Captain’s log, stardate 20220919

Hiring Employees Is Not The Holy Grail

This week on TBOA, Rochelle and I debunk the myth that the best/only way to leverage or scale your business is by hiring employees.

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Talking Points

Three ways to scale your business with employees (and when it makes sense for them to be contractors instead).

How to think about and map your monetization strategy when you have employees—and why cash flow is queen.

What to do instead when you think it’s time to hire your first salesperson.

The four steps to creating personal leverage in your core business—with or without employees.

Why your business deserves to be structured so you can live and work in your genius zone.

Quotable Quotes

“Hiring employees is held up like a milestone in the journey of every entrepreneur.”—JS

“Having employees changes how you think about your business day to day.”—RM

“Minimees are inexperienced versions of yourself where you’re gonna mark up their time, bill them out and make the profit off of that.”—JS

“(When you’re thinking of hiring) you first want to map out your monetization strategy.”—RM

“If you’re billing by the hour, just shut this episode off because what we’re gonna talk about next is how to deliver more with less work.”—JS

“You can hire a whole bunch of employees and go broke five times faster than you would otherwise.”—RM

“What would you be considering hiring employees for? It’s always because you think they’re gonna create leverage…to make your business better.”—JS

“I always wanted my employees to make plenty of money because it meant we were all really successful…I paid them based on the outcomes they met, and we could all make a lot of money.”—RM

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Yours,

—J

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