Some people call this a Dream Team. It probably doesn’t matter ‘what’ you call them, but it’s important to create the support team you dreamed of having in your first business. Build it into your budget in this business so you can create the proper financial structure and foundation for your business.
Some of these will be part of your overhead costs
A Virtual Assistant (or VA) or a Bookkeeper is an overhead expense that won’t fluctuate directly based on the amount of money your business generates. Her fees will be determined based on the volume of your work/hours, and will be relatively consistent regardless of sales volume. However, if they charge less than your hourly rate and you don’t enjoy the work, then it’s a solid business decision to include these people in your support team.
Some of these will be Cost of Sales or Cost of Goods Sold
A subcontractor is part of your COGS (Cost of Goods Sold, or Cost of Sales). When they complete their work, your sales increase. And your Gross Margin (or Profit Margin) is the amount of Sales, less the COGS from their contract work. These costs are incremental based on your sales volume. You’ll also need to factor in shipping costs, and the costs of creating product.
Include all of these categories:
- Admin support
- Team members who can provide a similar service to the one you provide
- Professional Team (Accountant, Lawyers, Trademark Licensor, Bookkeeper, Insurance agent, etc)
- Business Coach
- Advisory Team, Mastermind, etc
Training and Seminars:
List the seminars you would like to attend this year, and the coming years:
- Specific to my trade
- Personal Development
- Events where my potential customers will be
- Personal interests
Action to Take:
- Create a list of Seminars you’ll attend – consider the Return on Investment (ROI)
- Create a list of support people you want to have on your team now, and as you grow.
- Consider what documents, forms and systems you can start putting in place now to make it easier to hand jobs off to your support team as times goes on.
- Virtual Assistant lists
- 100 ways to delegate your projects