“Great things in business are never done by one person. They’re done by a team of people.” -Steve Jobs.
Over the years of running an online business, I’ve learned a lot of things the hard way. But through the trial and errors, I learned a number of different strategies on how to build a successful online business.
It’s tough to pick just one tip out of many great tips. After all there are books written just on different ways to run a successful online biz.
But if I had to pick just one, I would say that building a great team from the very beginning is key to why Not A Bond Girl is still going strong.
My first mistake.
Years ago, when I started in the online biz world, I was determined to save money by doing everything myself. After all, I came from a family of entrepreneurs so it must be my the blood right? Wrong.
Sure, it will take some extra time and energy, but I'd eventually have to learn how to do things myself. Again, I'd be saving so much money at the same time right? Wrong again.
I planned on using my evenings and weekends to set up my website, respond to troubleshooting issues, and even file my business taxes myself. After all, I was working at one of the Big Four accounting firms, how hard could it be?
The game changer.
Eventually, I got nowhere trying to learn and do every task myself. I had a grand plan of setting up my business, running it, and making enough in the business to quit my corporate job.
But I got in my own way by wasting my time and energy in the details which prevented me from effectively running the business.
I felt so suffocated at the cubicle and my business wasn’t taking off. I didn’t want to quit without a solid plan lined up (which I have done in the past)! So what’s a girl to do?
Something I should’ve done from the Day 1...
I built my support team.
This included hiring my current accountant Amy. The money I saved by having Amy do my taxes ended up more than covering the cost of her (very reasonable) service fee. She even does my personal taxes too!
At the end of the day, my peace of mind is priceless. I never dread tax season anymore! Plus, I don’t have to worry about getting in trouble by the IRS.
How ironic would that be if I, as personal finance blogger (and former Big Four employee), gets fined for not properly filing taxes?
Who would’ve thought that just because I worked at a Big Four firm didn’t mean I knew the ins and outs of filing my business (and personal!) taxes.
For instance, how was I to know that self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax? But now I do! Btw, SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves.
If you need tax support, I bookmarked Amy's website on my favorites tab. She offers a ton of great tips on taxes and bookkeeping here.
You can do better with your team than you can alone.
I also hired a virtual assistant to help me set up some my email marketing system, manage my social media accounts and so forth.
Over time, I’ve expanded her role and she is more of my business manager at this point. Sometimes I think she can read my mind!
Once again, the time and money saved by having her on the team more than covers the cost to have her on the team. Who would’ve thought spending money actually saves even more money?
At one point, I worked with a website developer too. However, that was when I was using WordPress to build my website.
Since I switched to Wix, I have not had to work with a developer (or web designer) because it’s just that easy to use!
WordPress was just too frustrating to deal with. Once I played around on Wix, I was hooked. I ended up saving hundreds of dollars each year by not having to work with a middleman.
If you’re interested in playing around on Wix, you can create a free website in under 5 minutes here.
What counts as a team?
A business coach? Mastermind group? Or a mentor from a online business program? Yes, to all. I worked with a business coach my first two years in the online space.
Working with her probably saved me years of trying to learn the ins and outs running an online biz.
When I got clearer on my business structure and how I wanted expand into the affiliate marketing space, I joined a mastermind group too!
If you’re interested in making passive income blogging, I highly recommend checking out the Making Sense of Cents Affiliate Marketing Course.
Again, another small and wise investment in which the money earned back far outweighed the cost of the course (under $200).
Even after having been in the online biz world for several years, I thought I had a pretty good grasp on how to earn money as a blogger. Wrong again.
After taking the course, learned her exact strategies on how she makes over $100,000 per month on her blog.
They key is to diversify your team to bring fresh insights + ideas.
The difference between success and failure is a great team. When building your team, look for the people who will positively challenge your business culture.
For instance, a virtual assistant should be easily adaptable, reliable, and results-oriented.
The secret sauce is to diversify your team and surround yourself with the people that will bring new insights and ideas to the table.
No matter how talented, driven, or passionate you are, your success as an entrepreneur depends on your ability to build a solid diverse team.
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