Apr 04, 2022
In Welcome to the Forum
As individual entrepreneurs, we would love to do everything ourselves. In fact, calling yourself a "solopreneur" has been pretty cool for the past few years. I think, meant to refer to small businesses, which is somewhat misunderstood as "do it yourself". The reality is this doesn't work. You need to find the people you need to hire or you'll go crazy. Why being an independent entrepreneur won't work I just passed the six-figure business barrier and I noticed something interesting - I paid for it to get here. Because it seems the old adage is true, you need to spend money to make money. More specifically, it's spending money on the people you need to hire so that you can continue to expand and grow your business. What happens if you don't. If you don't invest in people, you're stuck doing everything yourself. More often than not, individual entrepreneurs get stuck, rather than working in businesses. As a business owner, your focus should be on "How do I make more money?" If you do everything yourself, your time gets bogged down in stupid things that can be outsourced to someone else. Also, the people you need to hire will make you more money (if they are good). For example, my broker not only pays for himself, but also makes money for me. My accountant didn't just pay for himself, he saved me thousands of dollars by making sure I didn't overpay in taxes or penalties. If I hire salespeople in the future, they will make money for me. This is just a brief industry mailing list of why you need to hire people. Now let's find out who you need to hire and how they can help you. Accounting I've heard people say that the first person a business owner should hire is an accountant. I tend to agree. Knowing the estimated tax you will pay will give you peace of mind. It's good to hire an accountant who can help you with your tax planning. If an accountant is particularly good, they can also do some small business consulting for you. At the very least, you can have the expense managed by them so you can crunch some numbers or strategically plan how it will work. You also don't want to mess with the IRS. While they're really good and will help you create a payment plan, you just don't want to get caught in a bad loop. Also, you can be penalized and have to pay extra for many different things. This includes not paying enough estimated taxes or funding too much tax-advantaged retirement accounts. That's why accountants are the number one person on our "people to hire" list. business manager The reason business managers are on our list of people we need to hire is simple. Let other people manage so you can be a visionary again. Once you have achieved a certain level of success yourself, you must find a business manager. This is a lesson I'm currently learning the hard way.