How to create your dream team
The right hires at the right time to grow your business.
I know from experience that building and managing a team is not for the faint of heart.
There are so many factors to take into account when deciding who, when, and how to hire. Then, there’s the actual management of the people you bring on and the necessary shift in your role in the process (more on these two key aspects of your business in the weeks to come).
I also know that being a fully booked solopreneur with too much on your to-do list is no fun either.
Your attention is pulled in a million directions. You're ping-ponging between trying to build a social media presence, nurturing your email list, rewriting your website, posting on your blog, starting your podcast, hosting exploratory call with potential clients, and actually serving your clients.
At one point or another, you think, “I need help,” until that voice in your head shows up on the regular. And eventually, you listen to it. You realize, “Now is the time to outsource some of what I’m doing to be able to grow my business and still have a life.”
And the journey begins.
Where to start.
Before you dive headlong into hiring a VA (a common first hire, but not always the right one)…
Here are some questions to think about:
How do you determine what the right hires are?
How do you bring them onto your team?
How do you determine if it makes financial sense for your business?
And if you determine now is NOT the right time to begin outsourcing, what can you do to get "over the hump" until you are ready?
The right role to help you scale.
The first decision you need to make is to determine the type of support your business needs in order to grow.
With that in mind, here are the three “buckets” that potential hires generally fall into:
1. Back-Office or Administrative Support
Activities to help your business run internally
Shows up in your P&L under Operating Expenses
Examples include:
Business development support - researching & compiling a list of potential clients, conferences to attend, speaking engagements, media opportunities, etc.
Managing emails, calendar management
Sending contracts, sending invoices to clients, follow up on these activities
Ordering supplies, booking travel, etc.
2. Digital Marketing Support
Marketing activities to grow your audience / attract your ideal client-customer
Shows up in your P&L under Operating Expenses
Examples include:
Creating original social media posts - graphics, captions
Repurposing content across your chosen platforms - blog, newsletter, social media carousel posts, standalone posts, video, etc.
Creating meetings, roundtables, lives - all of the associated activities to make these happen
SEO for your website copy, blog posts, social media posts
Website updates
3. Client-Facing Talent/Resources
Client-facing support that you need to deliver excellent work product for your clients
Shows up in your P&L under Cost of Goods Sold (cost of delivering the service to your client - your "goods")
This includes:
Expertise outside of your core competency to round out your services - all of the services delivered to your client through and invoiced by your business
Talent - additional team members to execute your core competency to deliver your services to more clients
Next, assess the amount and type of support you need.
Based on the stage of your business and your business needs, decide on the amount of support required:
Is this a part-time or full-time position?
If it's part-time, what are the estimated the number of hours per week?
Then, decide on the type of hire. The big questions, no matter the number of hours the individual will work...
Will this be a contractor (1099-based) or on payroll?
If it's not on payroll, will you sign on with an agency/business for the services or contract directly with the resource/talent
If you're contracting directly, make sure your agreements are in place
A part-time resource does not mean that it's a contractor — it could be a part-time, on-payroll position
1099 is most often the way to go when making your first hire, however note:
The IRS and each state (e.g. New York) have definitions for Contractor and Employee (always check both websites before making a decision)
If you think the person is someone you may want to bring on payroll at some point in the future, I suggest you do that from the start (back taxes and penalties are a b-tch)
Go to your P&L.
You need to know your numbers to make the best decision for your business. This is where your P&L is incredibly helpful.
What you should consider:
Your current revenue, expenses, and net profit or loss
What is the cost of the planned hire on a monthly basis?
If on payroll, there are other expenses you will have to account for (payroll taxes and Insurance — WC and DBL/PFL are the big two for insurance)
What positive impact, if any, would there be on revenue?
Ability to take on more clients
Freeing up your time to do more business development
If there is an initial hit to your P&L, what is the amount of time you'll plan for until there is a positive return on your investment?
What if you determine now is not the right time to make the investment?
Going through this process, you may decide it’s not the right time to extend yourself financially. If that’s the case, there are processes and tools you can use while you grow your revenue and bottom line. They’ll help "get you over the hump" to the place where you are ready to outsource and free up your time to focus on your high value activities.
Processes to streamline your operations:
Try not to "touch things twice"
Create templates for repeatable communications and activities
Emails sent during the regular course of business
Business documents
Social posts
Email to your list and blog posts
Use calendar blocking to make the best use of your time and stick with it
Repurpose with purpose
Tools to use to manage your business:
Bookkeeping
Payroll & paying contractors
File storage, collaboration, and sharing
Project management
Business management / CRM
Client communications
Content tools
Video editing and captions
A.I.
When you make that first hire, you’ll be on to onboarding and management of your new team member.
Until next time.
Katherine
p.s. If you need help with this process, book a time for us to meet.
#ICYMI
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On being adaptable in your business - Flexibility is key to success in business
10 business lessons to learn sooner rather than later - From someone who’s been there, done that
The people and how they are led are an organization's competitive advantage. Knowing who you need and having the skills to select well are critical in today's environment.