How to Build A Team Without Spending Through Your Nose

business_library_team_building

Business is hard as it is. The worst part about being in business is all that investment you’d have to cough up even before your business starts. Of course, you’ll make more money than what you’d invest if you did everything right.

Investing money to make more money is the fundamental premise of being in business. All that is fine, but it still hurts when you’d have to keep paying in waiting for the returns to show up one day. It’s one thing if you have enough cash kept aside for investing business. You could use up your savings, ask for external funding, and get rounds of multi-million dollar investments from angel investors or venture capitalists.

And then there’s bootstrapping. You could run a business without really spending much. Since hiring and paying for top-notch talent is one of the largest expenses a business has to invest in, building a team ought to be an expensive affair. It doesn’t have to be if you dig deeper into the tricks of bootstrapping a business.

Here are a few ideas for you to work with:

Use Interns

Thousands of students graduate everyday, from all over the world. They are all available to work. They want to be associated with companies and show their talent. Most of these students are burning with desire and ambition to show the world their mettle and your business could very well give them a chance. Here’s the best part: Hard working students don’t expect much if you catch them at the right time.

The right to onboard a student is the time when they’d want to do an internship. For all you know, these interns can go from mere “help” to stellar team members.

Find “skilled friends” or family members with “potential”

One of the traits of effective entrepreneurs is to recognize talent. You don’t always have to find talent off job boards. While it’s debatable whether you should hire family members, friends, and relatives, there are countless businesses that still count on them.

These businesses still exist. Not every team member has to be a stranger. Try to look for potential among your friends, family, and relatives. They might not know much about your business or they might not even share the level of enthusiasm and zeal you have for your business.

All that they have is potential. For all you know, they could just be looking for a way to make money, to grow, to contribute, and to make good of their time. Since you trust your friends and family more than you’d trust strangers, look to her them. You can always train people for your processes.

Give it to them. You train, they work. Your business will grow.

Salaries come from profits

No money goes out unless it’s earned profit. Take that one principle to guide your cash flow patterns in business. If you are hiring someone, you have to ensure that you are either making money off your team or you are saving enough time to justify the expense of your hiring decision.

Let’s assume that you’d like to hire a virtual assistant, the time she would save you throughout the day should be worth more (in dollar terms), than what you’d pay her.

That’s the reason why companies that bootstrap don’t hire until they can justify the expense. Bootstrapping entrepreneurs have to pay salaries through profits and not from funding or saving.

Grow organically. Don’t hire on speculation. Don’t bring in and develop a team because you “foresee” situations where you’d need a team. Instead, find a team after the situation comes up. Today, it’s easy enough to find people but hard to decide (which you can work on).

Technology is a bootstrapping entrepreneur’s best friend

You did hear about the word “disrupt”. Usually technology makes it happen. Entire industries are wiped out sometimes, thanks to technology. For instance, travel agents are already out of business because online booking portals have emerged. The web design industry is at the brink of extinction thanks to some really capable DIY web design tools.

Sometimes technology disrupts. Often, it also helps.

You can run your entire business and work on projects even without being in an office. It’s the era of virtual businesses and even if you had a traditional business or if you work on traditional projects, you could still use the benefits of technology.

For project management, you’d use project management software such as WorkZone . For invoicing clients or customers, you could use Xero.com or freshbooks.com. You could take hiring to the cloud by using LinkedIn recruiter solutions or social selling tools such as Social Recruiter. One customer tool like ZenDesk can obviate the need for a full-fledged customer service department. Marketing can be semi-automated, inbound marketing or digital marketing can almost put lead generation on autopilot.

Do you see where we are going with this?

Sell online. That’s easy real estate

The reason why offices, retail locations for businesses, shop floors, and all other real estate even came up was because there was no other way to do business in the past.

Today, however, there’s ecommerce. It’s expected to be worth $327 billion dollars by 2017 and it’s not even the beginning yet. Not all countries have gone online completely and certainly not all industries are playing off the ecommerce phenomenon.

Whatever it is that your business is on, you could probably sell online. Once you do that (or figure out ways to do that), you’d obviate the need for offices (virtual work will do), and other real estate requirements such as retail locations (online selling requires no land).

