttar 117975 way I was, my business wasn't going to go any further. It was taking all my time to deal withrepparttar 117976 administrative side ofrepparttar 117977 business and that left none forrepparttar 117978 really important business- development activities that kept getting pushed torepparttar 117979 back-burner until I magically foundrepparttar 117980 time to get to them. In this article, we look at getting help when you need it. And no, I'm not talking about going out and hiring a wage-earning full-time employee or even a part-time employee for that matter although that, of course, is one option open to you. Instead, with a little bit of lateral thinking you may well find you can getrepparttar 117981 help you need for very little (if any) up-front cash outlay.


Because (I assume) you're still running your business on a shoestring, you can't afford to pay someone a wage in advance of generating additional income. This means that whoever you choose needs to be someone who's prepared to work for a percentage ofrepparttar 117982 profits ofrepparttar 117983 business rather than a wage. For this reason,repparttar 117984 person you choose will most likely be close to you ... a family member, spouse or very close friend.

As forrepparttar 117985 proportion of profits that you pay to your assistant, this is up to you and your assistant to negotiate and will depend on several factors includingrepparttar 117986 types of tasks your assistant performs,repparttar 117987 time they have available to work (and actually do work) andrepparttar 117988 overall contribution they make torepparttar 117989 business. An assistant who takes an entrepreneurial interest inrepparttar 117990 business and contributes to its growth in addition to its maintenance should be rewarded accordingly.


Be sure to get professional advice before you start your arrangement with your assistant. You need to think about tax and other issues such as whether your profit-sharing arrangement might create a partnership rather than an employer-employee relationship (this may or may not be something you want). Also, assuming you're not intending to create a partnership relationship with your assistant, think about whether you want an employer-employee relationship or whether you prefer your assistant to be an independent contractor. There are tax consequences for each ofrepparttar 117991 above scenarios so be sure to talk to your accountant about your options.


It should be self-evident that you are going to have to convertrepparttar 117992 time you free up withrepparttar 117993 help of your assistant into income. In other words, if your business doesn't generate any more income as a result of you taking on an assistant, byrepparttar 117994 time you split your profits, you're going to be behind. So it's crucial that you takerepparttar 117995 time you save and spend it wisely. That means using your time on projects that are going to increaserepparttar 117996 income of your business by more thanrepparttar 117997 cost of splitting your profits.


Now, who should you choose for your assistant? To start with, consider who in your immediate circle has bothrepparttar 117998 time andrepparttar 117999 ability to help you in your business. It could be a spouse, teenage son or daughter, parent, next door neighbor, brother or sister, close friend or colleague.

In my case, my first choice for an assistant was my computer-savvy mother but, because she is retired and on a pension, she can't earn an income without jeopardizing her retirement income. I therefore didn't consider her as a real possibility.

I then considered one of my sisters but, because of technical problems (she didn't have a suitable computer and wasn't in a position to get one quickly) that wasn't going to work either. Then my other sister, not computer- savvy but obviously a lateral thinker, suggested that, instead of paying my mother her share ofrepparttar 118000 profits in cash which would have jeopardized her pension, why not pay her in airline tickets from Australia torepparttar 118001 US? Because I have recently relocated from Australia torepparttar 118002 US, this was a perfect solution because it was expenditure my parents would have incurred anyway. And, from my business's point of view, because my mother works forrepparttar 118003 business,repparttar 118004 airfaresrepparttar 118005 business pays for will be tax-deductible as our visits will be, at least in part, business-related. So, give some thought to your particular circumstances and think laterally. Perhaps you have a teenage son or daughter who is good with computers and is looking for a way to earn additional income. Not only does appointing them as your assistant achieve this goal, it also gives your child crucial experience working inrepparttar 118006 ecommerce field and that sure can't hurt!

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