It takes a leap of faith to leave a W2 job and wander through the hills and valleys of self-employment. With the right skill set, time management, and perseverance, you can come out more profitable (and happier) than you were originally at your old job. But, once you succeed, it may be hard to slow down the self-employment train, and your side-gig could become a full-on business, with the need for employees.
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.
Mindy:
Welcome to the BiggerPockets Money Podcast, show number 252, Finance Friday edition, where we interview TJ and talk about setting up your business to scale in the future.
TJ:
Yeah, I think that’s the main reason I haven’t hired anyone right now, is that I don’t want to hire someone and have them dependent on my income when I don’t personally feel like it’s stable. When it’s just me, I don’t have any dependents that are looking to make use of my money, then it’s not a big deal. If I lean on my emergency fund here and there or I decide to take December off, those are all great. But when I’m looking to hire somebody else, they either have to not also be depending on the income themselves, or I need to have enough coming in the door steadily to be able to give them that assurance.
Mindy:
Hello, hello, hello. My name is Mindy Jensen. And with me as always is my…