Making $4 Million but Nervous to Make My First Hire
Summary
EntreLeadership coach John Falcone advises Mark, a custom home builder, on making his first hire. Falcone recommends paying himself a living wage, hiring a project manager with a commission-based structure to reduce risk, and using freed-up time for high-leverage business development. This strategic approach helps transition the owner from working in the business to working on it.
Topics discussed
Introduction: When to make your first hire
Mark's situation: Growth, family, and hiring dilemma
Advice: Pay yourself a living wage and reinvest
Ensuring ROI on the new project manager role
Compensation strategy: Commission over salary
Sponsor: NetSuite Next and AI for business
Working on the business: Pipeline and processes
Transitioning from owner-operator to Pathfinder
Conclusion: Coaching offer and final thoughts
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