When to Hire Your First Employee for Your Small Business

about episode 252:

November 24, 2021

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TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee. Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation?

TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee. Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation?

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If you’re wondering when to hire your first employee, you’re not alone. Many entrepreneurs who turn their side gigs into full-on businesses struggle with the timing for their first hire. Do you wait to grow more revenue or do you hire in order to grow more revenue? TJ has this exact question.

TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee. Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation?

Scott and Mindy have both spent time outsourcing and hiring before. They help TJ develop a roadmap to getting her first hire on board while keeping crucial revenue in the business. This episode also dives into self-employed health insurance, project management, and hiring a junior position that can grow into a senior in little time.

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Past Episodes Mentioned in Today’s Show:
Joel Esparza: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-238-joel
Lynn Frair: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-94-lynn-frair
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https://www.eosworldwide.com/vto
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Have an Idea for Scott’s BiggerPockets Pro Healthcare Plan?
Reach out at Scott@biggerpockets.com
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How to Know When to Hire Your First Employee
https://www.biggerpockets.com/blog/how-to-know-when-to-hire-your-first-employee
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: www.biggerpockets.com/guest

0:00 Intro
3:01 Income (and House Hacking!)
4:25 Assets and Liabilities
6:21 Why Shoot for FI?
8:33 Scaling Income (and a Potential Team)
19:02 Expanding Her Network to Find Workers
30:54 Setting a 1-Year Goal
40:23 Healthcare Coverage as an Independent Contractor
48:44 Reviewing TJ’s Recruiting Agenda
Finance Friday: www.biggerpockets.com/financereview
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Follow Scott and Mindy on Instagram:
@scott_trench or https://www.instagram.com/scott_trench/
@mindyatbp or https://www.instagram.com/mindyatbp/

Episode #252

Show notes at: https://www.biggerpockets.com/moneyshow252