Solo Entrepreneurs and the Importance of Building a Team

There's no question about entrepreneurship. It's one of the best and strongest ways to build wealth. Whether you have an independent spirit or not, it's always wise to build multiple streams of income that are outside of a traditional job. However, if you're looking to become a successful entrepreneur, know that this isn't a journey you'll want to take by yourself. Consider some of the reasons and ways to avoid the solo entrepreneurial journey.

Burnout

Unfortunately, many people suffer from burnout. Once you're burned out, you lose the joy you once had for a particular activity. Exhaustion and fatigue come before burnout. Building a team is important because it prevents you from burning yourself out. Once you're burned out, you can rebound. However, it's a lot harder to rebound from burnout than fatigue. As you begin to build your company, focus on ways to actively hire people to do other jobs. Start with the accounting portion of the business. If you've can't hire an accountant to work for you for full-time hours, consider outsourcing the work. If you have an office space, don't break your back on tasks like custodial work. Hire someone to come in once or twice a week to clean. As you hire someone to take care of certain tasks, you'll get used to the beauty of building a team.

Expertise

When you have someone on your team who is good at what they do, it makes your company look better. Be intentional about finding people who are really good and passionate about what they do. If you're a total tech wizard who knows how to forecast the trends for the next season, connect with someone who's excellent at booking new opportunities for you to share that information with the masses. If you're not great with the sales aspect of your job, an excellent sales rep will help you tremendously. As your team increases their level of expertise, this will ultimately make your company look more attractive. The more attractive your company looks, the more profitable you all can become. Plus, there's a different vibe a team possesses when everyone is operating in their area of expertise. It's magical.

Balance

There are plenty of people who will try to profess that it's impossible to gain work/life balance. Nothing is impossible. It's up to you to build the life you desire. This includes your work life. If you're constantly working at all hours of the day and night, you're clearly not getting the chance to go on a vacation, enjoy your friends and do recreational activities. One of the benefits of building a team is that you can let go of the total control. You can allow someone else to enjoy the beauty of running the company while you're away. As you build your brand, it's important to consider the ways you make it happen. If you know that you can only take on a certain amount of clients before your plate is full, make that a hard rule. Once you understand that rule, you can create a price point that will help you remain profitable and successful with the clients you actually have.

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