01 Feb Build a Team for Your Brand
Nothing is more important than your emotional state when first launching, rebranding, or maintaining your business goals With a shoe-string budget, the temptation to do everything yourself looms large. Avoiding the expense of professional services seems like a victory for the bottom line, but that’s because you don’t account for your time. With all that you’ll have on your plate, you won’t have the mental capacity to expend time and energy learning and managing every aspect of your business. If you try, you’ll burn out. That’s why you need to build a team for your brand.
Selecting a Team For Your Brand
Regulations, restrictions, and requirements abound for budding businesses. When are your tax forms due? How do you register your business with the state? How do you acquire property and spend money on behalf of your business properly? What agreements will you need? Is your brand properly protected? These are all questions that can take up a significant chunk of your time, while professionals handle them with ease. If you do not know your business entity type for example, you will not be able to open a business bank account. Financial institutions require proof that you have registered your business with the appropriate federal, state, county, or city agencies that oversee business formation. A well-selected group of lawyers, financial advisors, and tax professionals must be integrated into the core of your team—they should be your support system. You can tap into their knowledge and expertise to avoid pitfalls, minimize your risk of loss, and handle litigation.
While these professionals are especially necessary for consultation in unfamiliar areas, it’s good practice to use them for tasks that you’re familiar with as well. This allows you to allocate all of your time and energy for what you do best: promoting your product and growing your business. If you’ve spent the time up front to carefully select your team, you will enjoy the comfort of knowing that your business is compliant and protected.
Gather Family and Friends For Support
Even the most confident and experienced entrepreneurs can succumb to the pressure and stress of starting and growing a new business. Be sure not to neglect the equal need for an emotional support system to help you through the highs and lows of life as an entrepreneur. Family, friends, mentors and colleagues can be useful resources to recharge your spirit and focus your vision where it needs to be in order to maintain your course to success.
The most successful businesses started with teams—that’s no secret—but the existence of a team does not guarantee success. However, once you’ve sought out and put together an effective professional team, and are assured that you can count on your emotional team for support, you can rest assured that you’ve maximized your chances of success and surrounded yourself with the tools you need to make it happen.