I am at a crossroads...
I run an online marketing business.
There are certain tactics that work very well, sort of loopholes and untapped angles and niches.
I want to scale, hire and build out a team of 5-10 to run a division of my business that I have been managing that takes me 10-30 hours a week. Last year I was very hands-on with this division, I spent 35K and revenue was 165K (130K profit). Right now I do about 20K/mo. revenue with this division, lets call it "Division Z."
I think I could scale to a million+ a year in revenue with a team of team of 5-10. Right now I manage 2 workers with Division Z. I have 1 other division of the business right now and I would like to spearhead and open more to scale. Build an empire!
Right now I do all of the critical work and I am that glue that holds Division Z. I could still hire but compartmentalize every task independently to keep workers in the dark of how it all comes together, keeping me as the glue and taking a decent amount of my time.
But what would be nice would be to hire a PM (project manager) from the Balkans (Serbia, Croatia) for around $2,500-3,500/mo. USD to do the hiring, team QA, firing, analytics/metrics, team meetings, operations, troubleshooting etc.
A PM would be very nice. But there is not a very big barrier to entry for Division Z. For $500+ a month they could start doing it themselves on the side and build up.
Usually when you tell someone of a great way to make money they rarely do it. I have done this where I show someone exactly how to make easy money and they just don't do it. But with this, I am employing them fulltime and they will learn everything.
Division Z is not a huge ocean, it is not like a client agency business where if the employee copies your SOP's and operations and goes and gets their own clients (or steals yours) it doesn't matter because there are a zillion clients in the world to go sell to. Another competitor would matter with Division Z.
Option A - compartmentalize every task independently, keep workers tasks separate so no one understands the whole picture. Less risk, more time for me manage
Option B - hire project manager, tell them how everything works. Take this division mostly off my plate but possible risk of them doing it for themselves. More time to scale the business and take my self out of the day to day of Division Z.
I run an online marketing business.
There are certain tactics that work very well, sort of loopholes and untapped angles and niches.
I want to scale, hire and build out a team of 5-10 to run a division of my business that I have been managing that takes me 10-30 hours a week. Last year I was very hands-on with this division, I spent 35K and revenue was 165K (130K profit). Right now I do about 20K/mo. revenue with this division, lets call it "Division Z."
I think I could scale to a million+ a year in revenue with a team of team of 5-10. Right now I manage 2 workers with Division Z. I have 1 other division of the business right now and I would like to spearhead and open more to scale. Build an empire!
Right now I do all of the critical work and I am that glue that holds Division Z. I could still hire but compartmentalize every task independently to keep workers in the dark of how it all comes together, keeping me as the glue and taking a decent amount of my time.
But what would be nice would be to hire a PM (project manager) from the Balkans (Serbia, Croatia) for around $2,500-3,500/mo. USD to do the hiring, team QA, firing, analytics/metrics, team meetings, operations, troubleshooting etc.
A PM would be very nice. But there is not a very big barrier to entry for Division Z. For $500+ a month they could start doing it themselves on the side and build up.
Usually when you tell someone of a great way to make money they rarely do it. I have done this where I show someone exactly how to make easy money and they just don't do it. But with this, I am employing them fulltime and they will learn everything.
Division Z is not a huge ocean, it is not like a client agency business where if the employee copies your SOP's and operations and goes and gets their own clients (or steals yours) it doesn't matter because there are a zillion clients in the world to go sell to. Another competitor would matter with Division Z.
Option A - compartmentalize every task independently, keep workers tasks separate so no one understands the whole picture. Less risk, more time for me manage
Option B - hire project manager, tell them how everything works. Take this division mostly off my plate but possible risk of them doing it for themselves. More time to scale the business and take my self out of the day to day of Division Z.