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On Your Own? The Benefits of Working With A Team

The 5% InstituteEntrepreneurship On Your Own? The Benefits of Working With A Team
working with a team

On Your Own? The Benefits of Working With A Team

As a startup Entrepreneur, you are full of hope, drive, and ambition to create something you know will not only benefit your ideal audience – but create awesome income and meaning for your life too.

 

However, as the days, weeks, and even months go on; you start to notice the struggle of working alone (also known as a Solopreneur).

 

You may have clients who pay well and enjoy your services or products, but as it usually does; the toll of working on your own slowly sets in.

 

There’s only one of you, meaning you start losing your weekends; the 9-5 becomes a lot longer, and there are no more sick days.

 

It’s just you – and you alone.

 

Things may start to feel a little lonely, and you may wonder at times whether it was worth quitting your job and starting this journey of entrepreneurship; or this side hustle.

 

In this article, we’ll look at the importance and benefits of working with a team, and how it can in fact help you out in more ways then just your business and entrepreneurial aspirations.

 

 

Working On Your Own? The Benefits of Working With A Team

 

 

Should You Be Working With A Team?

 

 

As mentioned, in this article we’ll be looking at some of the great benefits of working with a team. A common question though, is should you be working with a team in the first place; especially if you’ve just started a business?

 

The short answer is most probably yes.

 

There’s a few reasons in which we’ll be exploring in a moment, but from a principles and fundamentals point of view, there is a certain mindset people generally have when they work on their own.

 

The issue with working on your own, is that there’s only one of you. From a business sense, this puts your business or startup at a lot of risk.

 

What happens to you and your clients when you fall sick?

 

Taking breaks or a small holiday can be excellent for your mental health; by working on your own, have you got systems in place to take a small break?

 

Perhaps you want to raise a family or currently have a partner or even children. By working on your own, or doing everything yourself – are you able to allocate time aside to spend invested time with them?

 

When writing this, I’m not pitching a viewpoint from my high horse or from a place of judgement.

 

Instead, it’s important to understand first of all what business you want to create. If it’s going to be one that supports you, your family; and perhaps leave a legacy – then you’ll most probably want to be working with a team.

 

Read on to find out why.

 

 

Thinking Of Working With A Team? Learn What Kind First

 

 

Before we go into the benefits of teamwork, first let’s look at the kinds of teams you can potentially create for your business.

 

 

The first kind of teamwork can be internal

 

 

This means they work directly for you and will most probably be on your payroll. This has its many benefits, but as a startup entrepreneur where cashflow and staying lean is important, this may not be a viable option.

 

As your business starts growing and you have steady cashflow, hiring your own internal team may be a viable option.

 

As Business News Daily states, the internal team members you may look at hiring, but not limited to may be:

 

  • Chief Executive Office (CEO)
  • Product Manager
  • Technology Officer
  • Community Manager
  • Sales Manager

 

Hiring this team as mentioned, may be something you do later as your business is a bit mature. In the meantime, you’ll most probably be wearing these hats until they are filled, and you can afford paying for their roles.

 

 

An external team

 

 

Secondly, if you want to start saving time to live your life and not be completely burdened within your business; you’ll need to start looking at external contractors to join your team.

 

These may include:

 

  • Accountants
  • Attorneys and legal services
  • Content writers and marketing freelancers
  • Payroll
  • Web designers, programmers and graphic designers

 

A lot of business owners working with a team start off by outsourcing much of their day to day functions, and then slow hire internal roles when they’re able to do so.

 

 

The Benefits Of Working With A Team

 

 

Below is a number of benefits of working with a team.

 

 

Problem Solving

 

 

Problem solving is one of the great benefits when working with a team. You may have a number of perspectives, and a certain experience with things. Other team members though will bring a fresh perspective with different experiences, which can help you see how to solve problems with a different viewpoint.

 

This can be helpful and is healthy for your business.

 

 

Contacts

 

 

Naturally, you’ll only have a certain number of contacts you may call on to assist you with certain tasks, buy your products and services, or give you referrals.

 

Your team however may have other contacts your business can potentially lean on. Working with a team; especially if it’s quite a large team, can make this a great opportunity.

 

 

Loyalty And Ownership

 

 

Moving towards the same goals and aspirations day in and day out can be frustrating at times; and even tiresome. When you are moving towards a common objective as a team though, it becomes a lot easier to push though when things become hard.

 

Working with a team encourages brand loyalty, and a sense of ownership to get the job done well. As a Business Owner, this is crucial to your startup’s success.

 

 

Accountability

 

 

When you’re working on your own, it’s easier to let things slide or forget to get things done. As there is only one of you; you can easily allow yourself to let things slide.

 

Working with a team allows you to set up KPI’s and Metrics, in which you can measure on a regular basis to hold each other accountable to tasks.

 

What gets measured gets done.

 

 

Leverage

 

 

The biggest risk of working on your own; even if you are a completely driven person who doesn’t let tasks slide – is that you cap your own income.

 

There is only one of you, and only so many hours in the day to work.

 

When working with a team, you have leverage where your time to complete tasks is now expanded exponentially to other people, because you are paying them for their time.

 

By doing so, you increase your chances of getting more exposure, completing more tasks, getting more leads, and winning more sales.

 

 

Get Your Life Back

 

 

What takes a lot of time for people working in a business, is the same repetitive tasks over and over again that someone else could most probably be doing. By hiring and working with a team, you can delegate these tasks out, which will give you more time to:

 

 

These are all important for your mental health and longevity.

 

 

Final Thoughts

 

 

Working with a team has big benefits when done right. However, you’ll only get the most out of your team, by hiring the right people for the right tasks.

 

Hire people based on their values, experience, drive, and what they can bring to the team and tasks in which they will get allocated to.

 

Do you have any other tips to share?

 

If so, drop them in the comments below.

Khabeer Rockley

Khabeer Rockley is a Sales & Business Trainer, and the Founder of The 5% Institute

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