Making the switch from self-employed to owning your business
As an entrepreneur, my focus is on my immediate work.
Today is a great example of work needing done that only I can do at this point in my business. There’s no other support staff who can fill in for me, answer calls, write content, or interact with clients. It’s just me… for now.
The truth is, an entrepreneur without employees doesn’t own a business, they own a job. A recent poll study by New York Enterprise Report shows that thirty-three percent of small-business owners work more than 50 hours/week with an additional 25% reporting that they work 60 hours or more. 70% of study respondents also admitted to working at least one weekend on a regular basis. (Inc.com)
Without a staff in place, this cycle will continue as long as the entrepreneur can keep up with the pace. This isn’t an ideal lifestyle by any stretch of the imagination!
Building a business means you have an infrastructure in place that doesn’t demand your immediate attention every work day. The goal should be owning a self-sustaining business that can survive without you, but will thrive with you.
Transitioning from owning a job to owning a business
It takes time to transition from owning a job to owning a business. If you’re a new entrepreneur, start with setting your rates and then filling your schedule. Once your schedule is full, raise your rates and then work to fill your hours again. Lather, rinse, repeat until you have enough of a cash flow to merit hiring support staff.
Entrepreneur.com has a great article about knowing when and how to hire additional staff. The answer is different for every business, but hiring ahead of your growth is usually a wise decision. Hiring the right staff will allow you to focus on what you do best, why you became an entrepreneur in the first place.
It’s much easier to pursue your dreams if you’re not neck-deep in the weeds of dreaded to-do’s. The two biggest reasons why you should hire are 1) to free you up from tasks you hate, and 2) to fill in your areas of weakness. The sooner you can hire the right staff at the right time, the faster you can focus on what you do best.