In the last episode we started looking at different ways of sharing your daily work life as a solo/small entrepreneur. In this episode let us talk about a few things worth to keep in mind as you start working togther.
Collaborating on assignments or work tasks can be a good way for a small company to increase its power. By working with others, you can create better solutions for customers.
From basic to complex
Collaborations can take multiple forms. Sometimes it can be restricted to simple tips. Here you could either consult your business partner on how to complete certain work tasks, or you could promote, through word of mouth, other small businesses with the agreement that they will do the same for you.
However, sometimes business grows beyond your own capacity and the quick and easy is not enough. To take it one step further and make it easier for your clients, you can subcontract the small business to offer products or services to your clients. This way you remain the first contact point with the clients and strengthen your bonds with the other businesses.
It is crucial to write an agreement
How much and how often you collaborate with others determines what type of agreement you should have. Whether it is a simple agreement on a specific product or a framework agreement for a longer collaboration, it is just as important as in the case of a co-ownership scenario to have written agreements covering everything from practical routines, to dealing with crises when things go wrong.
One tip here is to remember that, unfortunately, it is usually in collaboration with close friends or colleagues that misunderstandings form the basis for conflicts. This is because both parties knowing each other well might think that they mean the same thing and act based on assumptions rather than talking things through the way we do in new relations. Writing down all the terms of an agreement simply forces you to formulate and express yourself clearly and you can see where the other person thinks differently.
3 simple tips for writing a contract
Before you begin, think about what you and your contract partner are going to do together: who does what? Then think about layout and distribution. Write down what you agree on,in clear language that is understood by all parties.
Think about what can go wrong and write down how you intend to solve it if it arises. Think of things such as conflicts, illness, accidents, mistakes towards the customer, whose logo do you work under, how are customer contacts handled and how are follow-up projects or products divided.
Feel free to create templates for the type of collaboration you usually have recurring such as employment contracts, subcontracting contracts, collaboration agreements. When you then adapt the template to the situation, you will make sure to cover all aspects of the collaboration.
Having employees can help you grow
Maybe your business is growing beyond what your own working hours can cover and you need to decide whether you should keep up with the growth or remain at your current size and refine.
Hiring is one of the ways entrepreneurs can choose to make more time available. For many, the step is perceived as very large, and rightly so. On the day you become an employer, you also take responsibility for your employee(s) being properly insured, receiving good working conditions and an agreed salary every month, regardless of how things are going for your company.
However there are many ways in which you can make this process easier and less risky for both yourself and your business. For example, you can hire part-time employees for a specific set of tasks or for the production/launch of a specific product or project. It is not necessarily all or nothing.
There is an overlooked side to having employees
Hiring does not only entail extra responsibilities and obligations. It is also a way to include more people in your vision and get more people working to realize it. You can complement with other personalities and other competencies or add someone like you while still retaining the ownership and decision-making power. As a good supervisor, you probably want to engage your employees and involve them in decisions and planning, but you can still keep the vision of “what” and engage employees in the “how.”
Use coaching to clarify your vision
Consciously reflecting on how you want your workday as an entrepreneur to look like, how close you want others in your business and what is important for your inspiration and development are excellent topics to address during coaching. Take the time to work with a coach through your core values, your vision, and your needs. Starting and running your own business is a career choice as well. Give it space and make active choices and you will create the workday that gives you the best potential to be the best version of yourself that you can be.
Congratulations! If you made it so far it means you have most of your company set and ready to go. In the next few episodes we will explore the marketing side of your business.