You’ve heard the cheesy phrase, “There’s no I in team” but we disagree. Here you are…you, yourself, a team of one. You started with a vision, you put in the good work, you wore many hats, and now you have created an unbelievable business. As time has progressed, you have come to find that the small business you have started is not so small anymore and you can’t carry it alone without making sacrifices. You are sacrificing more time than ever…what even are weekends? Time off? You mean to sleep so you can get back to work right? Sounding like you? The “I” needs some back-up; the “I” needs to build a team. This then begs the question, “Are you ready for a team?” We want to address 5 key questions that you can ask yourself before you take the plunge.
Am I turning away clients?
This is a BIG one. It is one thing to turn down work you would prefer not to do. It is another to turn it down because you don’t have the capacity. If you are having to turn down opportunities you’d love to have because you simply don’t have the capacity to take them on…it is time to build your team. You shouldn’t have to sacrifice your dreams and goals because you don’t have the time and resources!
If you are turning down work, we know that this isn’t completely bad news. Just take a moment to sit in the fact that you have done SO well that you are now overbooking yourself. Overwhelm is definitely setting in but so is opportunity. The opportunity to build a team is merely screaming from the rooftop as if to say, “You are thriving! Let’s take it higher!” There is comfort in the sheer volume of business you are bringing in because it is a reminder that your business can continue to grow as your client list grows.
By bringing on a new team member, you afford yourself the time to say “YES!” when you want to say yes and to partner with clients/work opportunities of a lifetime! We’ve said this before and we will say it again because you’ve likely heard the phrase “It takes a village to raise a child.” Well, your business is your baby and if you want to see it grow, you are going to need that “village” or team to make it happen.
What’s my vision for the company?
Imagine you were given a magic wand (fun right?) that could essentially do anything you wanted it to for your business. Perhaps you would want to:
- Hit a specific financial goal: Maybe you have always dreamed of a $100K profit.
- Take time off: We know you have thought about those weekends you miss dearly, the family you want to see, a site you’d like to travel to, or even just a day at your house without the constant reminder of work.
- Take the trip of a lifetime: Imagine taking off 2 full weeks, heck we have a magic wand, let’s say a month to take an unforgettable vacation that would be completely unplugged.
- Make a generous donation: Think about the incredible feeling you would have donating to a charity that you fully support. Think of the impact you could be making!
- Set work hours: Think about what it would look like to have a set schedule each week knowing you would never pass the threshold of hours YOU want. Think 20, 25, 30, or 40 hours a week without the feeling or need to go harder and burn the midnight oil.
Go ahead and go crazy! The sky is the limit here in this exercise. Now as you float back down to your desk chair, think about how none of those things are out of reach if you build a team. Every single one of those dreams is a possibility. Let that sink in. None of those things are out of reach; you can do every single one of them if you truly wish to.
How much revenue could I add to my business if I had a team?
We always joke about how convenient it would be if we could be in two places at once. How nice would it be if you could attend parent-teacher conferences while also running errands or cooking dinner? Think about how productive you could be in a day if you could make phone calls while replying to your busy inbox. Building your team does exactly that! No they likely aren’t going to cook your dinner, wash the laundry, or pick up your groceries but think about it for a second. If you have a team, you can divide your time across many and increase your productivity.
With a team, you can say “yes” to more opportunities that will earn you money. You can even take a Saturday off knowing that you don’t have to work because Rachel has it covered. While you are relaxing with your family, Rachel is putting in the hours to keep your business running smoothly while increasing your revenue. What’s more? You could be working in one location with a client while Rachel works in a different location with a second client. This doubles your income in a single day!
Take that even higher on the scale over the scope of a year. If you took your current revenue and doubled it this year, what would that look like? What could you accomplish? You don’t have to be a mathematician or a financial advisor to see that the numbers are going to get BIGGER.
Do I want to lead and coach others on a team?
This is a critical question when determining if you should build your team. It does not matter if you are introverted or extroverted. It does not matter if you like to work autonomously or not. Honestly, it doesn’t even matter if you have had the experience leading a team before or not. If you want it, anyone can learn to be a good leader. The resources out there are endless and if you are willing to put in the time, you CAN do it. But the question is, do you want to?
If you aren’t interested in improving yourself to be a good leader or have zero interest in leading others…you have some things to think about. We know that building a team isn’t for everyone and that is OK! You don’t have to build your team to be successful but if your vision is bigger than one person can take on, we know you need to really give this question the time it deserves.
Take a good hard look in the mirror. Think about yourself. Can you see yourself staying organized and working together with others? Are you so passionate about what you do that you would enjoy sharing that with a team?
Can I afford a team?
Ah yes, the number one question we hear time and time again is “Can I afford a team?” There are a lot of misconceptions regarding building a team. Most believe that hiring a team will cost them more money which will ultimately work against their business goals. This is not the case. Of course you need to pay the people that are working for you but remember that they are out there bringing in more revenue all the while which increases the funds you have to pay them and yourself.
The team you hire does not need to be full time either. You can weigh the pros and cons of part time team members. You can also consider the differences between an independent contractor and an employee. Read our blog for more info on the pros and cons of each and how you can determine which is best for you. Know that you can start small and grow. You don’t have to dive in head first with a full team of 10 people right out of the gate!
Some of the greatest achievements in history were completed by teams. Take Rome for example. An entire empire that most certainly didn’t happen single handedly. Consider NASA and the efforts they have put in as a team to achieve some of the most amazing uncoverings hidden in space. If you are a sports fan, it won’t take long for you to come up with the team you think is best (we will stay out of that one!). But not all teams are huge. Some start small with just one because that is all you need to be considered a team…2. For example, the Wright Brothers are greatly credited for their efforts to give us all wings so we can travel. We are talking about two brothers who dedicated great amounts of time and effort to achieve the unimaginable!
So let’s recap for just a moment. You are taking a deep look at your business, you are asking yourself hard questions, and you are being honest with yourself. What are you finding? Are you finding that building a team is the next step for you? Are you feeling like the time is coming but you aren’t quite ready? Perhaps you have come to realize that you like or even love being the star of the show. There is zero pressure to be anything but the business YOU want to be. After all, you are the boss! If you are feeling stuck and still unsure if building a team is for you, we want to encourage you to download our Ultimate Guide to Building a Team. This robust resource can further guide you through the process so that you can feel at peace with the next step for your business.
One can accomplish incredible things but (if you are ready) a healthy team can conquer even more!
Looking for next steps? Check out our blog to see what it costs to hire an employee!