WEBVTT

1
00:00:00.000 --> 00:00:05.680
Who do I hire at what point do I know it's right and the first secret to this is that you're never going to know

2
00:00:07.520 --> 00:00:10.400
Welcome to the game where we talk about how to get more customers how to make more

3
00:00:10.400 --> 00:00:15.520
Procure and how to keep them longer and the many failures and lessons we have learned along the way. I hope you enjoy and subscribe

4
00:00:18.560 --> 00:00:23.360
In this video, I'm going to tell you who to hire first when you are scaling your business all right

5
00:00:23.360 --> 00:00:29.360
So no more question I get all the time is when should I hire who do I hire at what point do I know it's right

6
00:00:29.760 --> 00:00:34.960
And the first secret to this is that you're never going to know. By the way, my name is Alex Ramonesio and acquisition.com

7
00:00:34.960 --> 00:00:37.120
We're going to portfolio companies is about eighty five million dollars a year

8
00:00:37.120 --> 00:00:42.480
So one of the biggest issues is when you're starting as a business owner is that you don't know what the hell you're doing

9
00:00:42.480 --> 00:00:44.080
Right and that's okay

10
00:00:44.080 --> 00:00:48.960
But what I wanted to do to you is a simple concept that I use when thinking through this

11
00:00:49.920 --> 00:00:55.920
As a as a simple tool that you can use when you think about your stack of time all right

12
00:00:56.000 --> 00:01:02.480
So let's say that this is all of the time that you have in your day right and let's say you spend a certain amount of time doing

13
00:01:03.200 --> 00:01:09.920
You know admin work and then you do some sales and you do some marketing and you do some

14
00:01:10.640 --> 00:01:13.840
You know, let's say billing and then you do some

15
00:01:14.560 --> 00:01:17.920
You know customer facing stuff right

16
00:01:19.360 --> 00:01:21.360
The way that you determine

17
00:01:21.360 --> 00:01:25.360
Which of these things you hire next is you look at two factors

18
00:01:26.000 --> 00:01:29.360
Number one is what is the greatest percentage of your time

19
00:01:29.920 --> 00:01:32.640
Like where's the greatest percentage of your time that you were spending

20
00:01:33.280 --> 00:01:39.840
Number two is what is the cost that's the lowest cost activity that is the highest percentage of time

21
00:01:40.320 --> 00:01:44.080
All right, and so what you want to look at here is a scribe of value

22
00:01:44.560 --> 00:01:47.360
To each of these types of things now you can look at market value

23
00:01:47.840 --> 00:01:52.720
Or what I prefer to do is which of these things is making me the most money all right

24
00:01:52.880 --> 00:01:57.440
So right now there will probably be activities in your business that make you money right

25
00:01:57.520 --> 00:02:00.720
But they don't make you as much money as late say sales does right

26
00:02:00.880 --> 00:02:05.680
And so we're not going to outsource something that's crucial to the business at this early stage

27
00:02:06.160 --> 00:02:10.640
When we have something let's say admin and billing that we can outsource earlier on

28
00:02:10.880 --> 00:02:14.720
That have a lower likelihood of impacting your business in a negative way all right

29
00:02:14.720 --> 00:02:19.680
So we're really trying to play defense here when we're looking at how we're going to hire and the objective

30
00:02:19.760 --> 00:02:27.200
And this is the main thing here because understanding what problem we are solving is one of the most important aspects of entrepreneurship is picking the problem that we're truly solving

31
00:02:27.520 --> 00:02:32.240
Most people start solving problems that don't even exist or solving problems that not aren't even problems in their business

32
00:02:32.240 --> 00:02:38.320
They're not even constraints that exist right and so the objective of the hire should be to give you time

33
00:02:39.360 --> 00:02:41.440
Right it should be to give you time back

34
00:02:42.080 --> 00:02:45.920
And so the idea is how can you get the most time back for the least amount of money

35
00:02:46.400 --> 00:02:53.360
And that's consistently the process that you'll continue to do in your entrepreneurial journey is how do I get more time back

36
00:02:53.760 --> 00:02:57.040
Over and over and over again and independent whatever one says

37
00:02:58.080 --> 00:03:05.680
The process of entrepreneurship is just buying back time and increasing your level of skill so that you can do higher and higher

38
00:03:07.280 --> 00:03:15.040
Revenue activities right to the point where the only thing and I'll tell you whether the final place that you'll have is that you'll just be making decisions

39
00:03:15.680 --> 00:03:19.520
Right, this is the highest level right and then beyond that

40
00:03:20.240 --> 00:03:22.240
It's having a vision

41
00:03:22.240 --> 00:03:24.640
that everyone is aligned with

42
00:03:24.640 --> 00:03:26.640
that they're making their decisions

43
00:03:28.480 --> 00:03:34.080
Through you provide the lens through which people underneath of you make decisions in alignment

44
00:03:34.480 --> 00:03:38.720
So that they can move the entire organization for it on your behalf all right

45
00:03:39.600 --> 00:03:40.720
Now

46
00:03:40.800 --> 00:03:43.120
When you're starting out most times

47
00:03:43.760 --> 00:03:45.520
most times

48
00:03:45.520 --> 00:03:49.920
What you will need to end up doing your first one of your first you hires will be one of these two things

