Boost Your Business With Ronald's Book
Enter your email below to get my book for free:
People tend to start their new businesses small and alone - as a solopreneur - mostly to see if their business plan and strategy work out.
Eventually, when success starts to pour in, and their business grows in revenue and traffic, it gets challenging to handle things alone. And that is when a solopreneur needs to build a strong team that can upkeep the business growth efficiently.
However, the transition from a solopreneur to an entrepreneur is not as easy as it sounds.
Running things as a one-man army makes you selective and habitual in working in a specific way. So, if your team does not conform to your rules and you cannot transform into a delegator from a "control freak," - things can quickly go downhill.
Worry not - there is always a way out.
We can help you learn How can a solopreneur build a team in organic and efficient ways because it takes more than just hiring people to make a great team.
Understanding how can a solopreneur build a team, you need to identify the number of people you need, alongside their respective positions.
But, how do you do that?
By first learning the labor demand of your business and then carefully planning the hiring process. Here is how to hire the right staff who promise lucrative future business endeavors.
First, you need to narrow down how many sub-teams you would require, such as finance and accounting, marketing, content development, sales and revenue operations, etc.
Once you have the basic framework for your team, you can start hiring the leads for each department.
For instance, you can look for the following positions:
These names might seem fancy and a lot to hire, but you need even more hands to create a productive team once your business grows. However, you don't need to hire every one of them at once, and you can start with one or two people and then gradually expand your sole proprietorship.
Moving on to the next step, as a business owner, you need to have people on your team or business partners that are even smarter than you. Now, this can hurt your ego - but it should not. Because when you want to grow successfully and achieve all your business goals, you will have to act like a "team leader" and not a "boss."
You have been a successful solopreneur now to become an effective leader, relinquish your control and accept that you cannot be a pro in every aspect. There will be someone better than you - a better freelance writer, a better virtual assistant, or even a better team rapport. So, hire smarter people than you so that they can come up with better opportunities for your business - in the end, you will still be the owner.
Moreover, you need honest people who can state their opinions while negating those they do not deem fit. Therefore, employees that speak up diligently can save you from wrong decisions and huge losses.
Instead, if you hire "yes people" who nod at every and any of your ideas, your business will lose the innovative edge, and your success curve will reach a plateau.
While many would not believe in you when you start as a solopreneur, the same people will come up when you succeed and are open to hiring. Remember, the people who were not with you in your lows do not deserve to be with you in your highs, be it your friends and family.
And even if they were with you all along, you need to avoid hiring people you know, like your relatives or friends. Because an employer-employee relationship is different than what you may have outside work, professional disagreements can lead to personal consequences and vice versa. We are not saying that it will ruin everything, but there is a great possibility, so avoid it altogether.
Furthermore, build a team with people who have leadership skills, comply with self-regulation, and are open to constructive criticism. You should not hire people who will need micromanagement but those who can take the ball from you and run with it to make the next goal instead of bouncing it back to you.
Another great idea to build a successful team as a solopreneur is to hire people from diverse backgrounds. The business industry is extremely dynamic. Especially if you are planning to expand your business on international marketplaces, having people from different backgrounds, parts of the world and ethnicities can help you with networking.
As soon as you put your hiring plan into action by shortlisting and interviewing potential candidates, it is important to know whether they believe in your business.
But how can you do that? How can a solopreneur build a team that believes?
You can ask them to pour in their perspective relevant to your business goals and how they anticipate the future. Moreover, you can also schedule a trial period or test to evaluate their potential and analyze if they are trustworthy and competent.
You also need to analyze and evaluate their potential to grow and adapt to the business strategies. The employee should be futuristic and fit into a flexible "five to ten years" picture that aligns with the business changes.
You can ask for the candidate's samples, and work references and cross verify them to ensure that you hire the right person. A background check will also be a good idea to avoid any con persons on your team. Finally, get in touch with their workplaces and see if they have grown as professionals and benefited the company.
Because at times, people only want the job for the sake of money and not to be an asset to your business. You will have to ensure this to create a team of capable and talented candidates.
As enticing as it is to grow your business with newer, smarter people, you need to keep tabs on the process and align it with your budget. Keep in mind that you will have to pay your employees, no matter what, even when your business is lost.
Ensure that you will still profit from your net income after every expense. For example, if you can only afford four people, go for three instead of five. Because if your team does well, you can always hire more people.
However, hiring more people than you can afford can bring a bad name to your business. Because if you cannot pay them on time or have to fire a few candidates, your company can get into trouble.
It will only stir more tension and problems if the employees' costs drain the entire business budget. An easy out of this is to do the basic math and estimate the expected income of your business in the next year that the employee will help you make.
You can always hire part-time employees or freelancers to handle tasks that do not require in-house attention to save some extra money. However, even though full-time employees are a great asset to your business, they are also heavier on the payroll and other additional office expenses.
If you still find yourself in a nook with all the chaos of hiring and managing the finances, you can take help from a small business consultant. They can give you great advice on budget, strategy, problem-solving, and other aspects that will accelerate business growth while allowing you to build your dream team.
You have grown in the business world as a solopreneur and created your brand's awareness, which means that you would also have made connections in the industry.
You can spread the word in your network about the potential candidates you are looking for and the specific job positions. It can enable you to find the right fit because the people in your network can link you with potential candidates. The best part is because you get the referrals from people you know, it would be easier to trust them with your business.
For instance, if your fellow business partner is downsizing and have a hard time letting their hardworking and trustworthy employees go, they can send them to you if you are open to the relevant positions for hire.
Hiring employees and building a strong team is not an overnight process. You need to take a thorough, long-drawn approach to create a state-of-the-art team that will not fail you.
Do not rush into making your decisions. Take time to evaluate each candidate and see if they are the right fit for specific positions. You need a team that will grow into a company with over a decade. Therefore, you would want to avoid bad hires, and you will need to let go of your team earlier than expected.
If you think your work ends once you build a good team, you could not be more wrong. Now that you have a team to work with, you need to upkeep and enhance their performance from time to time to ensure an efficient workflow.
Here are a few ways that can help you run your team smoothly:
The key to business success is happy customers - and the key to keeping your customers happy is to keep your employees happy because they are the ones handling them.
Entice your team members with rewards like bonuses or promotions, keep a check on them, do not overburden or underpay them, acknowledge their achievements, and let them have a say throughout the sales cycle.
Timely booster doses to upkeep the employees' morale and make them feel valued can bring in more business and cash flow a win-win for both.
Moreover, it would help if you created effective communication with your employees. Respect their honesty and opinions. Because, as a solopreneur, the only feedback you got was from your clients. But, now that you have a team, the feedback and suggestions will come from within.
As soon as you build your team, set clear guidelines that navigate transparency and effective communication for problems. And assure the employees that their problems will be heard and solved accordingly.
You need to appreciate and trust them as a team and as individuals. Your team is doing great; cheers to you, but it is crucial to acknowledge the individual performance and qualities. Not all fingers are the same; not all employees have the same hard work and dedication.
However, do not ever discriminate or state preferences; it will be the deal-breaker and create conflicts in your team, leading to failure. Therefore, create a balance in how you acknowledge teamwork and individual performance.
You have effectively led and made your business a huge success as a solopreneur, so why can you not do the same with your team?
All you need to do is transition into an avid team leader from a solopreneur - while you have mastered the independent streak, it is time to polish your skills as a delegator. We've hope you enjoyed this insightful article about how can a solopreneur build a team.