Session 9: Building a Team

In this session you will learn about building your team, working with outside advisors, and how to hire employees.

OVERVIEW

Even if you have no employees, you are likely to need bookkeeping, accounting and legal advice. These advisors should be considered part of your team.  You don’t have to know, be and do it all to have your own business. You do have to gather a team who can cover the areas you don’t know.

DEFINITIONS

Burden Rate: (also called Payroll Burden or Payroll Taxes) Besides wages and salary amounts, there are other employee-related costs, depending on their part-time or full-time status. These can include employer taxes, insurance benefits, etc.

COBRA (Consolidated Omnibus Reconciliation Act): A federal law that extends health insurance to employees and their dependents beyond the point when they would normally lose coverage, such as after quitting, being fired, or changing personal status (employee divorcing a spouse, children reaching majority). Companies do not have to pay for this coverage.

Equal Opportunity: The Equal Employment Opportunity Commission guidelines, and related state and federal laws, which stop employers from asking potential hires personal questions not related to the job. This includes questions about age, sex, race, creed, religion, country of birth, disabilities, military discharge, whether they are married, have children, have health or mental health problems, and citizenship (although you can ask whether they have the right to work legally in the country, and you will be required to obtain proof of this at hiring).

Outsourcing: Sending certain job functions to an outside company, instead of handling them in-house.

Sweat Equity: The time and knowledge that a person or a group puts into a business to make a result, without pay.

Please click on the link of the book set for your course and locate the Required Readings for this Session:

The Business Startup Kit, The Art of the Start, The Plan-As-You-Go Business Plan 

3 Weeks to Startup, The Art of the Start, The Plan-As-You-Go Business Plan

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These resources provide ideas from other business and marketing experts. They are not required reading for this session.

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Tim Berry: Some suggestions for family business

Tim Berry: Sweat Equity