For a long time, I resisted hiring in my business. I wanted to do everything myself.
If there was technical work to be done, I would teach myself how to do it. I built websites myself, and I even tried to work out how to use Photoshop.
After a while, I realized this was no way to build my business. I had to stop trying to do everything myself and be willing to hire staff.
In this video, I explain why.
ARE YOU REALLY SAVING MONEY?
By learning technical skills and handling them myself, I thought I’d be saving myself money. If I needed a logo, why pay $200 for a designer if I could learn Photoshop and make one myself for free?
In December 2011, my company experienced its biggest month yet. I brought in $45,000 in revenue, which was a serious amount of customers who needed to be served.
I debated whether to hire a customer service rep for $15 an hour. That would amount to roughly $350 a week or $15,000 a year.
I reasoned that I could keep that $15,000 a year in my pocket if I handled the customer service myself. But after several months, I realized that I was costing myself 3 hours a day.
THE ONLY WAY YOU CAN SCALE
To scale your business, you need to work on tasks that pay greater and greater average hourly rates. These include selling, marketing, writing emails, planning new products and marketing campaigns.
Because you’ve only got so many hours in a day, you need to offload the tasks that pay only $15 an hour. This will enable you to scale your business to approximately half a million a year, at which point you will need to hire managers.
For example, after the events team at MOBE outgrew 25 people, it became too big of a job to manage it myself. At that point, I hired a manager to manage that team.
Now, those people report to their manager instead of to me. For the most part, the team now runs itself without my involvement.
The MOBE Titanium Mastermind goes into more depth on this topic. Members learn how to start hiring and scale their businesses through successive revenue ceilings. To learn more about the Titanium Mastermind, click HERE.