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When to Hire Your First Employee for Your Small Business

If you’re wondering when to hire your first employee, you’re not alone. Many entrepreneurs who turn their side gigs into full-on businesses struggle with the timing for their first hire. Do you wait to grow more revenue or do you hire in order to grow more revenue? TJ has this exact question. TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee. Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation? Scott and Mindy have both spent time outsourcing and hiring before. They help TJ develop a roadmap to getting her first hire on board while keeping crucial revenue in the business. This episode also dives into self-employed health insurance, project management, and hiring a junior position that can grow into a senior in little time. ~~~~ Join the BiggerPockets Money Facebook Group:   / bpmoney   ~~~~ Past Episodes Mentioned in Today’s Show: Joel Esparza: https://www.biggerpockets.com/blog/bi... Lynn Frair: https://www.biggerpockets.com/blog/bi... ~~~~ The “Vision/Traction Organizer™” 👇 https://www.eosworldwide.com/vto ~~~~ Have an Idea for Scott’s BiggerPockets Pro Healthcare Plan? Reach out at [email protected] ~~~~ How to Know When to Hire Your First Employee https://www.biggerpockets.com/blog/ho... ~~~~ Want to Be a Guest on the BiggerPockets Money Show? Apply Here: Guests: www.biggerpockets.com/guest 0:00 Intro 3:01 Income (and House Hacking!) 4:25 Assets and Liabilities 6:21 Why Shoot for FI? 8:33 Scaling Income (and a Potential Team) 19:02 Expanding Her Network to Find Workers 30:54 Setting a 1-Year Goal 40:23 Healthcare Coverage as an Independent Contractor 48:44 Reviewing TJ's Recruiting Agenda Finance Friday: www.biggerpockets.com/financereview ~~~~ Follow Scott and Mindy on Instagram: @scott_trench or   / scott_trench   @mindyatbp or   / mindyatbp   Episode #252 Show notes at: https://www.biggerpockets.com/moneysh...