Why You Shouldn't Hire Electricians If You Don't Have A Buffer
Don't put on electricians when you don't have any money in the bank because you have no buffer and when your work drives up, which it usually does, you will be stuffed. Your staff wages is your biggest operational expense as an electrical contracting business.
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When you hire someone, you should be able to leverage it. That's how you get mega profit when there are electricians out there who are doing a job as good as you or better. That's positive.
So you need to max out your potential. You are going to be the best salesperson, representing your business across the board.
While doing this, you also have to be cautious of stepping into inefficient admin roles. You need to hire a Virtual Assistant to free up your time. It’s not a big deal because training is minimal for someone who is a master at it already. You don't have to train them a lot. When you hire a VA, they already know all the systems. They can type 50 billion times faster than you. You can get them to write your emails fast. You can hire VAs who are at the top of their game for a fraction of the amount because economy-to-scale it's really good wages for them, and when you hire locally you would be paying $50/hr for the same thing. Consider company culture and potential employee’s skill set when making a hiring decision.
When you are just starting out with your electrical contracting business, you might want to use these 7 ways to build a team with little or no money.
Offer Stock Options: If you are planning to build a scalable electrical contracting business then you might be able to offer stock options to early employees. This way they will be as invested as you in the success of the company.
Hire Apprentices: It’s always good to be able to mentor someone and pass on your skills, knowledge, and lifelong lessons to them. You can hire apprentices so that you can train them according to your style of working and later integrate them into your company.
Hire part-time contractors: Sometimes, when starting out, you might not be generating enough work to put someone on for a full-time week of 40 hours. So, you can consider putting someone on part-time. And as you get more work you might extend their working hours, if their work is up to the mark.
Defer compensation: You can also hire people who are already set in their life and don’t mind working for a deferred compensation, which means that they will be paid only once the business starts generating profits. It’s often used for hiring people on a commission basis in the sales position.
Exchange services: This might feel like travelling back a few centuries, but a barter system might work well for you. Suppose, if you need someone’s marketing chops for your business, and you don’t have the right money to pay for it, you can offer electrical services in exchange.
Work with family and friends: It’s always a good plan to start with a little help from family and friends. Every one of them might have a skill set that can help your electrical business to achieve new heights. Don’t feel shy to approach them.
Inspire others to join you: Well, as an electrical business owner, you are very much in a leadership role. And it demands of you to be able to inspire your team and make sure that things get done every day. So, if you aren’t able to inspire other people to join your business, then it’s time to introspect.
So, what do you think? Do you have the buffer and the right amount of work to be hiring more electricians and a VA? Let us know your thoughts.
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