Eight Areas to Focus On if You Are a First-time Entrepreneur

Eight Areas to Focus On if You Are a First-time Entrepreneur

There are many moving parts to starting and running a business. From handling finances and onboarding customers to managing inventory and promoting your product, it can be easy to feel like you’re constantly swimming against the tide. The key to keeping your head above water is delegation.

Many first-time entrepreneurs make the mistake of thinking they can do everything themselves. They wear all the hats, from CEO to janitor, and often end up spread so thin that the business suffers as a result. The key to a successful business is delegation. As soon as you plan to start a business, you should hire professionals in the following eight areas.

1. Finance

One of the most important aspects of running a successful business is keeping track of your finances. You need to know where your money is coming from and where it’s going so that you can make informed decisions about how to grow your business. A professional accountant or bookkeeper can help you stay on top of your finances and make sound financial decisions.

2. Real Estate

If you’re planning to open a brick-and-mortar business, you’ll need to find and secure commercial space. This can be a daunting task, especially if you’re new to the world of real estate. A professional real estate agent can help you find the perfect space for your business and negotiate a lease favorable to your company.

Similarly, you will also need to hire a mortgage broker to arrange financing for your commercial space. The broker will work with you to find the best possible loan terms and interest rates. They will also help you navigate the often-complex world of commercial lending.

3. Marketing

Unless you’re an experienced marketer, chances are you’re not fully utilizing all the marketing channels at your disposal. A professional marketer can help you create an integrated marketing plan that gets results. Depending on your budget and needs, you will need to invest in digital marketing and traditional marketing.

From search engine optimization (SEO) to social media marketing (SMM), a good digital marketer will help you reach your target audience and effectively promote your product or service.

Similarly, the traditional marketer will help you develop and execute offline marketing campaigns, such as print ads, direct mail, and public relations. Both marketers will work with you to create a brand identity for your business and develop messaging that resonates with your target market.

4. Sales

A good sales team is essential for any business that wants to scale quickly. A professional salesperson can help you close deals and drive revenue growth. If you don’t have experience in sales, it’s worth investing in someone who does so that you can focus on other aspects of running your business.

It is recommended that you hire a sales manager to lead your sales team. The sales manager will be responsible for setting sales targets, analyzing data, and developing strategies to improve performance. They will also coach and mentor individual salespeople to reach their full potential.

5. Customer Service

A great customer service team will keep your customers happy and coming back for more. If you don’t have experience in customer service, now is the time to hire someone who does. A good customer service representative will be able to handle customer inquiries and complaints quickly and efficiently, maintaining high levels of customer satisfaction.

a woman customer service executive on a call

6. Human Resources

As your business grows, so does your workforce. You’ll need to start thinking about HR policies and procedures such as hiring, firing, benefits, and payroll. Unless you’re an experienced HR professional yourself, it’s worth hiring someone who is so that you can focus on other aspects of running your business.

7. Technology

One of the most important aspects of any modern business is technology. From computers and smartphones to cloud-based software applications, a good IT infrastructure is essential for keeping things running smoothly. If you’re not comfortable working with technology yourself, now is the time to hire someone who is—preferably before things start going wrong!

To head the technical team, you must hire a chief information officer (CIO) or chief technology officer (CTO). These executives will be responsible for developing and implementing technology strategies and managing the IT department’s day-to-day operations.

8. Legal

Depending on your business’s nature, there are certain legal compliance issues you must be aware of—such as data privacy laws or employment law regulations. It’s important to have a lawyer on retainer so that they can advise you on any legal matters that may arise and help you avoid any potential pitfalls.

These are just a few examples of professionals who can take some weight off your shoulders and help run different parts or departments within your company more effectively. By focusing on what you do best and delegating everything else to those whose expertise lies in those areas, you give yourself more time, energy, and bandwidth to do what you do best—which helps set your company up for success.

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