Each month on the first Tuesday of the month, Shed the Bitch Radio is all about your career, business and life questions, stories and challenges.
This week I was asked – I’ve been working for myself and alone for awhile. How do I know if it’s the right time to hire someone?
First… ask yourself the following questions:
- Do you need or want to make more money?
- Will hiring someone make or save me money?
- Are there skills I need that I don’t have?
To determine which activities need to be delegated, hired or even deleted from your list: Take 1 full week, 7 days, and track EVERY personal or professional task you take time to do within your 9:00-5:00 work day OR the core hours your potential customer is available to buy your products or services.
Those hours are considered your REVENUE GENERATING hours when you should ONLY be prospecting, marketing or selling your business.
- From the above list, anything that is not prospecting, marketing or selling your products and services should be delegated, hired or deleted. Note – all personal tasks or errands should be done during your NON-Revenue Generating hours. This is a MUST DO.
Then, use the following formula to determine which tasks on the final business list are of priority to delegate, hire or delete (from your do’s):
- Know your HOURLY VALUE, which is the amount of $ you could earn each hour when focused on prospecting, marketing and selling your product and services.
- Take 2080 Hours which is the total number of hours there are in a Work Year… and DIVIDE it by the Total Gross Revenue you want to earn in that year, i.e. If you want to earn $100,000 and you have 2080 hours to do that, your Hourly Value is $48.08/hour.
- Now, look over your list of tasks you MUST do within your Revenue Generating Hours, and identify those tasks that are LESS in value than your Hourly Value, i.e. If you spend 2 hours in a day doing social media yourself, that tasks takes you away from earning $96.00 from those same hours. You find that you can hire someone to do your social media for $15/hour or spend $30 for those 2 hours. This tells you that you should delegate or hire someone as you are losing the opportunity to make a profit of $66.00 ($96.00 potential revenue MINUS spend/cost of $30 for the hire).
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