3 Tips: How to Hire Good Employees and Build a Team as an Entrepreneur

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– [Moderator] He has a two part question. – Ya. – My question is when do you
look for your first employee and find continuous work for them? And the next part is, how
much money do you put aside before hiring your first employee? (upbeat music) – So, Tyler, I mean that's
a great question and again I see you've been liking
and commenting on videos so I appreciate you doing that for being loyal and also
getting value from the videos. Anytime you engage with the videos you or otherwise anyone
else in the community, I definitely appreciate
you guys doing that, it shows that you guys
are paying attention. And that's something I
don't take for granted. So to answer your
question, I would say that it depends on the stage
of your business really and the resources that you have. When I start on business, when
I was doing my first 100k, I used that money to
basically fund marketing. I was the one man army.

This was a long time ago, this
was more than five years ago. And so I just started to do
that, and then I focused on generating that cash flow,
generating that revenue, learning the experiences and the lessons. And when it got to a point
where I think I was at I was doing about, almost
at a million dollars, it was 900,000 dollars in the business, that's when I started
building a remote team. So for the remote team I
started bringing on people that had years of experience that would help me
execute on certain points. Cause at that point, you
know, you've got to question yourself, like at a certain
point when you want to grow your business, we think that
we can do it all but, you know, the biggest businesses in
the world, if you're trying to build it, you can't
build it on your own. You need a team, and the team
is the most important thing. You need them to be able
to assist you on the path of building that business because you only have
24 hours a day, right? Jeff Bezos, Bill Gates, Warren Buffet, they all have 24 hours a day.

So how they go in their
business, even though they're super busy, they delegate,
they have the people to do specific things
within their defined role. So it really depends on your revenue, your cash flow if you have it, the stage of your business,
where you want to get to. I think when you're at the 500,000 I made the mistake, I should
have hired earlier on. I would say a year or two
years earlier on because I tried doing everything on my own because money was coming in and what not but for me, I would have
hired, built a team, and focused on growing that
because it would have been helping grow even faster
at a certain point. Don't try to do everything
on your own, you know, especially at that point. I think it's also tying
into your revenue and goals of how big you want to
go in your business. You want to be able to have
that team in place early on.

Um, what was the second question? – [Moderator] How do you find
continuous work for them? – So how do you find
continuous work for them it really depends on your business, right? If you have an eCommerce
business, there's definitely things that they need to do, right? You have marketing, you have sales, you have customer service, you have the operations of the businesses. Usually only three core most
important functions of the business – marketing, sales, operations. Those are the three core
fundamentals that every business needs to have it doesn't
matter if you're a huge company or you're a small one person army. You're usually revolving
around those three areas.

pexels photo 3194521

And operations basically
means management or whatever. So marketing, sales, operations/management you're flowing through
between all three all the time back and forth, so you need
to bring on people that focus on developing those three things. Whether that's marketing
trying to track people like digital marketing and
sales being able to actually generate that whether it's eCommerce, you're a service business
you're a sass business, it doesn't matter. And operations side,
you're building the team, you're building the
culture, you're having these different operations on the
financials, those are included on the operations side as well. Those things are super
important so there's definitely a lot of areas in business. Business is one of the most
complex things that you can ever do in your life. It's especially, if you
want to call it a sport, I would say it's the most complex sport. So continuous work is not a problem. It's finding the right
people that can help you in those areas that fit with
your core values and also are competent enough to be able to deliver.

Because at certain points in the career when you bring on people, it's not about having the continuous work,
they're doing the right work and at a certain point
if you're evaluating them if they're doing the right
thing within the defined role they're producing results for you. Right? That's the most important thing. And at the same time, are they
enjoying the whole process. So there's a lot of things, I
recommend you watch the video that I recorded on building the team and building the culture
when I have that video, if I don't already. So again, thanks for asking the question, I went longer than I expected, but I wanted you to get a
lot of value from that so. – [Moderator] You sort of went
over this part too, but uh, he also asked, how much
money do you put aside before hiring your first employee? – Alright so how much money
you put aside before you hire your first team member.

So that's another thing,
I don't like calling people employees, I like naming team members because
they're working with you, not working under you or for you. So, the most important thing
is you want to set aside, I would say, depends on the
position you're hiring for. I would check market comparables
and also at the same time again, it depends on the role, right? Someone that you pay in
marketing is different than someone you pay in a
financial specific position. Are they a management level? Are they operations? Are they execution people? Are they marketing people? What business are you in? What stage are you in? Like if you're McDonald's
and you're hiring someone to man the line for creating
burgers and doing the till at the front desk, it's very
different than if you're, let's say, a consulting firm
and you're bringing someone in that's competent enough
to speak with clients, like a project manager
or project coordinator or account executive, or
client success person. It's very different. It depends on the role.

And then I would just do a
Google search to find out, you can find out a lot of
people that are hiring on businesses and find out the
prices, I mean not the prices but the actual salaries that
they're paying and what not. And if you're able to find
that benchmark and you gotta see if they're a good fit as well. So there's a lot of variables there but I hope it gives you
the context to be able to, you know, foundation
for you to start from. So, thanks again Tyler, or anybody that's found value from this video, I want you to comment below
what insights you got from this. Like this video, subscribe, and make sure you turn on the bell notifications to get future notifications
on these videos. Thanks for watching and I'll
see you guys at the next one..

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