When is the best time to hire a team?
- 1 When is the best time to hire a team?
When is the best time to hire a team?
When you first start a business, chances are, you are one person. You’re handling the sales, you’re handling the marketing, you’re handling the administrative duties… whatever and everything that happens in your business, you’ve got it.
But if you want to be successful in business, there will come a time when you realize that you can’t just be one person. The most successful entrepreneurs are the ones who stop trying to do it all in their business and hire the right team to take their business to the next level.
It’s no secret that the right team can be a game changer for your business. But what To be A bit more of a mystery is how and when to hire that team. What kind of support do you need? When is the right time to rent? Does hiring a team justify the cost?
This may seem a bit overwhelming, but figuring out how and when to build the right team for your business is actually quite simple. Let’s see how to determine if and when you need virtual help (and what kind of help will make the biggest impact in your business).
How to determine if you’re ready to build a team
First things first: how do you know when you’re ready to be a team? Here are some big clues.
You don’t spend time on profit-generating activities in your business.
There could be a lot of reasons why you started a business, but making a profit is definitely high on the list.
If you want your business to make a profit, you need to dedicate your time to doing profitable activities. But the truth is, not every task in your business is profitable. When you run your own business, all the necessary but unprofitable tasks — like administrative work, invoicing, scheduling, and research — fall on your shoulders.
Check how you spend your time. Do you spend most of your day doing things that don’t generate cash for your business? If so, it’s time to consider hiring people to do those jobs — so you can focus your time, energy, and attention on the areas of your business that will pay off.
You feel completely exhausted.
At some point, you – like every entrepreneur before it – will come to a fork in your business. You are working around the clock trying to get your job done. You feel chained to your desk. You are tired, you are frustrated and completely exhausted.
If you’re dealing with dreaded burnout, you have two choices — you can push and run yourself (and your business) even further. or you may have a flash and realize if you want to keep your business running, something needs to be done.
And “something” is hiring a team.
Your business cannot succeed if you are completely exhausted. Feeling completely overwhelmed and exhausted by your business is a surefire sign that it’s time to form a team.
You are generating enough income to cover your basic needs.
One of the biggest areas of team building that entrepreneurs struggle with is income — how much do you need to earn to hire a team?
The answer is: less than you might think.
How much is “enough” is a bit of “which comes first: the chicken or the egg?” the script. Most entrepreneurs think they need to bring in a lot of cash before hiring anyone, but the truth is, the key to bringing in lots of cash is hiring the right team. When you have the right team, it’s much easier to scale your business — and increase your bottom line as a result.
But hiring a team is (obviously) not free. There’s a threshold you need to pass before you hire, and that’s what I like to call the “threshold”. Once your business generates enough income to cover your essentials, you can reinvest any additional income into hiring the right team. This will free up your time and energy to focus on taking your business to the next level — and the money will follow.
If you haven’t been there yet, don’t worry! Focus on getting your business where it brings in enough cash to keep you afloat — once you’ve got that, you can focus on building your team .
How to determine who to hire
Once you’ve identified the right time to build a team, then comes the next challenge — figuring out the type of people you need to hire to have a real impact on your business.
The position you should fill first will completely depend on your business and how you spend your time. The right hire will be the one who can unpack everything for you and free up your time to focus on generating more profits and taking your business to the next level.
So what’s the first step to figuring out who to hire? Figure out how you’re spending your time.
Use one time tracking apps like Toggl to track how you spend your time in a week. Then, at the end of the week, review and identify any areas that are taking up a lot of your time. Are you spending a frantic amount of time researching or responding to emails? Then hiring a virtual assistant to handle administrative tasks is a right move. Are you spending hours every week trying to update your website or figure out your CRM software? If so, a tech assistant is probably a good choice.
The point is, the right hire for you will be someone skilled in getting things off your plate — and the only way to identify that person is to figure out what to do off your plate in the first place. .
When you first start your business, it can be a challenge to determine if you’re ready to hire a team — and if so, who is the right person to hire. But now that you have the information you need, it’s time to assess where you are in your business — and whether the right team is standing between you and the success you deserve.