DEVELOP A BUSINESS TEAM

The Key to Long-Term Success Is to Develop a Business Team. The More Successful You Are, the More Important This Is.

If your online venture is profitable at all, you are going to reach a point where you need help. You will probably need a lawyer. You'll almost certainly need tax and accounting help. If you can, it is better to develop a business team before you are in a crunch and need help from professionals.

Develop a Business Team: The Lawyer

Lawsuits are common. There are tens of thousands of pages in the Federal Register alone, not counting individual state regulations. It has been claimed that the average American commits three felonies a day and doesn't even realize it.

The chances that you will find yourself entangled in legal trouble at some point in the life of your business are high. If you are very successful, people will purposely try to hurt themselves on your property so that they can sue you. It is one of the most commonly tried "get rich quick" schemes.

The point is this: you will need a lawyer at some point in your life. Keeping a lawyer on retainer can be expensive and is likely well outside the budget of normal people. If you can't keep a lawyer on retainer, you may want to consider purchasing legal insurance through one of the pre-paid services. MetLife offers one, and a company called Pre-paid Legal specializes in that area.

As soon as you and your business can afford to retain a lawyer, it would be wise to do so. Trouble will find you eventually. When it does, you'll be extremely glad you have a lawyer on your business team.

Develop a Business Team: The CPA

Like retaining a lawyer, you may not choose to use the services of a Certified Public Accountant, initially. However, ensuring that your taxes are in order will save you a tremendous amount of grief down the road.

I highly recommend seeking the professional services of a competent CPA as you develop a business team. The CPA will help safeguard your business against tax troubles. Using a CPA will especially behoove you if you incorporate or form an LLC for all the benefits they offer (I do recommend that you Create a Business Entity).

When initially looking for a CPA, the easiest place to start is other business owners. Ask successful business owners that you know who they use and who they would recommend. Ideally, ask other people who have businesses that are similar to yours.

After you get a recommendation from a person, follow up by asking them if they consider the CPA to be proactive. Remember, you are trying to develop a business team. If the CPA is only interested in getting more clients and making more money, there are probably better options out there. If the CPA only contacts them once or twice a year, you probably want to keep looking.

Remember, any good CPA is likely to be very busy. Many will think they can take on more clients when they really can't or shouldn't. Keep this in mind when looking for a CPA. Can they legitimately work you in as a new client and proactively serve your best interests?

After you have asked around and gotten several recommendations, begin interviewing them. Just like you wouldn't just show up at a hospital to deliver a baby with no prenatal care or interviewing of the attending doctor (unless it was unavoidable), you should not just show up at a CPA's without doing due diligence. Click the link for guidance on the questions you should ask when trying to Find a Good CPA.

Develop a Business Team: Other Professionals

There will likely be niche-specific requirements for any website or blog. It is also likely that smaller industries will arise to meet the demands of these niche markets. Any task or responsibility that can safely be outsourced to these industries or individuals with a net result being saved time or saved money should be outsourced.

Look for ways to save money and time by taking advantage of such opportunities. Develop a business team that meets the unique demands of your situation. The more money and time you can save by recruiting specialists, the better.

Develop a Business Team: Conclusion

Virtually every business will utilize either a lawyer and/or a CPA at some point in their existence. Most will use them regularly. Additional specialists can and should also be used by most businesses, depending on each specific niche.

Spend purposeful time to develop a business team. This will prove to be time well spent.

Ready to keep moving? Click the link for some important Miscellaneous Guidance.