49
00:03:50.800 --> 00:03:56.480
A it will be some sort of administrative help or some sort of first follower who will help you who believes in you

50
00:03:56.720 --> 00:03:58.720
believes in your vision and

51
00:03:58.720 --> 00:04:05.520
Like this is why spouse is a lot of times end up being that first hire right that girlfriend or whatever who ends up believing in you

52
00:04:06.160 --> 00:04:10.640
And you know quitting their jobs so that they can you know support you and you guys go do this thing together right

53
00:04:11.920 --> 00:04:15.920
And that's because they're gonna be they're gonna be more invested you get way more work out of that person

54
00:04:15.920 --> 00:04:17.280
Then you would add a normal boy

55
00:04:17.280 --> 00:04:23.120
But you can also find those types of people and that is very common as the first type of hire is kind of a

56
00:04:24.240 --> 00:04:27.360
Jack of all trades admin help person all right

57
00:04:28.800 --> 00:04:34.000
The other type of hire that I see so it's usually one of these two is the first hire

58
00:04:34.880 --> 00:04:38.400
Is somebody who can assist with the fulfillment all right

59
00:04:38.400 --> 00:04:40.320
So if you have productized your service

60
00:04:40.320 --> 00:04:46.320
Which is gonna be one of the first things you need to do is figure out how you can rep reliably replicate the same outcome among customers

61
00:04:46.320 --> 00:04:51.360
Which is why it's important to narrow down the type of customer you're servicing and the type of outcome you're delivering

62
00:04:51.360 --> 00:04:58.640
So that you can make it easier for someone else to accomplish the same thing as you so that you can focus on running the business and not actually doing the thing you are selling right

63
00:04:59.520 --> 00:05:03.360
So it is productizing the service and so that means that

64
00:05:04.000 --> 00:05:09.120
In the beginning you'll need to always work over time because you're basically working one and a half or double

65
00:05:09.360 --> 00:05:16.720
So you're working on doing the business things while also building the infrastructure foundation so that other people can work within this model

66
00:05:17.120 --> 00:05:23.520
Right and so most people who are starting out I'll write this down for you so that you can have a visual for it

67
00:05:23.840 --> 00:05:28.400
Number one is usually either an admin slash helper for you

68
00:05:29.520 --> 00:05:32.960
Or somebody somebody to help with customer fulfillment

69
00:05:34.640 --> 00:05:36.640
Hey

70
00:05:36.640 --> 00:05:40.400
Hey guys real quick for those you guys who are 100 million dollar offers fans

71
00:05:40.400 --> 00:05:44.480
I love you. I added in a lost chapter that has never been released

72
00:05:44.560 --> 00:05:48.720
I'm releasing it now transparently. I'm doing that to build hype for a hundred million dollar leads

73
00:05:49.040 --> 00:05:54.480
But you will have the unreleased chapter it talks about your first avatar and how to segment customers to make more money

74
00:05:54.800 --> 00:05:56.800
You can get it by going to acquisition.com

75
00:05:57.360 --> 00:06:03.360
Fort slash leads. It's oh free in exchange for email so that I can email you when we launch 100 million dollar leads

76
00:06:03.360 --> 00:06:07.680
And so that you cannot miss out on it because last time I sold out for like eight straight weeks really fast

77
00:06:07.760 --> 00:06:10.480
So that is my way of making sure that y'all get first tips

78
00:06:14.720 --> 00:06:22.480
Those are typically one of the first two hires you will have and this is obviously with the a broad generalization based on a founder owned

79
00:06:22.480 --> 00:06:26.880
Bootstrap business that doesn't have funding which 99% of businesses fall in that category

80
00:06:27.200 --> 00:06:33.680
All right now if you're a three founder, you know, VC backed startup then obviously you might have different hiring schema right off the bat

81
00:06:33.680 --> 00:06:38.240
But if you're starting this from your from ground zero and this is you and you are hustling

82
00:06:38.480 --> 00:06:40.480
These are usually going to be the first two

83
00:06:41.040 --> 00:06:46.080
Hires you have because these are usually the things that take you the most amount of time that provide the least amount of value

84
00:06:46.480 --> 00:06:53.360
All right, so that you continue to work your way up this uh this this this this value ladder which I can probably do at another time

85
00:06:54.560 --> 00:06:58.640
But as you go up this this ladder, they should be the things that take you

86
00:06:59.200 --> 00:07:05.280
That bring the most amount of money and the least amount of time so this is a little time hourglass

87
00:07:05.280 --> 00:07:10.320
Which I failed miserably at but the most amount of money least amount of time

88
00:07:10.800 --> 00:07:16.480
That is what you are you're spending your time doing and you outsource these things in this order

89
00:07:17.040 --> 00:07:22.560
And that is the thought process that I use when I'm trying to figure out what things and what people I need to hire next

90
00:07:22.800 --> 00:07:27.520
Which is what's taking me the most amount of time that I can buy from the marketplace the least amount of money

91
00:07:28.480 --> 00:07:31.680
Amosianation make these videos go a lot of people broken on which you be one of them

92
00:07:31.680 --> 00:07:35.760
I want you to scale the crap by your business and I'd love to know um that this video helped you

93
00:07:35.760 --> 00:07:39.760
So anyways lots of love keeping awesome nothing to sell you. I'll see you guys in the next big bye

94
00:07:40.320 --> 00:07:42.720
You