Man cannot live by bread alone nor can a girl boss who is building her empire. In order to fulfill her hunger for greatness, others will have to be involved. Even if she does think she is a super woman and possess super skills, she simply will not have the time to do everything it takes to reach the top. A girl boss needs a great advisory board on her team!
I learned this lesson all to well when I filed my second trademark. The first trademark I filed was a state trademark and the process was pretty simple. The second time I filed a trademark on my second startup company, I wanted to make sure my company logo was fully protected. Full protection meant that I needed to file a federal trademark through USPTO (United States Patent and Trademark Office). My second company had several classes (it was an online store). Needless to say, the process was not difficult, but extremely time consuming. It was like filing a corporate tax return. You can do it alone if you read the instructions, but who has the time! I received my trademark certificate for my second company and vowed that I would never attempt to file a trademark on my own again. I was going to hire a trademark attorney and that is exactly what I did for the next two companies I created.
This leads me to who should a girl boss have on her advisory board:
Even if she can’t afford an attorney when she initially opens her company, she should certainly have a few in her contact list. Some attorneys will have a laundry list of services they offer. Do not be fooled by the hype. Find someone who specializes in the service you need. In my case, I found a trademark attorney who specializes in the area of patents and trademarks in lieu of someone who filed trade marks as a fourth or fifth specialty in their practice.
At the end of each year, you will need to account for all of your expenses and income when you file your taxes. A good bookkeeper or a CPA can be a life saver and keep you out of trouble with the IRS! I personally like a bookkeeper who can keep me abreast of the monthly profits and losses of my company. You can alway put on your super girl cape and tackle this process yourself by using software like Quickbooks®. Just do yourself and the bookkeeper/CPA a favor and keep up with all of your receipts. Oh, and I cannot forget to remind not to co-mingle personal and business expenses (that’s an entire blog post on its own).
Once you get through the rough patches of starting your company where all of the revenue is gobbled up in expenses, you may have enough money to pay yourself a salary. Make the smart decision to find an adviser who can guide you on a financial path of freedom. Yes, having money provides financial freedom. If you don’t save your money, you will never know what it feels like to be financially free. A good adviser can assist you with a budget and show you how to invest your savings based on your risk tolerance.
As a girl boss, you are your number one asset. Protect yourself and your business from unforeseen losses. Becoming ill could potentially lead to a loss in your business because you can no longer bring in money for your company. How would you protect yourself from illness? Utilizing an insurance broker could help you shop around for disability insurance. Disability insurance is one of the best paycheck protectors you can own. The broker could also help you find liability insurance if you own property or a business establishment where you entertain customers. You get the picture. Risk management is important.
You can add many more people to your squad. The four I listed above, however, should probably rise to the top of your list. #SQUADGOALS
Terrell Dinkins, entrepreneur, wealth empowerment speaker and author of, “One Bucket at a Time: A Woman’s Guide to Creating Wealth” (www.onebucketnation.com)2