3 Signs You're Ready to Hire in Your Business
"Hire before you're ready."
Many business influencers are giving this advice, but what does it actually mean? How can we hire before we are ready if we have no idea when we will be ready or what that feels like?
That was me. I knew I would eventually have to hire but i had no idea what job to hire for or when I would need them.
Normally, entrepreneurs will feel the pull to hire help once they have completely burned themselves out and realized they are in over their head. That was also me. I knew that I could no longer do it alone. That is usually when we feel the desire to hire, but how do you know you can financially take it on? That is usually what holds most people back.
That is why I want to share with you the three signs you are (almost) ready to hire besides when you feel burnt out:
(1) You have a steady cash flow foundation
Yeah, you knew I was going to go there.
Part of the stress of hiring help in your business is knowing you have the financial foundation in place where choosing to spend money instead of time will not strain your bank account. When you have unpredictable income, the thought of committing to spending on an employee or contractor could be daunting. When you have a steady income stream like a membership income, royalties, rent or other consistent, reliable sources of cash, this eases the mind and the wallet.
(2) You have a clear idea of the tasks you do and how you spend your time
Most people skip this step. Before you make a decision to hire and post a generic job description hoping for a unicorn to appear, take inventory of the ways you spend your time and what can be delegated. What aspects of your day can be transitioned to someone else to free you up? What tasks do not bring you joy and continue to get pushed off? From there, determine which tasks have a consistent process that can be documented in a manual or captured in a Loom video or screen recording walkthrough.
I waited to hire until I make a list of at least 7-10 hours a week worth of items I could think of that fit this description. Trust me, though. Once you get started with someone, you will magically find about 10 more hours worth of work for them to do. You just need enough to get them started for a few weeks.
(3) You have tangible ROI for the new hire
This is where people get tripped up. It's not as complicated as it sounds. What this really means is you can specifically identify how you would RATHER spend your time aside from what you could delegate. Here is an example: Say you spend 2 hours a week on calendar management, sending invites and booking meetings. If you hand this off and it costs you $40 an hour ($80), what could you do that is worth more than $80 to your business? Could you have an additional client appointment? Could you record a training or video that will help bring in leads? Identifying the value that your new hire can bring to you will help you reframe your relationship with them, seeing them as an investment rather than an expense.
When you feel the burnout and feel desperate for help, redirect your focus to these three things so that you are not rushing this process and cutting corners. You want to make sure the person you bring on board is a great fit and a quality investment. You also want to make sure the person feels supported and well-equipped to help deliver value as well.
Looking for valuable resources on hiring help? Check out our upcoming episodes of Keep What You Earn for expert tips and advice!