Tag Archives: time management

Required Reading for Business Success in 2016

 

January is typically a slower time in the real estate game.  Some people squeezed in their closings for end of year and others are still catching up from being off during the holidays.

I think of this as a great time to plan for the spring.  Spring and early summer is typically the busiest time of the year for Real Estate sales.

A large portion of savvy buyers plan to make their big purchase by spring so that they can have a summer move while the kids are out of school.  This is traditionally a large driver for spring real estate sales.

In order to have a good busy season, we must head into the season with momentum and a bullet proof plan.

I would like to recommend 3 books that have changed my life over the past 24-48 months to help you prepare for the spring.  I am constantly reading and these 3 books are the cream of the crop.

The first 2 are both by Gary Keller, co-founder of Keller Williams Real Estate.

millionarerealestateagent

1. The Millionaire Real Estate Agent: by Gary Keller

This is a pure blueprint to regular retail real estate success.  Following the systems found is this book is a guaranteed way to make an extra 40-50k in the next 12 months.

2. The One Thing: by Gary Keller

theonething

Gary talks about how doing less can actually produce you superior results.  The idea is that the more we hand off to others to do for us, the more time we have to dedicate to the big money generating tasks.

Anytime I get overwhelmed, I take out a notepad and write down, what’s the one thing I can do for this task that would produce the greatest result?  I then get to work with a clear head and razor focus.  Thank you Gary Keller!

4hourworkweek

3. The 4 Hour Workweek: by Timothy Ferriss

Tim cashed out of his startup in 2009 for about 200+ million dollars.  This book talks about all of his hacks on life and business.  It’s a “how I did it” story that is constantly entertaining.  *disclosure, I would give the book a rated R rating for language.  I am typing this blog from a condo in California instead of a 10 degree ice box in Ohio all thanks to THIS book.

I realize that many of our blog readers don’t have the time to sit down to a book, so I would also recommend www.audible.com.  For $10 bucks a month, you can get a new audio book which you can listen to from your smartphone in the car or in-between appointments.  I have not listened to the radio for over a year because of this sweet app.audiblebooks

Audible Gold Membership

Cutyourpayroll.com appreciates you as a reader of our blog.  Interested in hearing an expert speak on a certain topic?  Send me an email at: dkeltner@cutyourpayroll.com.

Interested in further discussing this blog topic?  Send us a comment below, we would love to hear from you!

Thanks!
Daniel and the Cutyourpayroll team.

WARNING! You may be wasting your time in Real Estate.

stressed-at-work-desk

How long has it been since you figured out the following question?

“What are you earning per hour?”
If you are like most of the Real Estate Brokers we work with, the answer is NEVER.
This one metric can change your life. Let’s do an example.

The Formula:
Income – Expenses = Net Income – 30% for taxes = Monthly Profit / Hours worked

Example:
$10,000 – $4,000 (Staff, Rent, Broker splits, phone etc.) = $6,000.00 – 30% =
$4,200.00 Profit / 200 hours = $21.00 per hour.

I don’t know about you, but we have employees that almost make this wage.

You did not get into Real Estate to earn $21.00 per hour working 50 evening and weekend hours per week.

Cutyourpayroll.com helps Real Estate Brokers increase their hourly wages. We do this by assessing what you do during the day and helping you accomplish those low paying tasks using trained ultra low wage Virtual Assistants.

This allows you to focus your time doing higher paying activities, like marketing and making sales.

Want to know more?

Email us at info@cutyourpayroll.com
Call us at 216-314-6353
or simply open the chat box on our site to the right!

Happy Selling!
Daniel

 

 

 

How a Virtual Assistant can put a little pep in your step. Part 3 of 3.

Family-Fun How a Virtual Assistant can put a little pep in your Step, Part 3.

This post will be short and sweet.

Spending more time with your Friends, Family and Yourself is good for you. You probably even want to do it, but you don’t have the time.

How much time do we need? Let’s focus on freeing up 2 hours per day. If we fall short of our goal even by half, who cares, that’s 5 hours freed up per week. Assuming you only work 5 days and we know Realtors do work more.

If you do hit your goal of working 2 hours less per day, that’s 10 hours per week saved.

That equals out to 2 lunch dates with your souse + 2 play dates with your daughters or boys + 1 Monday night NFL game out with the boys. You get the idea. Let’s just call it 10 more hours of actual life per week.

