Q: I am a solo entrepreneur, while I am successful, I’m working long hours. How do I know it’s time for me to hire somebody to take over some of my responsibilities?
A: First, congratulations on creating the level of success you have in your company.
Often people become attached to their “babies” (business), finding someone to replace them who will do things to the high standards they have can create a strong reluctance to let go and the “what ifs” stop them from taking action.
If things are starting to fall between the cracks , you don’t have time to work on building your business or you are working more hours than are realistic to sustain then it’s time to look at hiring somebody.
If your goal is to grow your business and have a life outside your business, then you can’t do it all, in fact trying to do it all is a sure way to fail.
Look at how you are currently using your time, how much of your time is being spent on money making activities? What is your time billing out as an hourly wage vs. how much you would pay somebody? Run the numbers, at what point is it costing you money to not hire somebody?
Focus on what freeing up your time and energy will bring you. Focusing on that bigger vision, will keep you moving forward. Ask yourself, will continuing to do this task/project support me in living that vision & what is the cost of not hiring somebody?
When you hire someone, be clear on what is most important for this person to be successful and explain why that is important. Create and communicate clear expectations & standards, you need to coach them to success.