S2 E88: Hiring Team Members - Cost or Investment?

Hiring is a business cost that I can't afford right now. 

In this week’s episode , we get to the problem faced the most by solopreneurs building their very first team, the cost.  

Let us ask you, what kind of cost is hiring? 

Do you look at a gym membership as just a cost? or an investment in your future health? 

Is your mortgage a household cost? Or an investment in your future? 

So is hiring a team a business cost? Or is it an investment in you? We’d argue it's the latter. 

Think about your time, it is a non-renewable resource. We will both leave this earth at some point, and every moment that ticks by is a moment that we never get back. 

Freeing your time up produces multiples on your investment by allowing you to focus on the tasks that you do best and that only you can do. 

You also get another return, you get to lean into the confidence that your skills, your gifting as a leader, which will gain you more confidence, more gifting, more time doing what only you can do. 

And the funny thing is, these tasks we dread or procrastinate on or are not gifted at, there are hundreds of people and businesses who love doing this work. 

They're gifted in areas where you're not, so they're delivering value, and results that are multiples of what you could do within your gifting and your resources. 

So what would you like to do? Would you like to focus on this as a short-term cost? Or start thinking about building a team that you love? 

It has nothing to do with your checking account. It has everything to do with your belief and willingness to bet on yourself. 

Want to learn more? Listen to our full episode here. 

If you'd like to get started on your own for love of team journey, reach out via email, at winston@winsightz.com with the subject line Multiplier Max, and we'll be glad to send you out a sample of our fillable PDF.

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Transcript

Winston Faircloth: 0:00

is where you don't take action and you keep this close to the best. And you think that you could DIY this yourself, that's a much greater cost. And because you're making this investment in you, your future CEO self, call that the captain of your business will continue taking this initial step. Hey there, it's your host Winston Faircloth. And this is for love of team, the podcast dedicated to helping you grow a team you love, multiplying your impact, income and freedom in business. We'll do this by unlocking two essential leadership decisions required to attract and keep top talent. First, a compelling why coupled with second, a clearly stated what success looks like leaving the How to gifted committed collaborators bringing your vision to life. In in today's episode, let's get to the question that I get the most when I'm talking to solopreneurs building their very first team, namely, hiring is a business cost that I can't afford right now. Well, thinking that hiring a team is just a business expense, or an investment in your business is actually working from a backwards strategy. I can understand why you might think this is so because this is how everybody else talks about it. Employees are business expense. contractors are a business expense, a cost. And I get it because it's technically true. It does show up as an expense. Let me ask you for a moment, what kind of expense is it? So as I think about my own personal journey, and maybe you can relate to some of these questions, do you look at a gym membership is just an expense, or an investment in your future health? How about marriage or family counseling? Is that a cost? Or is it an investment in your family? How about a mortgage? Well, yes, mortgage shows up as a as a household expense. But it's also an investment in your future. Sure it costs money, yet we consider it an investment, something that you gain as a reward that's worth more than you're putting in. So is hiring a team a business expense? Or is it an investment in you will see, I'd argue it's the latter. Think about your time, it is a non renewable resource. You and I both will leave this earth at some point. And every moment that ticks by is a moment that we never get back. So when you think about your time, every moment you spend is an investment. It's an investment in you. It's an investment in your family. It's an investment in your relationships. And it's easy to get blindsided. If you only look at the numbers involved in hiring team members. If you look at those numbers as costs, you are missing the larger point. And when you stop thinking of it from the standpoint of cost only and start looking at it as an investment. It's easy to see, to see the return. Now I'm going to advocate and to encourage you to not just fill roles, or to as you think about team members think get caught up into I've got to hire an employee. But I really want to encourage you to think carefully and strategically about the roles that would most add value, to your work to your vision to your mission to your to the to your why of why you're doing this work. But then let's level this up and best by bringing on someone who loves doing this type of work. Not only do you get your time back, which is a significant return, you also save yourself the energy of dreading that work and procrastinating. And we've talked about that before. Every moment that we are dreading a part of our business and we procrastinate is a moment that we're not adding value and serving others. And by freeing your time up. It produces multiples of your investment by focusing now on the things that you do best and the things that only you as the founder can do in business and you get another return, you get to lean into the confidence that your skills, your gifting as a leader, you gain more confidence, more gifting more time doing what only you can do. Because now you're unencumbered by these duties by these activities that you'll never have to do, again for the rest of your life. And the funny thing is, these things we dread or procrastinate on or are not gifted at, there are hundreds of people and businesses who love doing this work. And they're gifted in areas where you're not where you're able to get by these folks thrive. And so they're delivering value, and results that are multiples of what you could do within your own gifting and within your own your own resources. So where you might be able to just get by, you're, you're doing tasks you hate, then you procrastinate about. And frankly, the way we should consider this as leaders is that everything that's not in our gifting is a candidate for a future collaboration. So is hiring a team a business expense? Or is it an investment in you, this is a fundamental mindset issue. For so many solopreneurs, we think that we don't have the resources that we don't have the or maybe we've been burned in the past, because we've tried something and it didn't work. And we feel like maybe we wasted money, or wasted time last. Last time, we'll see I think there is a way that you can minimize this risk. And you can maximize this return. And this is this is a process. It's a journey. And to be walking hand in hand with someone who's done it many times before is a really good way to reduce your risk and to maximize your return. In our for love of team method. We work together through a process to help you begin to understand these aspects of your business that are causing dread causing procrastination outside of your gifting outside of your flow. And to look at the opportunity cost of you continuing to do this work yourself, where you're not gifted, versus working with people who are in their gifting. And who love doing this work. They're going to do it faster, cheaper, better than anything you can do. So ultimately, this is the decision about investing in yourself, are you willing to bet on yourself in pursuing getting out of being captive to your business, being captive to these tasks, being captive to these things that are causing procrastination and dread in your business? It's an investment that has a great return. And I'd argue the greater cost is where you don't take action, and you keep this close to the best. And you think that you could dry this yourself. That's a much greater cost. And because you're making this investment in you, your future CEO self, we call that the captain of your business will continuously Thank you for taking this initial step. So what would you like to do? Would you like to focus on this as a short term cost? or start thinking about building a team that you love? And looking at it as an investment that creates greater and greater returns over time? hiring is a business cost that I can't afford right now. How can you afford not to take a bet on yourself? And to invest in yourself? by going through a process that clarifies what roles would really help you grow the business? And more importantly, how do you go about finding the right who's to fill those roles that you attract those who who's into your business? This, I think is the great inflection point for all solopreneur businesses. It is a chicken or the egg. And a lot of it just rest inside. It has nothing to do with your checking account. It has everything to do with your belief and willingness to bet on yourself. That's my firm belief. So hiring team members, business cost or investment, wonder how you land on that decision. So I didn't invite you to respond, contact me. My email address for the podcast is when wi n at wind sites wi n si gh t.com. Let me know you're thinking about this. What are your challenges getting past this initial decision, this additional mindset, a cost versus that investment. And if you'd like help getting past that, I have a very simple, easy tool that can help you begin to uncover some of your beliefs around this. And again, you can reach me at win at win sites.com. Close your eyes for a moment and imagine a business you absolutely love. supported by a team that you love. What could be better than this. And remember, that your client experience will never exceed the love that you show for your team and yourself. As the leader of this team, for love of team is a leading indicator of your future success, multiplying your impact income and freedom in business. Bless friends. I'll catch you on the next episode.