The First 4 Hires For Your New Business
If you want to grow your new business, you can’t do it on your own. You must have other people working for you. It’s impossible for you to do all of the things that need to get done while still managing the administrative tasks that you hate doing anyways.
For you to see what you should be delegating, write down everything that you do in one day. This will include the administrative items, the technical items, marketing, social media, research and revenue generating activities.
Once you have documented everything you do, mark the items that you LOVE doing. Then, start figuring out over the next year how you can delegate the tasks you don’t like doing, the tasks you can’t do, and the tasks you shouldn’t be doing. This will help you figure out as the CEO what you should be focused on and what you need to let go of.
Here are the First 4 Hires You Should Make in Your New Business:
Hire #1: Bookkeeper
As an entrepreneur, your success is directly related to how well you keep track of your personal finances.
When you’re worried about personal finances, the stress eats up all the energy and focus you need for your small business. You can’t successfully run a business while constantly trying to put out fires someplace else.
There was one tax year where I spent two entire days putting together the expenses for the entire year so I could file on time. I was so busy trying to make money that the entire year I didn’t track my business expenses. It was after that year I vowed I would never do that again.
One of the best steps I made very early on was to separate my personal income with my business income. I went to the bank and got a debit card specifically for my new business. Then, I felt like a real business owner, and tracking was much easier, but I still was not looking forward to tax season. So I went ahead and made a scary hire. I hired a bookkeeper and let someone see my finances. I felt so small in the beginning because I was barely making anything but once I hired her my income steadily rose.
Treat yourself like a business. Separate your business and personal income and hire that bookkeeper. My bookkeeper now sends me reports monthly. She also sets up monthly meetings and helps me get prepared for taxes. Everything is done virtually, so we don’t even have to live in the same state.
Hire #2: Virtual Assistant
When I was overwhelmed trying to get my new business off the ground while I still had
one two full-time jobs, I turned to outsourcing. I used a company that offered training on how to hire virtual assistants from the Philippines. They also had a job search website that allowed me to post a job description and sort through job applicants.
There was a lot to learn about delegating, but it was the best decision I have ever made. I lucked out and the first girl that emailed me back, I hired and she has been with me ever since. Lor rocks, and I hope you have as good of a virtual assistant experience as I have had.
The most important thing is to try it. Delegate your administrative tasks, work on revenue generating items, and you may be surprised at how amazing your VA replaces you. I know it’s hard to let go when you think you can do it better than anyone else, but I was surely surprised. I am amazed when I get things back from Lor. She does so much better than I could do and I can focus on tasks in my business that only I can do.
[Related: The Top 10 Tools That Make My Business Run Smoothly]
Hire #3: Lawyer
I am not a lawyer, so I can’t provide you with legal advice. You will want to seek legal advice to ensure that your new business is obeying all the rules. Your first steps are registering as a business and meeting your local requirements. If you sell products, you may need a seller’s permit, and you may need liability insurance. There may also be federal and IRS requirements you want to check on too.
You may also have to protect your property with copyright, trademarks, patents or non-disclosure agreements. Also, since you may still be working a day job while you get your new business off the ground, I would recommend discussing these implications with your lawyer as well.
It may seem like a lot to tackle but don’t let this stop you. Seek advice, so you don’t have to worry. I realized that once I did, I could focus on the things that truly mattered in my business instead.
Hire #4: Project Manager
A project manager will make your life easier. A person in this role will translate the goals you have into daily tasks. They will keep the ship floating, so you don’t have to worry about the details. You will work together to create a plan, and the project manager creates the to-do list and solves the problems that often would get you, Ms. CEO, off track.
This will dramatically change the quality of your work and your ability to focus on revenue generating items and items you LOVE to do. The project manager drives the deadlines and tasks so you can just focus on the big picture of running your company. This should be a goal you to strive for and put into your long-term team planning.
Which of these Fab Four do you need on your team now?