Load management is very important for any entrepreneur that always seems to be putting out fires with their new business. Delegation is something that entrepreneurs need to learn as they are used to handling things themselves. Managing certain areas of a business during its infancy is going to be of paramount importance.
Achieving a balance in your life during this time can allow you to make better decisions. Being rested will also make you more productive when you are working. A majority of people do not do their best work when they are sleep-deprived and mentally unhealthy. The hustle mantra should also come with one about balance in your life so you can enjoy your success.
Funding might be a touchy subject especially if you do not have monthly cash flow coming in. Getting a traditional business loan without too much in terms of income can be tough. People that are starting a business they have always wanted to in retirement have more options than someone much younger.
Assets can be leveraged like home for monthly payments to the homeowner without having to vacate the home. A reverse mortgage allows a person to get payments that they can use for anything. Not everyone is approved for this type of mortgage as age can play a huge role. All Reverse Mortgage notes the money can be freely used,” Take your funds in a single lump-sum payment, flexible line of credit, monthly payments for the term or for life, or a combination of these options (i.e., a line of credit to use for home improvements but also a monthly payment for life).
Reverse mortgage proceeds are loan funds, therefore they are treated like any other loans and not considered income (check with your tax advisor).
You can use the money for any purpose or need you may have.”
Finding investors with a pitch to a venture capital firm is an option. The tricky part about investors is that they can influence decisions in a negative way. The connections that they do have can also be leveraged so there are definitely two ways to look at this. Getting in front of the right group of people is all about networking and leveraging professional/personal relationships.
A Versatile First Few Hires
You want employees that you can trust to take care of a number of areas at a startup. Delegating work to these employees can take quite a bit of stress off of you. Being able to trust that it will be done correctly without supervision is important. You want to set a precedent of empowering employees instead of hovering over them like a helicopter parent.
The hiring process needs to be nailed down so there is a uniform interview process. You want to make choices based on data, experience, and culture fit. A few bad hires in the infancy of a company can stunt growth quite a bit. Below are some features you should look for in those employees that will help you build your company:
- You want someone that can be seamlessly plugged into other departments. A resume where a person has thrived in multiple areas can be a great sign.
- You want a person that has worked in a startup setting. The fast pace of a startup can be too much for some people that have only worked corporate jobs.
- An applicant with a background in leading teams successfully can help build a team at your company.
Using hiring software can be very useful as the AI used can help identify the best resumes possible. Automating a part of the job application process can save time and money for you as a founder. A hiring professional might be required if the company is struggling to find decent candidates.
Should The Business Be Fully Remote?
People and companies have seen the light when it comes to remote work. The increase in productivity in some roles made it an easy decision to allow an employee to work remotely permanently. The lack of need for a physical office is so apparent in some cases. Meeting with clients at the office is a thing of the past for many when you can easily do a video conference. Cash flow will be healthier as rental costs will be a thing of the past. If your business can go fully remote you should consider it. So many talented professionals are looking for remote roles due to the convenience they provide.
Getting The Website Launched and Marketing Started
The company website is going to be the first impression of the business that a number of customers/clients receive. A clunky website that looks like it was built a decade ago with a number of bugs does not instill confidence in a visitor. Sites that are poorly designed can be wrongly accused of being a scam. There are so many sites that are designed simply to steal information from visitors.
Once the website has been launched and optimized for SEO, it is time to start marketing. Digital marketing involves so many things like link building, SEO, SEM, PPC, email marketing, social media, and much more. The one fact you have to consider is whether an agency can establish the business better than an in-house team. If you want results, an agency is likely the best option. In-house marketers might not know where to start for a young company.
What Departments Do You Want In-House
Sourcing out certain parts of the business can allow in-house employees to stay very productive. You don’t want to staff an accounting department when a small business accountant can handle everything come tax season. Listing out the pros and cons of outsourcing a department is very important. You might see that sourcing out certain roles helps save money and cash flow is invaluable for new companies.
Sourcing work can be done to freelancers that might need a bit of training. A team of freelancers that can be used to scale projects that are reliable and communicate well is very valuable. Some companies have adopted a freelancer-to-hire program for those they want to work with full-time. Don’t discount the talent in the freelance community as it is truly vast. Freelancers can keep costs low during the infancy of the company and well into the future.
Building A Sales Team
Getting a great sales team together might take some time. New companies can have challenges selling in certain circumstances. Empowering the sales team with a great marketing plan and sales materials is essential. Finding those that want to work remotely could be great as the right commission program can be mutually beneficial.
Getting hungry sales professionals is important but they need to represent the company well. Being too pushy in sales in some business niches can lead to a company being blacklisted. The professional community is smaller in some industries than others. You want the customer experience to be the best it can be to ensure repeat business. Sending a client questionnaire before a phone call can also help hone a pitch. The questionnaire allows a sales professional to leave out things that aren’t highlighted in the “pain points” of the client.
You might think you can take on the business world alone but you cannot and it is very unhealthy. Delegation and planning these facets of your business from the start is imperative. You want a launch to go smoothly and customers to come at a consistent rate. Create scalable processes or allow employees to do so in case of sudden growth.