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When should a one-person business add its first employee? Viewer Question - David C Barnett
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When does it make sense for a one-person company to hire its first employee?
Being a one-man business can be tough. There is never enough time to do everything. When is the right time to make that first hire? One of my viewers wants to know. Watch my answer in this video: https://youtu.be/qZ_16gRcO00
I love this question because it’s all about perspective. Here’s my two step process for determining if it is the right time to hire that first employee:
1. Track every task you do all day long. Every 15 minute block must be accounted for.
2. Once you’ve got a week of data, go back and decide if each block was spent doing a $10, $100, $1000 or $10,000/hr task. Use colours.
$10/hr task are the menial, simple tasks that don’t add much value. Photocopying, running errands, etc.
$100/hr tasks are things like sales and customer service, maybe difficult technical work.
$1000/hr tasks are sales of big ticket items or project management of big ticket jobs. Think of a $25,000 renovation.
$10,000/hr tasks involve long term planning and strategic decision making. For example, ‘Should we add this new product?’ This decision could mean hundreds of thousands of dollars in sales per year. It is definitely worth the time of an owner.
Now that you’ve colour-coded our time audit we can see how much time is being spent on each category of task.
Let’s take a moment and re-phrase the question. How can an entrepreneur afford to spend 25, 30, 40 or 50% of his time doing $10/hr tasks?
Once you hire that first person, usually an assistant or some type, you can unload those tasks and make room for more of the higher-value tasks. Probably sales or customer service, asking for referrals, etc. The things that bring in more revenue.
Leveraging the efforts of others is the single biggest advantage of being in business. It’s what allows businesses to grow and create wealth for their owners.
If you’re not going to get others to help take the low-value items off your schedule you don’t actually own a business, you own a job!
Please remember to like and share this article, it’s the only way the people who run the internet have of knowing if the content is any good or not. The more you share, the more likely someone who needs this information will be able to find it.
If you would like to hear from me weekly before anyone else, you can sign yourself up at www.DavidCBarnett.com
Do you live in Halifax or Toronto? I’ve got two workshops coming up at the end of June in Halifax and three coming up for Toronto in September. Book now to get early ticket pricing. http://davidbarnett.eventbrite.ca
Thanks and I’ll see you next time.
...
https://www.youtube.com/watch?v=qZ_16gRcO00
Related Article:
When does it make sense for a one-person company to hire its first employee?
Being a one-man business can be tough. There is never enough time to do everything. When is the right time to make that first hire? One of my viewers wants to know. Watch my answer in this video: https://youtu.be/qZ_16gRcO00
I love this question because it’s all about perspective. Here’s my two step process for determining if it is the right time to hire that first employee:
1. Track every task you do all day long. Every 15 minute block must be accounted for.
2. Once you’ve got a week of data, go back and decide if each block was spent doing a $10, $100, $1000 or $10,000/hr task. Use colours.
$10/hr task are the menial, simple tasks that don’t add much value. Photocopying, running errands, etc.
$100/hr tasks are things like sales and customer service, maybe difficult technical work.
$1000/hr tasks are sales of big ticket items or project management of big ticket jobs. Think of a $25,000 renovation.
$10,000/hr tasks involve long term planning and strategic decision making. For example, ‘Should we add this new product?’ This decision could mean hundreds of thousands of dollars in sales per year. It is definitely worth the time of an owner.
Now that you’ve colour-coded our time audit we can see how much time is being spent on each category of task.
Let’s take a moment and re-phrase the question. How can an entrepreneur afford to spend 25, 30, 40 or 50% of his time doing $10/hr tasks?
Once you hire that first person, usually an assistant or some type, you can unload those tasks and make room for more of the higher-value tasks. Probably sales or customer service, asking for referrals, etc. The things that bring in more revenue.
Leveraging the efforts of others is the single biggest advantage of being in business. It’s what allows businesses to grow and create wealth for their owners.
If you’re not going to get others to help take the low-value items off your schedule you don’t actually own a business, you own a job!
Please remember to like and share this article, it’s the only way the people who run the internet have of knowing if the content is any good or not. The more you share, the more likely someone who needs this information will be able to find it.
If you would like to hear from me weekly before anyone else, you can sign yourself up at www.DavidCBarnett.com
Do you live in Halifax or Toronto? I’ve got two workshops coming up at the end of June in Halifax and three coming up for Toronto in September. Book now to get early ticket pricing. http://davidbarnett.eventbrite.ca
Thanks and I’ll see you next time.
...
https://www.youtube.com/watch?v=qZ_16gRcO00
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Learn how to buy an already-successful and profitable business in a risk-reduced way: https://www.BusinessBuyerAdvantage.com
My guide to sell your own business: https://www.HowToSellMyOwnBusiness.com
Learn more at https://www.DavidCBarnett.com
Follow me on Twitter, Instagram, Facebook, & LinkedIn: @DBarnettMoncton (If you share this video, please tag me!)
