The purpose of entrepreneurship is to build a business and start hiring more employee as needed. A business is an entity that operates on its on without you needing to be constantly involved with every function of that business. Unfortunately, many entrepreneurs are stuck operating as solo entrepreneurs rather than being actual business owners.
When you are stuck operating as a solo entrepreneur, it is hard for your business to grow. This is because your business is dependent on you to get the work done. You are working 24/7 to bring customers into your business, handle their work, and continually doing this process to keep your business going.
This process can burn you out over time. You never get the time to rest because you do not have the time to rest. In this case you are your business and there is no one who can support you in keeping your business going if you decided to take a much-needed break away from everything.
You pull yourself out of this rat race by hiring employees. But when is the right time to hire employees? You do not want to make the mistake of hiring someone that you cannot afford. You also do not want to bring on the wrong person who will destroy your business.
The following are the reasons when you need to start hiring employees into your business:
1) You are working in your business, rather than on your business
Your business cannot grow if you are constantly working in your business. This means that you are handling all of the situations that occur in your business, rather than having people in place to handle these smaller tasks for you. Your job as a business owner is to identify opportunities for your business to pursue, and develop that strategy for your team to follow in order to ensure your vision happens. The business owner is the brains of the operations and they hire employees to be the muscle that gets the work done.
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2) Your growth has stagnated
It is possible for you to make six figures working as a solo entrepreneur. It is just very hard work to make it happen. If your goal is to make millions, then you will need to hire employees that can multiply your output and reach. The more hands you have in your business, the more work that can done. There is no way that you can handle the entire process of running a multi-million dollar business. The complexities that are involved in the process require people who handle specific roles to ensure your business is operated efficiently.
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3) You are ready to grow
If you are ready for your business to grow rapidly, then you will need to hire employees who can help your business grow. Make sure that you know the exact people you need to hire immediately, and you will definitely need to define their roles. The best people to hire are first are salespeople and marketing people. These are the people who will bring leads to your business and who will turn these leads into customers. These are the results you need to produced to generate the cash flow to hire a workforce of people dedicated to tasks such as customer service, accounting, and other executives.
Do not limit the growth of your business because you are afraid to hire employees. You need employees in order to operate a business that provides you with the freedom of continually growing your business. Hire smart and watch how your business grows in the process.
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Rikvin is a Singapore recruitment specialist for multiple industries & functions.
Alton has deep technical expertise in the Singapore Financial Reporting Standards as well as hands-on experience in accounting for publicly-listed entities and growing enterprises in Singapore. Beyond that, Alton also provides expertise to fund managers and family offices on structuring.