I don’t need to sell you on the benefits of a lunch out with your spouse (you know how happy that will make them). How about fathers spending more time with their daughters?

Check this out this book called Strong Fathers, Strong Daughters. The premise is that fathers are the ones who influence their daughter’s growth most. – A MUST read for fathers of daughters.

There are hidden benefits of spending time with friends too. Click here to read more on that.

So how do we achieve this using a VA? I would recommend writing down on a worksheet, what you do throughout the day today.

And here is a great delegation quiz for you as well. – Delegation Sheet

Delegation is the secret sauce.

Take notice of what only you can do and what can be handed off. Most of us – Including myself, only do 2-4 hours of actual high impact work everyday, on a good day. The rest is wasted time.

As you get into this practice of logging your tasks and what you do, start reviewing it in the mornings. Think about what your day would look like if you just spent the morning delegating and handing things off that you normally do yourself.

This process of delegation is awkward in the beginning but practice does make perfect. It will not be long before you get the hang of this process, so stick with it. It will pay major dividends for you soon.

Most people I talk with say to me, “I don’t know what a VA can actually do.” That is the wrong question to be asking though.
The question to ask is – “What can’t my VA do?” Assuming they can’t do much is just an easy way out from taking the time to train and delegate.

Fun Fact: Did you know that Jack Welch, CEO of General Electric spent up to half of his days just following up with his staff? It seemed to work well for him. His quote, “You build the best team, you win”.
http://www.entrepreneur.com/article/224604

I will take his word for it. During his 20-year tenure, he increased GE’s company value by 4,000%. Not too shabby.

Spending the first hour or two of your morning delegating off to your Virtual Assistant can and will save you all the time you need to put that pep in your step.

If you need help, feel free to contact us. Helping Brokers achieve their goals is what we do at Cutyourpayroll.com.

How a VA can put a little pep in your step part 2 or 3

This post will be one of the most “out-there” posts I have done to date, enjoy.

I am excited to share part 2 our 3 part series on how a VA can put a little pep in your step.

In today’s post I want to share a secret weapon with you. I personally used it 3 weeks ago when I got back from a long trip and came home to utter chaos. (Chaos as-in so much to do, 3 busy companies to run each with it’s own set of issues to solve, a family to take care of etc.)

I was stressed out and overwhelmed. Also – I was so busy, I couldn’t even figure out where to start on getting control back.

My Trick is a modern spin on the 80/20 principal, Meditation and Outsourcing. It works like a charm every time.

I am now going to show you how you can use the 80/20 combined with Mediation and Virtual Assistants to guide your way into a stress free lifestyle. Time required? 1 hour, once per month.

Let’s assume 3 things – (Each hyperlinks to evidence in the email preview sent, if you desire check out)

1. Meditation is good and is rumored to have health benefits*
2. Outsourcing/Globalization is the future, you are either on that bus or you are waving goodbye to its passengers as they pass you by.
3. The 80/20 Principal is real and proven.

* Disclaimer – I am not a Doctor or play one the Internet. Do your own research J

Ok – Let’s start our experiment

1. Meditate

Find a quiet place and meditate for 10-20 minutes. Don’t know how? Click here – It’s super easy and actually fun.

For those of you who have not meditated, the goal is to “Get back to breath”. This is a point where you are focused and thinking about nothing except breathing. When you do it really well, you will not even be thinking about the breathing part.

There are many rumored benefits, but the biggest in my opinion is allowing your brain to rest for a short while. If you think about it, your mind is even very active when you are asleep as you dream.
A rested brain is less stressed, thinks clearer and with less effort.

The realty for beginners is that your mind will bounce from subject to subject like a Monkey in a cage trying to escape. You will have to wrestle it down and make it relax. Practice makes perfect.

As you start to drift off into meditation lala land, you will notice your brain circling around 3-4 central themes or subjects. These are the things that are most likely stressing you out. Some may be very big life goals etc. and that is ok.

Once we come out of this exercise, we are going to document everything down. This is where our 80/20 is going to come in.

2. 80/20

Then start your 80/20 engines! You are going to move the top 20% of the items that cause you 80% of your stress to the top of your to-do list. We are going to break down our list in categories, then sub tasks.

