| Recently I conducted a survey of | | | | |
| entrepreneurs who expressed interest in | | | | -10 hours freed up on bookkeeping for $350 |
| virtual teams and asked, "What is your single | | | | month |
| greatest challenge with building a virtual | | | | |
| team? | | | | -With those 10 hours, how many new clients |
| | | | could you handle? |
| Over 64% answered, "Knowing how to pay for a | | | | |
| team." | | | | - One client = breakeven |
| | | | |
| The funny thing is I never questioned whether | | | | -Two clients = double your Return on |
| or not I could afford to hire someone. That | | | | Investment |
| feels like a limiting question. A more | | | | |
| powerful question is, "What do I need to do | | | | The trick is to know what you will do with |
| to cover this cost in my business?" | | | | your time. For some, you will need to focus |
| | | | on generating new business. For others, you |
| When I conducted the five interviews for the | | | | will want to use your new found freedom for |
| Virtual Team Building Secrets, Alexandria | | | | fun things like spending time with your |
| Brown shares how scary it was to hire her | | | | family or traveling. But if cash flow is |
| first assistant, Liz Murphy. But somewhere | | | | critical, you must focus on filling it with |
| deep inside, Ali new that the ONLY way to | | | | revenue generating opportunities! |
| achieve her bigger dream was to surround | | | | |
| herself with people who could help her. When | | | | If you already have a team and you want to |
| she hired Liz, in her mind she knew all she | | | | determine if you should grow it, the question |
| had to do was take on one extra client to | | | | becomes, what will my return on investment |
| cover her monthly bill. Within a short period | | | | be? |
| of time, Ali had doubled her return on | | | | |
| investment and she's never looked back. (I | | | | Will my new team member be directly |
| believe she has over 10 contractors on her | | | | generating sales, creating new revenue |
| team now!) | | | | generating opportunities (marketing), or |
| | | | support freeing up more of my time so I can |
| So what is the formula to know how to pay for | | | | focus on high payoff opportunities. |
| your team? It's very simple. Let's start with | | | | |
| a basic premise that one client is worth $350 | | | | It literally boils down to 6th grade math! |
| per month to you and that you will outsource | | | | Figure out what it will take to make sense to |
| your bookkeeping at a rate of $35/hour for 10 | | | | your bottom line. My guess is...the cost of |
| hours a month. | | | | doing it yourself is much greater than the |
| | | | cost to outsource and delegate. |
| -One coaching client = $350/month | | | | |