How to Build a Team Without Losing Income
I received an important question recently from Suzanne who asked…
How do I make sure my own income doesn’t backslide too much while I build a team?
Eventually, you’re going to get to a point where you just can’t continue to do everything yourself in your business. You need help.
Having a team is a great way to take some things off your plate so you can focus on growing your business… but what’s the best way to do that without cutting too deep into you own income?
Watch today’s video for my answer…
It is totally possible to Hire someone! You just need to plan for it…
They key is to make sure you only spend the Cash you are netting to bring on a new hire. You don’t want to go into debt to do this.
You can hire people a few ways…
Set a Growth Goal for yourself and use the Extra Income to pay for your hire. For example, if you are making $10,000 a month, aim for $12,000 before you drop the hammer and hire someone.
Live Below Your Means. This means living on less money than you make, both in your professional and personal life. Also make sure you save as much money as you can in your business, and put that extra cash into a Rainy Day Fund.
Every business needs a Rainy Day Fund. The reality is that it’s not a matter of “if” your business will need the extra cash…it’s a matter of “when.”
Hire with your Cash Reserves. Don’t spend money you don’t have on a new hire.
You’ll also want make sure that anybody you bring on is a Revenue Producing Employee. This is especially true if you are 6 or 7 figure business. It’s best to Justify a new hire by making sure they bring in a solid ROI for the business.
Building a Team, or hiring one person should all be viewed as an Investment that Pays Dividends.
What do YOU think?
What’s been your experience with adding team members in your company?
How do you go about planning for it?
Let’s talk about your thoughts & questions in the comments.