4 Signs You’re Ready to Make Your First Hire
The majority of the clients that BizMagic supports are solopreneurs. Solopreneurs, if you don’t know, are entrepreneurs who are doing it all on their own!
One thing almost all solopreneurs have in common is that there will come a time when they hit a wall in their growth because there is only so much they can do all on their own. Whether it’s time, technical skills, know-how, or anything else, they realize they need help to scale their business.
Now if you’re on the newer end of the online business world, you may not fully know what it means to “scale” your business.
What is scaling in business?
Essentially, scaling is growing your business – serving more people and bringing in more revenue.
It’s important to remember that with all things in business, scaling looks different for everyone. For some people, scaling may be creating more passive income. For others, it’s signing on more clients. And others still, instead of signing more clients, scaling is wanting to sign higher-paying ones.
In my business, for example, scaling was growing a sizable team while serving additional clients. And it’s expanding the types of services my business offers.
No matter what scaling looks like, in most cases, scaling successfully eventually requires you to hire help – a coach, a virtual assistant, someone of the caliber and type of work you do, etc.
The question becomes…
When is it time for you to hire for your business?
Good news! As someone who runs a business with a full team and has worked with a couple of hundred solopreneurs like you, I’ve got an answer for you.
I’m here to share the four signs I suggest you look out for that will tell you it’s probably a pretty good time to hire some help!
1. You’re burned out trying to juggle it all
It’s no secret that as a business owner, you likely wear a lot of hats; it pretty much comes with the job description. But imagine running a corporation and trying to manage ALL the different departments at once — product development, marketing, sales, customer service, finance. Learning how to run the varied components of your business is important, but not sustainable long term. No matter how many courses you take or the time you have, no one is meant to juggle it all forever.
Also, the idea that you should know how to do all of these things on your own is not only unrealistic, it’s rather absurd and often holds solopreneurs back from hiring the help they need when they need it.
Signs this is happening to you:
You’re working 40+ hours a week and not making a dent in your to-do list
Your business feels chaotic and unorganized
You repeatedly forget to do important things like follow up with a new lead or send an invoice because you’re overwhelmed with too many tasks (thus leaving money on the table)
You feel like if you take time off, your business will fall apart
You’re starting to dread doing the work you were initially so passionate about
Possible Solutions:
Typically, the most simple and affordable place to start is by hiring an assistant. You may have heard the term “Virtual Assistant” (or “VA”) being thrown around in online communities. Finding a VA can take some tasks off your plate and free up your time, allowing you to start getting your bearings back and giving you some breathing room.
If you feel like you need more, an Online Business Manager (or OBM) may be the solution. An OBM can come in and handle things like the day-to-day operations of your business, support you with strategy, client communication, documenting your procedures, and much more.
2. You’re putting in more time but aren’t making more money
If you're not spending at least three-quarters of your working day on income-producing tasks, you’re leaving money on the table.
As the CEO of your business, you’re responsible for creating the big-picture vision that will lead to long-term growth. Basic or repetitive tasks like admin work, sending emails and managing your business' back end limit your ability to focus on other important aspects.
Signs this is happening to you:
You’re spending a huge chunk of time checking and replying to your email, and not getting income-producing work done
You spend hours trying to figure out how to use a tool or platform or working with a platform you dread
You’re doing a lot of manual tasks you know could be automated but you aren’t sure how to do it
You have a lot of ideas for bigger projects, but they always get put on the back burner or left for the last minute
You don’t understand where all your time is going each day
Possible Solutions:
Hire a systems expert who can set up systems to automate manual and repetitive tasks, get a tool up and running, or create customized video tutorials of platforms. This will save you endless time and change the game in your business!
Find a VA to whom you can delegate tasks you no longer need to do because it can help you focus your time in the areas of your business that create impact for its growth.
Invest in software that can automate more things (scheduling tools for taking meetings or publishing social posts, etc.). Just as there are apps for everything, there are tools for pretty much anything you can think of in your business. When you find the right tools for your specific needs, your business begins to run more smoothly and you buy back much of your time.
3. You’ve hit client capacity but want to take on more work
We all dream of getting booked out in our business, but what happens when you’re fully booked and have to start turning down clients? You have two options: You can either begin a waitlist and hope that they remain interested once space is available, or you can hire help and increase your capacity.
Important note here: it is 100% ok NOT to want to scale your business. If you are fully booked and are comfortable with your revenue and current biz size, congratulations!! But if you are hitting capacity but not making the money you need or want, or you have more that you want to do in your business, it may be a great time to start that scaling.
Signs this is happening to you:
Your time is maxed out, and you can’t take on any more clients
You have to say “no” to opportunities that excite you because you don’t have space in your calendar
You’re losing referrals because they’re no longer interested once you are available
Despite your full schedule, you’re not yet making the kind of money you need to be fully self-sustainable or the money you simply want to make
Possible Solutions:
This is often the point, especially in online businesses, where business owners begin to visualize and create group programs, courses, retreats, etc. Depending on your type of business and what you offer, this may be a really great option for you. Brainstorm different ways people can work with you that don’t require more of your time. Hiring a coach or strategist if you feel stuck in this scaling stage can be especially helpful.
Hire an OBM, higher-level VA, or agency/team to whom you can delegate client work so your business can help more people. You may not need to do every aspect of client work and may be able to train someone to do some of that work.
4. You want to expand your offers
Chances are you started your business because you’re really good at something. The most exciting feeling in the world is being able to help someone by doing what you do best. But what about when they need help with something you don’t know how to do? If there’s something in your business your clients need help with that you aren’t an expert at, hire someone who is. This is a great way to expand your offers and provide more value to your clients.
Signs this is happening to you:
You have clients requesting services that you don’t offer but would like to
You’ve thought of a complementary service that could help elevate your clients’ success and experiences, but it’s not something you want to or know how to do yourself
You’re trying to provide services you aren’t great at and wish you could delegate them to someone who is
You want to keep clients in your business instead of referring them to someone else
Possible Solutions:
Make a list of services your clients could benefit from that you don’t currently provide or aren’t great at. Build a team of specialists who can provide those services so you can expand your offers and increase your client retention rate, your clients’ successes, and their overall experience with you.
When you go this route, you can either white label these services, have the specialists become a part of your team for an agency-like experience, or create a referral partner network where you share percentages of referral income.
No matter where you fall in the list above, if you’re feeling overwhelmed, burnt out, stretched thin, ready for new growth, or have other exciting ideas you can’t execute on your own, it’s very likely time for you to hire.
Take the time needed to decide the kind of hire you need, and then dive into the actual hiring! And if you want some help with that, check out my free guide on the How-Tos of Hiring For Your Team!