This will give us focus. Focus is a talked about trait of the highest of high performers. Listen to big people talk who have achieve much. Focus is always mentioned.

3. Outsourcing Execution

If you are stressed, chances are – you have too much to take care of on your own. Now that you have a clear road map of what needs done, it’s time to hire an assistant.

Each subject you wrote down from the Meditate + 80/20 exercises will have a laundry list of sub tasks required in order to create a positive outcome.

We are going to delegate those sub tasks out to people to get them done as fast as we possibly can.

That’s it. The reason this works is simple. You are exercising control over what is most stressful to you, thereby eliminating stress. It’s all about those small wins and regaining control over the big perceived tough obstacles.

That’s why a psyhciatrist tells their anxiety patients to make their bed every morning. They are exercising control over their environment starting first thing every morning.

Still not motivated to give this a try?

Take a look at some of what the experts think about Stress and it’s effect on the human body. It will be motivation to try this out.

Next time you think that you

Don’t have the time to meditate,
Don’t have time to do an 80/20 analysis or
Don’t have time to say goodbye to stress,

Do, think about hiring us at Cutyourpayroll.com

You are not alone. Helping you achieve your goals is what we do.

Sincerely,

Daniel Keltner, CEO/Founder
info@cutyourpayroll.com

How a Real Estate Virtual Assistant can help you grow your business and your days off. – Part 3 of 3

adult-adhdHow to outsource: Routine Tasks

This week’s final piece is going to be the shortest on the subject.

I want to apologize for my delay between posts here. I was on an extended trip over the past two weeks and to be honest, I was working too much back home and just decided to “cut the cord” for the trip.

In our last post, we talked about outsourcing our phones. Another major win and step towards your goal of working smarter not harder.

Prior to my most recent two week bug-out, I realized I was working way too much. I was spending large amounts of time behind my laptop just trying to grow my business. (Sound familiar?)

So, I set a goal for myself – Cut my “behind the laptop time” by two hours every day. Sounds tough right? To be honest, it was. The following week, I took note of my routines. What I found was that I could cut about two hours of laptop time by outsourcing tasks that I did daily.

As a CEO, there are certain things to check daily to ensure our marketing efforts are on track. Removing that process of logging into a website and checking the data and recording it down was where I started. I realize your business is probably different, but this article is just meant to inspire you.

Put a note above your desk or above your laptop (somewhere that you will see it at all times). The note should read – “Am I the only one that can do this? Am I being efficient rather than being effective?”

Here are 3 example videos of the recent personal assistant I hired for myself below. The videos may be a little like watching paint dry, but again, they are just to inspire you. Anything can be taught when you are using a training video to teach your VA. I would share the entire library of his training with you, but there’s some Non-Public information in the other videos.

If you have any questions about how to create videos like this, drop me a line at dkeltner@cutyourpayroll.com . I would be happy to teach you how to do this. It’s ultra easy to do and takes little time.

Example Task video 1.
https://www.youtube.com/watch?v=Rd8Jaka_ldQ

Example Task video 2.
https://www.youtube.com/watch?v=B-4rqz0DthY

Example Task video 3.
https://www.youtube.com/watch?v=OpqaSz0LoRQ

If we created 10-20 videos like this that save us an average of 5-10 minutes each, that is 1 to 4 hours per day saved!

In Closing:
Here was an excellent video about meditation by iconic entrepreneur, Russell Simmons. It’s an hour long, but you simply must watch it!

https://www.youtube.com/watch?v=4NHuXUXBZDo – Warning: Intelligent content but it is Explicit.

In it he says, “If you can’t find 5 minutes to meditate, you need 20.”

This is my message to you as well. If you can’t set aside 5 minutes per day to create a training video for your virtual assistant, you need to set aside 20 minutes. Meaning, if you can’t find 5 minutes to train your staff daily, you have some major problems.

Still here?! Share this article with whoever you think could use it.

Thanks!!

Daniel

How a Real Estate Virtual Assistant can help you grow your business and your days off. – Part 2 of 3.

Picking up from last week’s nail biting cliff-hanger, the thing that starts with a “P” is,

Phones!! This includes your office and cell.
PS. We are only going to talk about Inbound calls today. Outbound calls are doable but fall under the sales category, so we will cover in a future post.

Last week we talked about how important it is to win small battles in order to achieve our goals and win our war. Here comes your next battle win.

