Why You Should Make Your First Hire Before You’re Ready
If it seems counterintuitive to make your first hire before you’re ready, well, that’s because it is. But being counterintuitive doesn’t make it wrong. Here’s why.
You Have Limited Time
No matter which season of life you find yourself in right now, you have more on your plate than just growing your business.
If you have a family, let alone five kids like I do, you want to be present and available to them when you’re not working. The problem is, if you’re doing everything on your own because you’re running a one-man band type of business, your business is monopolizing your time and attention and sucking your energy away from the other things in life that matter: family, health, self-care, friends and rest.
You Have Limited Expertise
First-time entrepreneurs rarely start businesses because they are masters at running a company. Most start a business to fulfil a dream, work on their passion, serve others and create freedom and flexibility in their career while being their own boss.
No matter which type of digital business you run, there’s simply no way that you’re ideally positioned to manage all aspects of your company as it grows. If you’re a great life coach, you may not double as a graphic artist, integrator, copywriter, marketer and bookkeeper. If you do, I want to hire you! If you don’t, congratulations! You’re just like the rest of us.
When your toilet starts leaking do you call a general contractor or a plumber? We all want specialists to solve our problems because we inherently know that we can’t do it all on our own. Yet in our businesses we try to do everything ourselves in the interest of saving money. More on that in a minute.
“Saving Money” is Keeping Your Company Small
Would you like to turn your company into a $1 million per year business? Of course you would! So let’s do some math to figure out how you’d achieve that revenue goal.
There are roughly 2,080 work hours in a year. To have a 7-figure business as a solopreneur, your hourly rate needs to be $480/hr. Yet most digital business owners are trying to build out their own Kajabi sites, write all of their own web copy, create their own Facebook ad campaigns and create content that grows their audience and income.
If you’re spending the bulk of your 2,080 hour this year on activities that can be outsourced to specialists in the Philippines for $4-$5/hr, you’re literally costing you company hundreds of thousands of dollars in lost revenue.
2,080 hours per year x $5 per hour = $10,400
Conduct an audit of how you’re spending your time to identify areas that you can outsource to experts and free up your time and energy to work on the Digital CEO-level activities that your company needs from you to become a stable, significant business.
“If you’re spending the bulk of your 2,080 hour this year on activities that can be outsourced to specialists in the Philippines for $4-$5/hr, you’re literally costing you company hundreds of thousands of dollars in lost revenue.”