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Thanks for stopping by and checking out my video.
I love hearing from you so please leave a comment or question below. I might even use your question in my next video!
Stop missing my new videos. Join my email list here: https://www.DavidCBarnettList.com
Learn more about how to organize your small business so that it can run better and sell more easily at www.EasySmallBizSystems.com
About ME: My name is David C. Barnett. I am a consultant and I work with entrepreneurs around the world to buy, sell, and organize their small to medium sized businesses. As a former business broker, I have seen many people do bad deals and lose their life savings as a result. So, I made it my mission to start this channel to help educate people on ways to invest smarter and to ask questions, so they don’t get trapped into doing bad deals.
I am also an author and written books such as Invest Local: A guide to superior investments returns in your own community. My most recent book is Smarter than a Startup: The Risk-Reduced way to get the business of your dreams up and running. Other titles include, How To Sell My Own Business and Franchise Warnings: What you really need to know before you buy. All titles are available here: https://www.investlocalbook.com/p/buy-book.html
LET'S CONNECT!
Hit the SUBSCRIBE button now: https://www.youtube.com/user/DavidCBarnett
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#businessbroker #smallbusiness #mergersandacquisitions #smallbiz #entrepreneurship #acquisition #entrepreneur #investing #investors #business #SMB
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One business seller shares his story.
Avoid this by learning an important skill… Demonstrating the ability to close.
Watch it here: https://youtu.be/wwYLHtmrW1Q
Cheers
See you over on YouTube
David C Barnett
Link to 2022 HC#002 Buying the Construction Business With No Money Down: https://youtu.be/2t6C9KFDs20
Do Business with David using these incredible internet links...
- David's Blog where you can find hundreds of free videos and articles, https://www.DavidCBarnett.com
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- Learn how to buy a successful and profitable business in a risk-controlled way https://www.BusinessBuyerAdvantage.com
- Get help selling your business, https://www.HowToSellMyOwnBusiness.com
- Get better organized in your business, https://www.EasySmallBizSystems.com
- Learn to make better cash flow forecasts and write incredibly effective business plans from scratch!, https://www.BizPlanSchool.com
- Learn to build an equity asset with insurance! visit https://www.NewBankingSolution.com
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In this week’s video, I give a framework of three simple ways to look at a business to help point our the most obvious areas of concern.
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Watch and I’ll try to ask the right questions: https://youtu.be/0877ElO_cFE
Learn how to buy an already-successful and profitable business even in the covid-recession of 2020 https://www.BusinessBuyerAdvantage.com
Learn to sell your business https://www.HowToSellMyOwnBusiness.com
Book a call with me at https://www.clarity.fm/davidbarnett
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Learn more by watching this week’s video: https://youtu.be/d9UlF3zJ9V0
Cheers
See you over on YouTube
David C Barnett
#businessbroker #bizbroker #businessbrokers #smallbusiness #mergersandacquisitions #smallbiz #entrepreneurship #entrepreneur #finance #strategy #profit #financestrategies #ROE
Do Business with David using these incredible internet links...
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- Join David's email list so you never miss any new videos or important information or insights, https://www.DavidCBarnettList.com
- Book a call with David and let him help you with your project, https://www.CallDavidBarnett.com
- Learn how to buy a successful and profitable business in a risk-controlled way https://www.BusinessBuyerAdvantage.com
- Get help selling your business, https://www.HowToSellMyOwnBusiness.com
- Get better organized in your business, https://www.EasySmallBizSystems.com
- Learn to make better cash flow forecasts and write incredibly effective business plans from scratch!, https://www.BizPlanSchool.com
- Learn to build an equity asset with insurance! visit https://www.NewBankingSolution.com
-Did you sign up for an expensive Merchant Cash Advance for your business and now struggle to make the payments? Find out how you can negotiate your way out at https://www.EndMyMCA.com
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Learn how to buy an already-successful and profitable business in a risk-reduced way: https://www.BusinessBuyerAdvantage.com
My guide to sell your own business: https://www.HowToSellMyOwnBusiness.com
Learn more at https://www.DavidCBarnett.com
Follow me on Twitter, Instagram, Facebook, & LinkedIn: @DBarnettMoncton (If you share this video, please tag me!)
….
Dean calls to talk rollups but does he really mean conglomerates? I lay out some examples that I’ve worked on and why things happen the way they do and what any plan needs to contain. Also, how some business owners do it wrong and what can happen.
Thanks for stopping by and checking out my video.
I love hearing from you so please leave a comment or question below. I might even use your question in my next video!
