Hiring Budgets Review
Any aha moments from this session? Sharon? Big time for me because I'm been thinking about myself as a solo-preneur and that's why I've been stuck. When I first saw this class, I thought, 'oh I'm probably not ready for that,' but actually I've needed this class more than just about anything else. (laughs) Thank you for saying that (laughs). I've gotten some comments around some of the marketing that I've done around this class. Why are you being so hesitant about talking to people about hiring? It's for that reason. We've got this idea in our heads that we're not ready for this or that sounds great, I'm so glad Tara's doing that. It'll be there when I'm ready. No, no, you need it before you're ready. You need to organize properly before you'll ever be ready. That's what I'm getting out of this class. I've organized my business in a way that it can't grow, and I need to change that tomorrow. Yes, that is exactly, exactly right. If you feel like your business can't grow, it's probably be...
cause you've organized it in a way that will not allow it to grow. Even just starting to run some of these numbers shows you a much quicker path. A much more viable path, something, these numbers might be scary and at the same time, you might feel yourself being like, (deep inhale) I can do it. Take some time, run some numbers, do the math, and allow yourself to have that sigh of relief. You don't have to do this alone. You don't have to do this with help that you can't rely on. You can absolutely do this with a team of supportive people or even just one supportive person who can get you to that next hurdle. Then you can come back, we can talk about these things all again and you can get past it to the next hurdle and the next one after that. Speaking of that exact thing though, I want all of you to think of anyone you hire as an opportunity to earn more revenue. New hires are not an expense. They are a way to earn more. New hires are not an expense, they're a way to earn more. If you're not hiring with making more money in mind, you're not doing it right. (chuckles) Even something like a bookkeeper. My financial guys are not, they're not creating value for my clients. They're not directly tied to more revenue, but hiring my financial guys that evolved finance allowed me to make more money because now I knew everything there was taken care of. It let me focus on, oh, they're telling me this stream of revenue is where the money's coming in. This is what's most profitable, I'm gonna focus on that. Or just the piece of mind that that's taken care of, that I don't have to worry about that piece allows me to generate more revenue. That's on the far extreme side of hires that are not revenue-generating. If you hire an admin person, if you hire someone for value delivery, your client success managers, that would be a value delivery person. If you don't have to do that stuff, what else can you do to generate more revenue? Megan, I'm going to assume that if you have this client success manager, you're gonna spend that 20 hours a week that they're working on marketing. You're gonna go out and you're gonna find those 30 clients. Even though that person is not directly, they're not a salesperson, they're not a marketing person, which is where a lot of people think to hire first, that's creating the space that you need to go out and find those people. It's also creating the capacity for them. I personally believe that when we create the capacity, we're more willing to do what it takes to go out and find the people to fill that capacity. We can make it wider and do it again, and make it wider and do it again. How else could you hire someone or how else have you hired someone to make yourself more money, not less? Berrill? With my photography classes, I was spending a bunch of time in Facebook groups. Just constantly giving photo feedback and connecting with people. We're very community and connection driven. I knew that I needed to spend more time on the marketing piece, so I hired Jen so that she could go into the Facebook groups. She's a past student of my classes, she's an alum. She knows how to give the correct feedback on brand and so that's what she did. That made it so that I could go market and find more people for our classes and one-on-one offerings. Beautiful, thank you. Anybody else have an example of hiring to make more money? Shelly? I hired a writer to write me some pitch letters because I didn't have the time and I needed to fulfill this job and this contract that I had with another client. The pitch letters came in and then we were able to go out and fulfill the promise that I had made this client. Now he's kept me on for a longer retainer which means now I get to keep that writer writing. Nice, that's awesome. Yeah. I hired Shannon back in late May, early June of this year. The reason I hired Shannon was so that we could create the capacity at CoCommercial to support the growth because I know me. I will self-sabotage myself if I don't have the capacity to fulfill the promises that I make. I wanted to create that capacity inside CoCommercial so that I could say, 'alright, we're gonna onboard 100 new members this month, 200, 300 new members this month.' That's why we made the last two hires that we had as well. Each one of those people, even though they're not out there making the money, they're not even tied really to marketing and sales, by virtue of them creating capacity for me, it allows me to use that skill of sales and marketing to bring more folks onboard. It can absolutely work the opposite way as well. You might actually go out and hire a marketing person or a sales person. That could be contract or it could be employed. Those people could generate revenue for you for you to do the value delivery on. Nothing wrong with that either. I just want to show you that every hire can free you up in one way or another to make more money, even if that hire isn't specifically someone whose activities are revenue-generating. How could you personally hire someone to help you make more money, not less, and not leave you with less? What is it, what could your next hire be? What is your first hire maybe and how is that person gonna help you generate more revenue? Shelly. I find that I'm really great in-person once I meet somebody, but doing the cold-calling is really, really painful for me. So I've now hired someone to help me market my commercial photography business more by making the phone calls and setting up the meetings for me. Then I can show up where I show up best, which is in-person. That's awesome! Fantastic.
That's the person I want. Yeah. (woman laughs) Almost a promoter for you. Yeah. Somebody who does the outreach and finds new opportunities of people who would be interested. Awesome. How 'bout Melissa? (sighs) The things that I could use the most help with are the admin stuff and the logistical things that like tie my brain in knots. I guess the implementation and I guess the integrator role. That's where I could really use help to free me up to do the visionary and the face-to-face stuff, where I really shine. Kinda carving the middle out of your business right now. Oh my God, totally. Yeah. Cool, cool. Who else? Megan, we've got you. Berrill, who are you gonna hire next and how are they gonna help you make more money? Oh, you're just gonna re-hire. (women laughing) The interesting thing, The interesting thing in looking at Megan's example was realizing I can probably promote Jen, give her more hours for not a lot more money but a little bit more. (women laughing) You're welcome! I am creating jobs here left and right. Mission achieved (laughs). And just seeing the possibility in giving Jen, instead of being just a contractor who's doing random things for me, giving her more ownership over her role and over her position in the entire brand and the entire mission. It just, it makes me want to cry. It's so exciting as women run businesses who are hiring other women. Literally, I'm tearing up, it makes me so excited that we can be doing this. It's amazing. It is so much fun to be a job creator. It's so much fun. This is why we do this, right? This is why we do this. We could do this work for somebody else but if creating that kind of opportunity for yourself absolutely and for others isn't part of your mission, I don't wanna say that you're in the wrong business 'cause I don't think that that's true, but at the same time, I wanna invite everyone to reconsider that part of why they started their business. That's why we started where we did with the very first lesson too because so many of us, certainly not me, was thinking about hiring people when I started my business. I wanted to be a blogger. (women chuckling) I wanted to be a blogger, and I wanted to add a couple hundred dollars to our family budget every month. But the more I've been in this, the deeper I get in, the stronger I feel my personal mission and the mission of my company, the more I wanna be a job creator. Also, the more I know that's gonna personally enrich me as well, both financially and personally. This is a really exciting time for all of us. This is what I talk about when I say I wanna turn today's small business owners into tomorrow's economic powerhouses. You don't get that kind of economic power, that kind of influence in your community, that role as a leader, just doing the work. You get it when you're a job creator. You get it when you're creating opportunities for others. You get it when you decide to step up and the cost of that is not as high as you think it is or that you worry that it is. Just with a small recalibration of your business budgets, with your P and L, talking to your accountant or your bookkeeper a little bit, making sure you can make the numbers work and that you do feel comfortable working a little bit ahead and taking a little bit of a risk. You absolutely could step into this so much sooner than you thought you could.