There comes a point when handling things solo becomes a major risk for any small business owner. Even solopreneurs. Because even though you can start a successful business completely on your own, you may not be able to grow it. That’s why somewhere along the path to success, you may need to look for online or freelance help. Here are just some of the tasks freelancers and online services can help you with, courtesy of Marketplace Risk.
When it comes to startups, information is priceless. Even in the beginning, you need the right information to decide how to set up your business. For instance, understanding how various entities affect your personal liability, taxes and other elements is crucial. Luckily there are fairly inexpensive and comprehensive formation services available online. These handy services will take care of everything from filing paperwork to providing you with legal documents.
Having the right information can also help you avoid mistakes with your financials. Accounting errors can be costly for entrepreneurs. This is why you may want to think about hiring accounting help. Otherwise, you’ll find yourself spending hours or even days on accounting and tax issues, and your time is much too valuable as a solopreneur.
Assess Market Risks
As a business owner, you have a responsibility to understand what sort of risks startups encounter on the road to success. The most common risks facing entrepreneurs include financial and legal risks, which can be mitigated by taking the aforementioned steps. Additionally, it’s wise to be aware of technology, people and market risks.
Marketplace Risk is an invaluable online resource for staying on top of current market risks for your industry. As expected, 2021 will still bear a heavy influence from the COVID-19 pandemic, but the recent news of several effective vaccines lends a more positive outlook than the latter part of the current year. Marketplace Risk continuously offers expert advice and insight via virtual events and eventually in-person seminars, to help solopreneurs just like you.
Reach Global Markets
As you grow your business, you may look forward to growing across international borders. Mobility and transportation services have provided more recent models for global expansion, as well as a chance for other entrepreneurs to be aware of potential hurdles. Providing services and products in other countries may require you to be aware of regulations. You can generally find resources online to help you learn about various foreign regulations that could impact your business.
Keep in mind that expanding across borders also demands a more strategic marketing plan. You can look to successful startups that have mastered the global marketing game for inspiration. But if you have serious expansion intentions for your business, look into hiring a marketing consultant.
Hire Full-Time Staff
Even if your budget is tight, recruiting help from freelance experts across various fields could be a wise move. Look for areas in your business that need improvement, and where you have limited experience or expertise, to decide which freelancers you need to grow your business.
If, for example, you are planning on hiring your first team members, consulting a benefits pro could help you land and retain top talent. Financial administration is one element of business too many entrepreneurs get wrong. This is largely due to the fact that entrepreneurs are so habituated to taking care of things on their own. But you can’t be an expert at all things. In fact, no one can and still have the time or energy to run a successful startup.
When you’re an entrepreneur, risk comes with the territory. Then again, there are unavoidable and avoidable risks. Not hiring the right help for your startup definitely falls into the latter category. Whether you need help with formation, accounting, expansion or staff retention, don’t put your business in jeopardy by doing it all on your own. Especially when it’s so easy to find the help you need via online resources and freelancers. Stay on top of the latest Marketplace Risk news by subscribing to our weekly newsletter.
Writer: Courtney Rosenfeld