How To Build The Perfect Profit Business Team

Makaylah Rogers on

As a Profit Business owner, you’re running an enterprise that’s funding your Financial Freedom. Year after year, you look for ways to maximize your profitability in order to build your Freedom Generator as efficiently as possible.

And you may have come to realize that there’s only so far you can scale your business without taking on a new team member. So if you’ve determined that it’s time to hire for your business, you’re ready to get into the specifics of how to find and onboard that perfect hire.

Start By Budgeting For Hiring Costs

Finding the right person for the job requires you to make a real financial investment. So plot out the course you plan to take in finding that employee. Then figure out how much money you can afford to spend on each step of the process.

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Some costs you may incur include the following:

  • Employee time needed to complete the hiring process;
  • Costs for posting on paid job boards or advertising your open positions;
  • Recruiter commissions or staffing agency fees;
  • Referral bonuses paid to existing employees who brings in new team members;
  • Background checks or personality assessments for your prospective employees;
  • Courting prospective hires – lunches out, company swag, etc.;
  • Costs for training new employees.

Identify the areas that are important to you and fund them accordingly. Saving a few dollars upfront by skimping on your investment could cost you dearly if you wind up with a nightmare employee down the road.

Hire To Maximize Your Profits

Since you’re running a Profit Business, it makes sense that the employee you hire should directly increase your profits—either by bringing in more money or saving your business money.

If you’re not great at some profit-boosting activities, if there are better uses of your time or if your existing team isn’t equipped to handle them, consider handing them off to a new hire. Your business might benefit from bringing in new talent to tackle the following roles:

  • Product development;
  • Content marketing;
  • Website design and maintenance;
  • Social media management;
  • Marketing and advertising;
  • Brand identity development;
  • Influencer outreach and vendor communication;
  • Business accounting and payroll management;
  • Contract development and legal work; or
  • Customer support.

Take a thorough look at your own company to identify the profit-earning activities that you should hire out or the low-profit activities that you can outsource in order to maximize the benefit of your own time.

Customize Your Hiring Process

The way in which you choose, evaluate and hire a job candidate is ultimately specific to your business. Your methodology depends largely on your industry, your business structure, your management style, your existing team and so much more.

However, as with a Legacy Business, there are some elements you may want to consider in creating your Profit Business hiring process:

  • A detailed application form;
  • Video applications;
  • Phone or Skype interviews;
  • A personality assessment (like a DiSC profile);
  • In-person group interviews with your team;
  • In-person one-on-one interviews;
  • Background checks; and
  • Reference checks.

Get Ready For Your New Hire

Bringing on a new teammate is serious business, so be sure that you have all your business ducks in a row before your hire walks through the door on the first day.

  • Learn about your legal obligations. Before you hire, become an expert on your responsibilities as as an employer. Find out what your employee is entitled to in terms of a safe work environment, mandated breaks, medical leave, benefits and more.
  • Check your insurance coverages. Check up on what insurance policies you’re required to have, which ones are a good idea to have and what limits will keep your company protected and profitable. Depending on your business, you may need property, professional liability, business interruption, hazard, worker’s compensation or other forms of coverage.
  • Get your paperwork in order. Hiring a new employee almost always means a lot of paperwork for both you and your hire. Make sure you’re ready to provide your new team member with tax forms, written company policies, direct deposit information, login details, benefits materials and all other relevant documentation.

Community Question: Are you running a Profit Business with employees or contractors? What elements of your hiring process have been key in onboarding the right people? Share your experience in the Business Owners Only community!

 

image credit: Bigstock/CHOReograPH

 

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