Don’t Do It All Yourself
Startup Rule #5: Don’t Try To Do It All Yourself
The most important investment a startup can make is an investment in its people. When you’re not working on your core product you are wasting your most important asset, your time. Treat your sweat equity like you are actually getting paid by the hour. You have to value your time like you are getting paid. If you spend three days trying to set up the legal aspects of your company then you’ve wasted three days of productivity. If you think your time is worth $20/hr, those three days just cost you $500. Hiring out the tasks to a law firm who specializes in startups for $350 is a better move, not only will the firm set up the right legal entity for you, but it will come with advice and guidance.
The same can be said for tasks like accounting. Hiring a friend or accountant for $15/hr a few hours a week will free up your time so you can focus on whats most important, building your business. If you bog yourself down with doing the day-to-day tasks required to run a business you won’t have enough time or energy to actually do the stuff you wanted to do in starting your own business. In everything you do, you will have to pay somebody. Whether you pay someone else or pay with your own time, you still have to pay someone. The sooner you start learning this, the quicker you will build and grow your business. If your business goals include building something bigger than yourself, you might as well start building the support structure around you sooner than later.
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