Assembling a Team: Building Your Support Network as a Solopreneur
Starting a business often feels like a solo venture, especially for solopreneurs who manage most operations themselves. However, even solo entrepreneurs benefit immensely from assembling a reliable team of advisors and professionals. At Eternal Tides, we discovered that having a network of experts, including a banker, insurance agent, real estate professional, and legal advisor, was invaluable. While many aspects of running a business can be handled independently, a strong support team can provide critical guidance, mitigate risks, and help navigate complex challenges.
The Value of Professional Advisors
One of the key components of building a successful business is understanding that you don’t have to do everything alone. A strong support network can offer specialized knowledge that you might not possess. For instance, a banker can help you understand the financial aspects of your business, secure funding, and manage cash flow effectively (Brown & Lee, 2019). An insurance agent, on the other hand, can guide you through the maze of insurance policies and help you select the right coverage to protect your business from unforeseen risks (Smith, 2020).
The Role of Real Estate and Legal Professionals
When it comes to choosing a location for your business or negotiating a lease, a real estate professional is an invaluable resource. They can help you find a suitable property, negotiate favorable terms, and avoid common pitfalls that new business owners often face. Legal professionals are equally important; they ensure your business is compliant with local, state, and federal regulations. They can also help with drafting contracts, protecting intellectual property, and navigating any legal disputes that may arise (Miller, 2021). For Eternal Tides, our real estate needs were exceeded by Aaron Hill with Goldmark in Fargo; he was a great resource and has become a good friend. He worked well with my legal representation, Hari Panjini who was an absolute delight.
Leveraging Your Support Network
The value of a support network extends beyond just transactional relationships. By surrounding yourself with professionals who are invested in your success, you can gain insights that are crucial for making informed decisions. For example, a good relationship with your banker might provide you with access to better loan terms or financial products tailored to your business needs. Eternal Tides worked with Angie Bauman from Choice Bank; she made a stressful time better and was consistent in cheering me on.
A Collaborative Approach to Business Success
Even as a solopreneur, leveraging the expertise of others is a smart strategy. It's not about relinquishing control, but rather about maximizing resources and knowledge to ensure your business thrives. According to a study by the National Federation of Independent Business (NFIB), small businesses with a network of trusted advisors are more likely to succeed in their first five years compared to those without (NFIB, 2019). At Eternal Tides, our team of external advisors has been instrumental in guiding us through various phases of growth and development.
Whatever success I find will be enhanced by a team of trusted professionals is a wise investment in the longevity and success of your business. While it may feel like an added expense initially, the expertise and support they provide are invaluable, offering peace of mind and a solid foundation upon which to build your business.
References
Brown, A., & Lee, J. (2019). Small business finance: A practical guide. Financial Times Press.
Miller, S. (2021). The complete guide to small business legal advice. Entrepreneur Press.
National Federation of Independent Business (NFIB). (2019). Small business economic trends. Retrieved from https://www.nfib.com
Smith, T. (2020). Business insurance basics: Protecting your small business. Wiley.