Before you say it can’t be done in this line of business you are in, think “Why not?”
If you don’t, you might have to think, “Why didn’t I think of this?”

Do you bootstrap? Be it business, handling projects, or even living your life everyday, what kind of bootstrapping principles do you put to use? How do you find inexpensive ways to do things? Let us know.

Image source: http://www.actioncoach.com/

Share small business news, blogs and social media tips with Project Eve’s community of small business owners and entrepreneurs today. Our contributors come from a wide range of backgrounds; so whether you are a small business owner, social media strategist, financial adviser, serial entrepreneur, or write an amateur blog we urge you to contribute a blog to our 500,000+ community today. For more information, please refer to our Content Submissions Guidelines.

Add a Blog

35 COMMENTS

  1. I have observed that of all varieties of insurance, medical insurance is the most questionable because of the issue between the insurance policy company’s need to remain afloat and the consumer’s need to have insurance policies. Insurance companies’ earnings on health and fitness plans are low, thus some organizations struggle to gain profits. Thanks for the thoughts you write about through this website.

  2. Hi, i believe that i saw you visited my website thus i got here to “return the want”.I’m trying to to find issues to improve my site!I suppose its ok to make use of a few of your ideas!!

  3. With everything that appears to be building within this specific subject matter, your perspectives tend to be rather radical. Nevertheless, I beg your pardon, but I do not give credence to your whole suggestion, all be it exhilarating none the less. It looks to us that your commentary are not entirely rationalized and in actuality you are generally yourself not really fully convinced of your argument. In any event I did take pleasure in reading through it.

  4. 52992 129584This douche bag loves his illegal bretheren because hes a itiaen with the world and we ought to be ashamed of ourselves I got news for you Asswipe get your asswiping ass back towards the craphole where you came from with all of your illegal beaners 741657

  5. I have noticed that over the course of making a relationship with real estate proprietors, you’ll be able to get them to understand that, in each and every real estate transaction, a commission rate is paid. Ultimately, FSBO sellers do not “save” the commission rate. Rather, they fight to win the commission by way of doing a agent’s occupation. In the process, they spend their money along with time to execute, as best they are able to, the tasks of an broker. Those obligations include displaying the home by means of marketing, representing the home to all buyers, creating a sense of buyer emergency in order to make prompt an offer, booking home inspections, dealing with qualification checks with the financial institution, supervising maintenance, and aiding the closing.

  6. Thanks for the suggestions you talk about through this web site. In addition, several young women who seem to become pregnant never even attempt to get health insurance because they fear they might not qualify. Although a lot of states right now require that insurers offer coverage regardless of pre-existing conditions. Costs on all these guaranteed plans are usually higher, but when with the high cost of medical care bills it may be a new safer route to take to protect your own financial potential.

  7. Hello there! This is my first visit to your blog! We are a collection of volunteers and starting a new initiative in a community in the same niche. Your blog provided us useful information to work on. You have done a outstanding job!

  8. Hey There. I found your blog using msn. That is a very well written article. I’ll make sure to bookmark it and return to read extra of your helpful info. Thank you for the post. I’ll definitely return.

  9. 163087 203278Hello! I could have sworn Ive been to this weblog before but after browsing through some of the post I realized its new to me. Anyways, Im definitely happy I located it and Ill be book-marking and checking back frequently! 868339

  10. 218142 502352hello!,I genuinely like your writing really a good deal! percentage we maintain up a correspondence extra about your write-up on AOL? I require an expert on this region to unravel my difficulty. Might be that is you! Taking a look forward to peer you. 299613

  11. I definitely wanted to make a message in order to thank you for these awesome advice you are showing at this site. My rather long internet lookup has at the end of the day been paid with reputable suggestions to write about with my family and friends. I would repeat that many of us site visitors actually are very much blessed to exist in a fine place with very many awesome individuals with interesting plans. I feel quite lucky to have seen your weblog and look forward to some more entertaining minutes reading here. Thank you once again for everything.

  12. I like what you guys are up also. Such smart work and reporting! Carry on the excellent works guys I have incorporated you guys to my blogroll. I think it’ll improve the value of my web site 🙂

LEAVE A REPLY

Please enter your comment!
Please enter your name here