How do I know when it’s time to hire?
In this episode, we’ll be looking at how to know when it’s time to hire in your small business.
I’ll run you through questions you can reflect on to determine whether now is the best time. It all comes down to the type of business you want to grow.
We’ll explore the different business models you can use to find where your priorities lie and what your ideal business looks like.
So, ask yourself where is your business right now and where would you like it to be?
After listening to today’s episode, head over and check out my free minicourse ‘Time To Hire’ to help you feel confident in your decision.
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Check out my free minicourse Time To Hire here!
Website: https://www.zenithjourney.com/
LinkedIn: https://www.linkedin.com/in/katepeardon/
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004 Small Biz: Time to Hire?
Welcome to episode four of the podcast today's episode is all about. Is it time to hire? And this specifically is an episode for a small business owners. But if you don't have your own business, you might find it interesting to listen anyway, because there's always leadership tips that go across all industries and business sizes.
So it's something people talk to me about is how do I know when it's time to hire. And I like to talk to them about backing up the bus a little bit, and there's a few questions you need to ask yourself first. The first question you need to ask yourself is what is the purpose of your business.
So before you're hiring and putting on staff whether that's your first team member or further team members, is to understand "why is my business around?" is it so I can make a difference is it's so I can have an impact on people within the industry is that so I can get more freedom or flexibility.
And really understand what it is that your business is there for. . Because I find that people can go to hire someone. But really, if they're looking for flexibility, how are they in who they hire that doesn't fulfill that for them. So the first thing decide what's the purpose of your business, is it to get freedom from the corporate world? Is it to have a positive impact? Flexibility to run your own schedule to create a legacy, to feel. Inspired or perhaps it's something else. So once you've thought of that. The next thing is to think about what does your dream business look like.
And there's three different models. I want to talk to you about. This is more specifically for service-based business, but can also be for product based businesses. Now the first business model is the model I call "solo". So in a solo business, you manage every aspect of the business. You don't rely heavily on delegating tasks to others to get things done.
You're solely responsible for producing and delivering. The products or services that are offered to keep your business afloat. Often, this might be where businesses start. , and you can. Get to a point where you think, should I be growing my business or not? And if you understand the question that I asked before, what the purpose of your businesses, it will help you to understand where that you want to be in the spot of a solo business. Or perhaps you're looking at one of these other two business options.
The second business structure is the hero. You are the CEO of the business. Business you are the face of the business. You do client work yourself, but you also have a team that makes the business hum. So you might think about marketing, systems, accounts administration, online courses, programs, client for client inquiries and things like that.
You might have a team that also do client work, but it always goes back through you as the main point of contact for the client.
When you have a hero business model scaling looks more like digital products more so than getting more clients because you only have so many hours of the day. So that's the second business model structure. The hero structure. The third business structure is the agency. And this is when you're the CEO of a team of competent people.
Who have their own clients that they work directly with. And that is all within your business. You might help them or oversee them with the clients. But they have the direct client relationship. You might lead the business in the day to day, or you might be to the side of the business and not involved in the day-to-day client work.
So have a think now, where is your business at the moment? Are you a solo, a hero or an agency. And where would you like to be? If you're a solo maybe you're happy with where that is or maybe you're wanting to move to this hero idea where you are the face of the business, and you have people within your team to make that work.
That's the structure of my business. I am the person on the podcast. I'm the person that does the client work, but I have a whole team of people. That help the business hum. You also might be at a hero point and you decide you want to move to an agency. Agency, or you might be happy with a hero. If you move to an agency it's about bringing on skilled people that can work directly with your clients when you scale. Uh, business in an agency format, you bring on people alongside. And you and with each of those people then have their set of clients. So it's a way to scale when you scale on the hero format, it's all about the one to many idea to one person doing a podcast that goes to many people or an online program that goes to many people. You could also have business structure and decide that that's actually not what you want. I know a lot of my clients have been an agency idea, who've gone into the thinking that they need to grow their business.
And put on more people because that's the idea of success, whether that's their. Idea of success or somebody else's or how they've come across it. I don't know. But there have grown a team and realized that's actually not what I want, I don't want an agency business. And they decide. To change to either a hero business, whether the face of the business and they have people around them.
Or scale it to being just a solo where they are in. The work each day. So when you're thinking. About what you wanting to do here? Have a look at these three structures. Because when you're thinking, if it's time to hire, you need to. Know, whether you want to have a solo business structure, a hero business structure, or an agency structure, because that will give you the key of what type of person you want to hire, and if it is time to hire. If you found this interesting, there is a free mini course on my website called "Time to Hire?", and it takes you through five questions to ask yourself before hiring your first or next team member. I've spoken to you today about the first couple of questions.
The first question of finding what the purpose is. And the second question, which is. Is working out what your dream structure of your business is.
So if you're interested in that it jumped on the show notes and you can get the link for. For that online mini course, it also comes with a 24 page workbook. That you can do, or you can go and and watch this more videos as five minute videos for each of these five questions. So you can get through this mini course in 30 to 45 minutes. And it will help you to decide if you're ready to hire your first or next team member. Thanks for tuning in today.