One of the most important parts of money management as an online entrepreneur is investing back into your business to help it grow and flourish in the long run. If you’re at the point where you feel like you’re ready to invest in your business, the best place to start is by building a team.
Why you want to invest in your business by building a team
1. More time
At some point in your business growth, you’ll reach a point where you have to step aside and focus on working on your business rather than in your business if you want to scale and grow further. When it happens, you’ll want to have a team to help you manage the transition and allow you the time and space to look at the bigger picture.
2. Create a better product
As an online course creator, you wear multiple hats when starting your business: You’re the accountant, the writer, the marketer, the video editor, and everyone else your business needs. While it’s possible to be good at multiple things at once, the chances are you’re better at certain things than others. For example, maybe you’re good at video production, while your marketing skills could use help.
Investing in hiring a team member that’s better at you at any skills you lack can help you create a better product. And it can also help you tremendously with launching and running your business better.
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Where to invest in your business when you’re building a team
When you’re ready to invest in your business by building a team, here is where you want to start:
1. Virtual assistant (VA)
The very first team member most online entrepreneurs hire is a virtual assistant (VA). Usually, it’s a relatively low cost to hire virtual assistants because most of them work as freelancers who handle multiple clients and offer hourly contracts.
As an online course creator, it’s smart to outsource any admin tasks or small time-consuming tasks like the transcription to free up your time. By having a VA to help you out, you’ll be more efficient about producing your online courses and managing launches. In addition, some VA’s have experience with social media management and marketing, so they can also help you manage your social accounts or send out your email newsletters.
Where to find a VA: You can either work with firms that connect VA’s with clients, or you can find a VA online yourself. A good place to start would be Fiverr, where you can find many different virtual assistants offering various services to entrepreneurs and small business owners.
You probably already use tools like Freshbooks to handle your finances and stay on top of your invoices. However, when you’re ready to scale and invest in your business, hiring an accountant is one of the smartest business decisions you can make for your business. A good, trusted accountant is going to help you stay on top of your taxes and all the important dates, so you never miss a deadline.
They’ll also make sure that you’re writing off all the business expenses correctly, and they’ll even help you maximize the business write-offs to make sure you’re spending your money wisely. Also, not having to worry about writing invoices and sorting out all the tax forms yourself will free up so much time and energy for you to focus on things you’re good at in your business.
Where to find an accountant: The best place to find an accountant is the American Institute of Certified Public Accountants (AICPA). Their list includes licensed and verified CPAs, so you’re sure that you’re getting a trusted professional to help you with your business finances.
3. Financial advisor
Having an accountant might not be enough if your business is growing rapidly, and you’re looking to cross six and seven-figure marks with your courses. When your business reaches that point, you might want to invest in your business by hiring a financial advisor. They’ll help you make smarter money decisions with your business and personal brand that will make an impact in the long run.
A financial advisor can also be useful to sort out your personal finances as an online entrepreneur. They’ll help you with personal investments, debt management, and how to handle your revenue and personal profit.
Where to find a financial advisor: The best way to find a reputable financial advisor would be to ask for recommendations from your network. Otherwise, you can try contacting your bank and asking whether they offer this service. Or look for firms that offer financial advice for entrepreneurs.
4. Business/operation manager
If business management is not your strong suit, then you might want to start investing in your business by hiring a business or operation manager to help you. Business and operation managers can sit down with you and look at your business from within and help you determine your strengths and weaknesses.
They also can help you determine what you need to do as an entrepreneur to reach your business goals, what positions to hire to maximize the efficiency of your online course business, and even help you determine what you could be doing better as the CEO.
How to find a business/operation manager: The best place to find them is by putting up a job advertisement on job boards. Most job boards require a fee to put up a listing. However, the fee will be worth it. Check out places like Freelancing Females, which has thousands of professional and experienced women looking for clients.
5. Business coach
Business coaches are one of the best investments online entrepreneurs can spend their money on. They’re usually people who have launched and grown businesses themselves, so they have the experience and knowledge. But the best thing about a business coach is the support they offer at changing your mindset when you’re facing an obstacle.
Some of the biggest online course creators swear by their business coaches and attribute their success to their business coaches. Marketing expert Jenna Kutcher even recorded one of her sessions with her business coach Dean Graziosi and shared it on her podcast to show how helpful her business coach is when struggling with her mindset.
So when you’re ready to change your mindset and move your business to the next level, hiring a business coach is a brilliant way to invest in your business.
How to find a business coach: The easiest way to find a business coach to work with is through your network. Ask other entrepreneurs who their business coach is and whether or not they would recommend it. Chances are, if your friends love their business coaches, they’re a good candidate for you as well.
If you don’t have friend recommendations, social media is the way to go. Just be sure to check the business coach’s background and verify whether their accomplishments are legit.