So in today’s video, what I want to talk about is why you’ve got to get over your fear of hiring team members if you really want to grow and scale your business.
Most people, from the statistics I’ve seen, only one in six people that would identify themselves as self employed are also business owners. What does that mean? One in six people of them really have a team and they’re looking to grow and scale that team.
So most people who are self employed don’t want to build a team and sometimes it’s just because of various things going on in their life or preferences, but sometimes it’s because they’ve heard all the horror stories about what happens when employees go wrong and they want to avoid all of that all together. So in today’s video, I just want to explain why it’s so important to be able to build a team to grow and scale your business. So one of the key things is about scaling your business is, one day, you should be able to sell it because scale is all about getting the business to do stuff without you being involved in the business or with the minimum involvement in the business.
So the idea is, one day, if you build your business up and you’ve got a team and you’ve got all these processes, then down the line, you should be able to sell your business for a healthy sum of money and then maybe retire or start another business or do something else with your life. And that relies on the team because no one is really going to pay you any money for a business that is just you, because if they pay you money for a business, that is just you, they’ll probably want to tie you in for a very long time to introduce them and, nurture that relationship with customers before they can be handed over to the new buyer. But really a business with just the owner isn’t worth much. So what, this is one of the reasons why you should really want to scale and grow your team because your business will make money without you there.
And then one day you’ll be able to sell it. So all the challenges people have with employees that you might have heard about. They can be managed like a lot of the time you can do everything right in a business and it can still go wrong with the team member. But if you’re the kind of business that’s doing things in a certain way, you know, you’ve got the right vision, you’ve got the right culture in place and you’re communicating that culture effectively.
If you’ve got the right processes and HR support in place and you’re hiring because through using the right recruitment channels and procedure, then actually you’re misguiding the chances. of anything of that team member not working out, or you having a nightmare with them. This is really important, like, if you think about all the things that can go wrong with the team member, you’ve also got to think about all the things that can go right, and you’ve got to think about all the things that you can put in place to make sure they go right.
So, this is what I just want to talk about, if you’ve got any questions about that if you grow scaling your own team and you want to talk about it with us (we aren’t HR consultants,) but I’ve got my own experiences growing and scaling a team. So if you just want to talk business to business owner, I’d love to hear from you and I will see you the next video.