Being the “boss” and owning 100% of your business may be more of an “ego thing” than good business sense.
It’s good business sense if you have deep pockets and an idea, product or service that everyone wants and needs. You then can afford to hire the support staff you need to market and deliver your product or service.
In real life, many small business owners have created a job for themselves, a job in which they put in long hours and has as its goal, survival. Remember, as a sole business owner you have the responsibility of funding your enterprise, marketing your product or service and then delivering it to your customers.
There are several alternatives, which can multiply the most important aspects of your business.
Let’s examine two possible structures.Assemble a group of people ( could be business owners) who provide a business or service that supplements your own.
- The first option is to have this group work under your business umbrella
- The second option is to have everyone remain independent but still work as a single business.
The advantages are many:
- marketing strength
- increased potential clients/customers as each member has a list of contacts
- also, a business support group was formed in both cases, whose goal is to help each other succeed.
The business structure for either of these two possibilities is easy to create; I suggest using a business consultant to facilitate the process.
Out of the box thinking is required to service and grow a business in today’s economy. You can still be in business for yourself, but you won’t be in business by yourself.
Risk must be evaluated not by the fear it generates in you of the probability of your success, but by the value of the goal.
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Have a great day!