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Another great question from our Blackboard Fridays viewers - how do you know when it's time to hire your first team member?
Did you know that half of all registered businesses in Australia DON'T reach the stage where they hire somebody? In this week's episode, I share the key considerations you need to think through before you take that plunge.
And SPOILER ALERT there's no single, right answer. How quickly you hire your first staff member depends on how confident you are about your forward revenue, and how scared or relaxed you want to feel on your business growth journey.
Ultimately, if you're considering it, it's probably time to take the plunge (and more than once - I share the secret target number of staff that I see many small businesses being most profitable at). You were crazy to start your own business in the first place - and it's that risk taking approach that will determine the ultimate success of your enterprise. Taking a calculated risk about when to hire your first staff member is just the next jump you need to make.
I hope you enjoy this week's episode - and please, keep the questions coming.
Take 5 minutes each week to focus on your business instead of dealing with the demands of working in it.