Stop missing my new videos. Join my email list here: https://www.DavidCBarnettList.com
Learn more about how to organize your small business so that it can run better and sell more easily at www.EasySmallBizSystems.com
About ME: My name is David C. Barnett. I am a consultant and I work with entrepreneurs around the world to buy, sell, and organize their small to medium sized businesses. As a former business broker, I have seen many people do bad deals and lose their life savings as a result. So, I made it my mission to start this channel to help educate people on ways to invest smarter and to ask questions, so they don’t get trapped into doing bad deals.
I am also an author and written books such as Invest Local: A guide to superior investments returns in your own community. My most recent book is Smarter than a Startup: The Risk-Reduced way to get the business of your dreams up and running. Other titles include, How To Sell My Own Business and Franchise Warnings: What you really need to know before you buy. All titles are available here: https://www.investlocalbook.com/p/buy-book.html
LET'S CONNECT!
Hit the SUBSCRIBE button now: https://www.youtube.com/user/DavidCBarnett
-------- Join my email list: https://www.DavidCBarnettList.com
-------- Book a call with me: https://www.clarity.fm/davidbarnett
-------- Website: https://www.DavidCBarnett.com
-------- Twitter: https://twitter.com/DBarnettMoncton
-------- LinkedIn: https://www.linkedin.com/in/davidbarnettmoncton/
-------- Facebook: https://www.facebook.com/DBarnettMoncton
-------- Instagram: https://www.instagram.com/dbarnettmoncton/
-------- Toll Free USA/Canada #: (833) 935-2688
-------- Email : info@alpatlantic.com
#businessbroker #smallbusiness #mergersandacquisitions #smallbiz #entrepreneurship #acquisition #entrepreneur #investing #investors #business #SMB
...
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How to buy a business: https://www.BusinessBuyerAdvantage.com
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Brian Nichols is a value investor who (surprise, surprise) isn’t finding many opportunities to invest in the stock market anymore.
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If you’re interested in money and business, you’ll enjoy our talk.
Watch the video here: https://youtu.be/JXkIen7hGhE
Learn how to make investments in local small businesses with my online course; How to do Local Investing Deals from A-Z. Sign up here: https://gum.co/lCYJN
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When you want to go out and talk to investors about getting money for your business you need to answer the 4 big questions:
..................
Learn how to buy an already-successful and profitable business in a risk-reduced way: https://www.BusinessBuyerAdvantage.com
My guide to sell your own business: https://www.HowToSellMyOwnBusiness.com
Learn more at https://www.DavidCBarnett.com
Follow me on Twitter, Instagram, Facebook, & LinkedIn: @DBarnettMoncton (If you share this video, please tag me!)
…..............
Thanks for stopping by and checking out my video.
I love hearing from you so please leave a comment or question below. I might even use your question in my next video!
Stop missing my new videos. Join my email list here: https://www.DavidCBarnettList.com
Learn more about how to organize your small business so that it can run better and sell more easily at www.EasySmallBizSystems.com
About ME: My name is David C. Barnett. I am a consultant and I work with entrepreneurs around the world to buy, sell, and organize their small to medium sized businesses. As a former business broker, I have seen many people do bad deals and lose their life savings as a result. So, I made it my mission to start this channel to help educate people on ways to invest smarter and to ask questions, so they don’t get trapped into doing bad deals.
I am also an author and written books such as Invest Local: A guide to superior investments returns in your own community. My most recent book is Smarter than a Startup: The Risk-Reduced way to get the business of your dreams up and running. Other titles include, How To Sell My Own Business and Franchise Warnings: What you really need to know before you buy. All titles are available here: https://www.investlocalbook.com/p/buy-book.html
LET'S CONNECT!
Hit the SUBSCRIBE button now: https://www.youtube.com/user/DavidCBarnett
-------- Join my email list: https://www.DavidCBarnettList.com
-------- Book a call with me: https://www.clarity.fm/davidbarnett
-------- Website: https://www.DavidCBarnett.com
-------- Twitter: https://twitter.com/DBarnettMoncton
-------- LinkedIn: https://www.linkedin.com/in/davidbarnettmoncton/
-------- Facebook: https://www.facebook.com/DBarnettMoncton
-------- Instagram: https://www.instagram.com/dbarnettmoncton/
-------- Toll Free USA/Canada #: (833) 935-2688
-------- Email: info@alpatlantic.com
#businessbroker #smallbusiness #mergersandacquisitions #smallbiz #entrepreneurship #acquisition #entrepreneur #investing #investors #business #SMB
Learn how to buy an already-successful and profitable business in a risk-reduced way: https://www.BusinessBuyerAdvantage.com
My guide to sell your own business: https://www.HowToSellMyOwnBusiness.com
Learn more at https://www.DavidCBarnett.com
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