As an entrepreneur, you always face new challenges. If you plan to stay on top, there are certain mandatory things, like staying up to date with technological advances and current market trends. When starting a business, people often make the mistake of taking all responsibility on themselves. But you cannot handle every nitty-gritty detail of the business on your own. That’s why it’s important to understand what kinds of people you should hire for your startup. With the end of 2019 approaching, 2020 is the perfect year to begin your business. To do this, you need to seriously consider investing in the expertise of professionals.
List of People You Must Hire in 2020
People often picture their entrepreneurial journey as a solitary one, but this couldn’t be further from the truth. Some companies may be the result of a single person brainstorming, planning and researching, but even those companies need to start hiring at some point.
And that is where the fun starts.
Nobody is good at everything, and hiring professionals is a step you cannot skip. You hire people to do the work that is outside your skillset. Therefore, we have compiled a list of people who are going to be essential for your business in 2020 if you want to grow its chances of success.
A Market Maven
The internet is a congested place, and it is not always easy to stand out, no matter how good or unique your product or service. For this, you require a sharp marketer who can help you create the right buzz around the market about your business. A market maven can help you in this regard as they are aware of all the latest information and news circulating through the financial market.
Below are some qualities that make for a good market maven:
- Ability to Tell a Good Story
It is a proven fact that emotional branding works for startups. When your brand motivates and encourages someone, they are likely to be influenced by it. It’s that simple. When a marketer knows how to tell a good story, you can be certain that you are getting a good return on investment (ROI).
- Good Understanding of Generation Z
Capturing the youth demographic is a trend that will hit the business world hard in 2020. With baby boomers aging into retirement, Generation X and millennials are going to be the main workforce, with Generation Z beginning to become a serious potential customer base. It is estimated that Gen Z will make up about 82% of the US consumer population by 2026.
Therefore, to make your brand more appealing to the generation born between 1996 and 2012, you need a marketer who is aware of changing trends and the values influencing the spending habits of today’s generation. For example, Gen Z is more tech-savvy and concerned about social and environmental issues than previous generations. On the other hand, they are less concerned about brand prestige. If your target market is outside this demographic, you can choose to ignore it, but the largest generational spend is going to shift in 2020. Keep that in mind.
- A Proven Track Record
This is a given factor for choosing any professional or service. After all, the best candidate should be able to provide you with some practical marketing efforts and results from their previous association. Marketing costs money, so you need to make sure you invest in someone who can produce real success metrics to their campaigns.
A Mentor or Partner
Having youthful energy is good, but you could use some experience on your side as well, especially when your business is in its early stages. People with business experience gained it by making mistakes and learning valuable lessons from them, which you would be wise to profit from. In the early days of your entrepreneurship, this knowledge can help you conduct your business, especially if you are not fully aware of the day-to-day workflow.
When choosing a proper mentor, here are the qualities and skills you should look for:
- A Direct Experience with Startups
When you work at a startup, you practically grow something out of nothing. This is tough work that is very different from working in an already established organization. Running a business strategy for an established brand is not the same as building a business, therefore the skillset will vary. A good mentor/strategic partner not only has experience handling a reputable and successful company but knows the pitfalls of starting a business from scratch and the right strategies behind it.
- The Attitude
Having a constructive and helpful attitude is essential to be a good mentor, without having the need to take over and do all the work themselves. This is a very thin line. When you hire a mentor, you are looking for a trusted advisor. Therefore, you need to choose someone who is eager to listen to you and offer their experience but also knows and respects personal boundaries and has an overall positive attitude.
An Accounting Professional
Money is an integral part of any business at any stage. When you are planning to set up a business, chances are that your capital is going to be limited. That means there is no room for waste. If you are trying to set up an accounting tool for the very first time, it is better to seek help from a professional.
Here are the criteria to look for in your accounting professional:
When you trust someone to manage your organization’s money, you cannot compromise on quality. Someone with the right certifications and credentials will not only be good with numbers but be more than qualified taking up different accounting roles for your business’s specific needs.
- Experience in Handling Small Business Accounting
Again, choosing someone with experience in doing accounting for small businesses and startups is key, since every business has separate financial goals and needs. Someone with this kind of experience will know how to best utilize your startup cash.
- Growth-Oriented Strategic Advising
Making decisions that involve your finances, such as hiring a full-time employee, buying a new piece of equipment or expanding your business to a new location, requires financial assistance. When a trained expert guides you, making such important financial decisions becomes less risky. An accounting professional will have a better understanding of your cash flow so you don’t have to worry about crunching the numbers.
No entrepreneur wants to face legal issues, especially in the early days of their business. But this is a very real potential pitfall for young companies. You may even unknowingly open your company up to litigation or unfavourable agreements with investors. After taking the initial legal steps of setting up a business, you may want to hire a business attorney.
During the initial days, it may seem difficult to hire employees or consultants because funds are tight, but it is impossible to grow without help. In the end, the key is to work smarter, not harder. By hiring these four types of professionals, you will not only reduce your workload and increase the efficiency of your business but pave the way for future growth and success.