Thinking Big: Finding The Right Talent, Affordably
There are several factors to consider when weighing who to hire in a Legacy Business including:
[memb_has_membership memberships=”MS.m BUSINESS OWNER”]
Your Mission. What does your business set out to do? What sets it apart from every other business in the marketplace?
Your Competition. How many other businesses are competing for the same customers?
The Marketplace. How is your business responding to its customers needs right now? How is your business impacting the world at large? Likewise, how is what’s happening in the world impacting your business?
Your Budget. Are you funded by a major investor, or several, who see limitless potential to your endeavors? Or, are you financing your start-up business with a small Trust Fund?
All of these factors will help you determine not only who to hire, but also how much you an afford to spend on talent.
Balancing Talent vs. Cost
Your goal is to secure the best possible team to grow your business without overextending your resources. The best talent comes with a price tag. And while it’s important to pay individuals what they’re worth, you need to protect your business, too. Are you capable of supporting a higher-salaried individual during the early months when cash flow is short? Or would you have to scale back on Paying Yourself First in order to make it work?
Weigh the pros and cons. If securing a highly talented individual will save you the trouble of training less-experienced individuals (or doing everything yourself), investing in the star player might be worth the expense. That way you can reallocate your time to growth activities.
You should also consider someone who possesses some of the same qualities as your ideal, high-salaried star player—but has a little less experience. Depending on the nature of your business, there may be a new college graduate or mid-career professional who shows a lot of promise and will be a great fit for your organization. You just have to consider how much time and patience you have in showing someone the ropes in a particular industry.
If paying a full-time salary with benefits isn’t an option, consider hiring on a contractual basis to start.
Before deciding on who to hire, ask yourself questions like:
- How will this person help my business grow?
- Are there other areas I have to scale back on in order to afford this person?
- Is this person absolutely essential to my business right now?
- Can I outsource some of my duties to a talented freelancer?
Moving Forward With The Hire
Finding the right talent is hard work. So when you finally do, celebrate! But before you pop the champagne, be sure to review our extensive checklist on what you need to do before you make an offer.
For your Legacy Business to succeed, you need to invest more up front. And while this might feel a bit daunting, when you reap the rewards of a profitable venture, you’ll know your growing pains were worth it.
Community Question: Do you have a Legacy Business? If so, how do you balance talent vs affordability when you hire? Head over to the Business Owners Only Community, and share your tips and tricks with the group!
image credit: Bigstock/FotoMaximum
[else_memb_has_membership]
[memb_include_partial id=8]
[/memb_has_membership]
Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.