Want to get more help in your business? Thinking about hiring your first team member but finding yourself short on funds?
This is the episode for you!
Here for the links referenced in the show notes?
160: What I do when money is tight or my income drops: tashcorbin.com/160
169: How to overcome a business growth plateau (it happens to us all!): tashcorbin.com/169
181: Fast-tracking your business income growth: tashcorbin.com/181
Fast-Track Your Start-Up free training: tashcorbin.com/fasttrack
Watch on or read below…
Let’s face it: when you’re in business, your income isn’t necessarily predictable.
It can be very difficult to commit to having a new team member or increasing their hours. But the reality is that in order for us to really leverage our time and to ensure that we are staying in our zone of genius as much as possible, we cannot do everything in our business.
We need to outsource some parts of our business in order to free up our time so that we can focus on those important activities that others cannot do.
Here are five tips to help you prepare and feel ready for that commitment to having some support in your business, even when you’re low on funds.
1. Analyse your actions closely
Chances are, some of the things that you’re doing in your business aren’t high return on investment for your time – especially the things that are nice to have, but aren’t necessarily growing your business results quickly.
Maybe there are things that can wait until you’ve really focused on and developed that sustainability, predictability and profitability in your business. Go through the list of things that you’re doing each week… Maybe even spend a week doing a detailed time-and-motion study – set an alarm to go off every 20 minutes, and simply note what you’ve been doing for the last 20 minutes whenever the alarm sounds.
Take a good look at it and work out where you can stop doing things first and foremost.
It can save so much time, and it can also be a great list of tasks for your first hire.
2. Set a goal and bring in the money
When I decided I was ready for a more permanent assistant in my business, I knew it was going to be around $500 per month.
I decided to set a goal of bringing in $10,000 so that I could set that money aside and cover my expenses for at least 10 months (once tax and other money was set aside).
This strategy helped me to know that I had the money and the financial assurance for me to be able to pay them. I’ve talked previously in podcast episodes about having a strategy and a step-by-step process for manifesting short term income in your business (check out episode 181, episode 169 and episode 160).
If you want a support person, get out there and make it happen. You got this!
3. Start with more strategic support
If you’re really struggling financially but you know that you need some support, remember that it doesn’t have to be lots of hours straight away. Why not start with someone at three hours a week?
I see so often people go all or nothing. Why not start with something incremental?
There are plenty of assistants, team members and project-based peeps, who would be willing to help you for a few hours a week at a very reasonable price.
This is also a great strategy because you can gradually increase hours as well.
I would much rather see you start with fewer hours, even if it means paying someone a higher rate.
Hiring a more advanced assistant/specialist but for fewer hours often can end up being cheaper overall, and be an easier start to outsourcing. When I’ve hired in specialist support at a higher rate, the work gets done quickly, the person is a self-starter, and generally, I don’t need to be as involved in tasking them.
Also, they don’t just do what I ask, they also feedback to me where they can make improvements, so I get a better return on investment for the money that I’ve spent with them.
Hire someone for fewer hours and you might just be surprised at how much it takes the pressure off you!
4. Batch it
I go in and out of batching phases, but I know that it’s a smart strategy – especially when working with someone else.
Instead of hiring someone as an ongoing team member, bring them in on a project-only basis. That way, you don’t need to have the money to keep them on as a team member, and you can be really clear about your budget upfront.
If you’re going to batch up six months of content, don’t hire someone until you’ve recorded it all – that way you can hand it over as one big project, give them a budget and a deadline, and it’s done.
Not all team members need to be ongoing. Have a think about some short term projects that you could afford and start with!
5. Make outsourcing your new normal
This tip is a blunt one: Just take a leap and commit.
As I said, it doesn’t have to be an ongoing relationship. I’m not saying that you need to sign up to pay someone $1,000 a month when you’re not sure you’re going to make enough money to be able to pay them. (I think not paying your team is one of the dirtiest things you can do, and I have heard some horror stories from my own team members that make me so cranky.)
Make sure that you are able to pay your team, then go for it.
If you don’t have the predictability of income, then do it on a project basis instead, or in a way that is really affordable for you. Spend a month saving, and set yourself up.
Three hours a week can be very affordable, and it can be very cost-effective.
Let’s do some maths: For a good high-level VA, let’s say it’s $50 an hour. For three hours a week, that’s $150 a week.
How many client sessions do you need to sell to cover that cost? How many VIP packages do you need to sell in a month to sustain $600 a month?
Probably one (or less!) VIP package a month… Am I close?
And now, how many more clients could you bring in if you were able to free up three hours of your time, and get those important activities taken care of for you, every single week? What income-generating activities could your assistant do, or what income-generating activities would YOU be able to focus on, if your assistant was doing the other stuff?
Sometimes it’s just a matter of making that commitment, and getting out there and manifesting the money and making it work for your business.
For most people the biggest block to hiring someone isn’t the money, it’s the mindset. Because it’s saying ‘I’m in this business now, seriously’ Now there are other people involved in this process. That can be enough to really mess with your mindset, so check in with yourself about what’s really stopping you.
Eesh! Was that a bit ranty? I’m curious to know your thoughts or if you have any questions!!! Come on over to the Heart-Centred Soul-Driven Entrepreneurs Facebook group and let’s continue the conversation. Post using #podcastaha and the episode number (183).
Want to get even more support to fast-track your business growth? Join my free training any time: Fast-Track your Start-Up – it’s full of practical strategies and tips to make more money, fast!
Until next time, I cannot WAIT to see you SHINE.
