Hire someone before you go bankrupt

So you got this far - but I think you need some help to make that a viable business

There’s a reason most of us who start a business are sole practice independent contractors – we don’t take the right steps or the risks to grow.

It can be hard to take this step. As an independent contractor you are making the best money of your life and you are enjoying some of the flexibilities that come with the role. You are also learning firsthand about the insecurities that go with the territory too. Effectively you are a casual worker and can be laid off at any time.

So, while your income is good, you don’t know how long it will last, so you don’t want to risk it.

I see other kinds of startups stuck in the same mindset too. They have burned through their cash reserves and now that they really need to grow they don’t feel they have enough money to hire someone to help out.

When I say someone to help out, it may be as simple as getting someone to answer calls, schedule meetings and manage your diary, or you may be looking for a salesperson or IT administrator.

There comes a point in every business where you are going to have to take a risk and pay someone else from your own meagre income in order to grow. Your partner will hate the fact that you are taking on more risk, your friends will tell you that you are crazy and your accountant might not talk to you for a month after throwing a fit about how you can’t afford it.

If you genuinely need someone to help out in order to make more money faster then you’d be crazy not to. You will know when you are at that point and I hope you have the courage to do it – it should make a difference.