Here’s why this is so big. Phone calls are like emails, they are a distraction and the world’s desire to consume your time. Yuck.

Here’s 3 good reasons to throw your cell phone off the next overpass or bridge.

    1. Decreased stress
      Have you ever taken a phone call that stressed you out for the next hour or two, or day or two?? I have – many times. These calls come from people who “don’t get their way” or are “having a bad day.” They are eager to make sure you feel their pain. Misery loves company right?

Stress can play a part in problems such as headaches, high blood pressure, heart problems, diabetes, skin conditions, asthma, arthritis, depression, and anxiety.
Source: http://www.webmd.com/balance/stress-management/effects-of-stress-on-your-body

    1. Getting rid of time wasters
      There are a lot of sales people trying to sell us stuff (shame on you homes.com for not removing me from your telemarketing list after many requests).Some people just want to waste your day. It’s nice to get a message from your VA, emailed to you, that you can return when it’s convenient. Think you will ever get the 5 minutes back when you stepped away from your child on the swing to answer a phone call? Worse yet, after you hang up the phone, are you really engaged with your youngster, or are you distracted?

      Taking the time out to answer a call during prospecting or family time is craziness and puts us on the path to the poor house. (financially and emotionally)

      I am not saying that we need to go full on Howard Hughes recluse here. Your VA can be a buffer between you and the rest of the world.

&nbap;

  1. Higher conversion rates of leads-to-customers.
    We are not always able to answer our phones. When you’re with clients, watching a movie with the kids or whatever. Here’s a FACT – Phone leads dealt with within the first 5-10 minutes convert 90% more often than a lead called back after one hour.
    Source:http://www.leadresponsemanagement.org/lrm_study

Converting even 50% more leads would be a great reason to always have someone answering those calls live for you.

Here are 3 quick steps to slash your phone time in half.
Let’s use the Virtual Assistant that started helping you with email last week 😉

Step #1 – Forward your office line to your Virtual Assistant.

There are several online “soft-phones” available that allow your Virtual Assistant to turn their PC and a USB headset into a phone switchboard. We use Ring Central and Grasshopper, but there are many more. The average cost is about $30.00 per month per line. They have voicemail as well.
Pro-Tip, have your VA transcribe all your voicemails before you start work for the day as part of their daily routine. It’s much quicker to read an email than to listen to a voicemail. Also, emails can be forwarded, so if it’s a message about something you don’t have to handle, you can just forward it to the person who can handle it. That includes back to your VA.

Next, you need to forward your office line to your VA’s new phone number and begin a training session where you observe the VA answering the phones.

Next, we set up the rules for each type of phone call and write them down together with your VA.

Example.

  1. If caller is inquiring about one of our homes for sale => transfer to our buyer agent. (We have a sophisticated process for this one, but it works – I would be happy to share privately if you are interested)
  2. If caller is calling to set up a showing, obtain 2-3 acceptable times available and then contact our seller, then call agent back and confirm the showing.
  3. If caller is an appraiser, coordinate the appointment with everyone.
  4. If they are a new seller client – patch them directly to my cell phone.
  5. Broker questions on properties – answer if possible, if not, type up an email and send to me along with callers email address.
  6. Etc. Etc. There are several scenarios

I am going to tell you something with no exaggeration. Getting rid of my phone calls was the best thing I have ever done for my career. It has reduced my stress and my working hours on weekends by 90%.

My phone VA has been with me for so long that he helps most callers on his own using his own common sense and experience. All for $6.00 per hour.He routes people around me and is my gatekeeper.

Step #2 – Forward your current cell phone to your new office line answered by your VA

This step is going to be quick and easy.

Now that the VA understands what to do with phone calls, and you are comfortable with them answering the phones, it’s time to transfer your old faithful cell phone to them as well.

I know this sounds insane, trust me. It’s exhilarating.

Create a list of personal people that you want to give your new phone number. Keep it tight and keep it stress free. In the next step we are going to wrap up this phones project with –
You guessed it…

Step #3 – Your new cell phone

Your new cell phone is going to be your Batline.

This line will be strictly for friends, family and transferred calls from your VA that you decide you want to take.

Now that your VA is helping you out on your email, why not allow them to answer your phones while they are at it. Get as much value as you can out of your VA right?!

P.S. Ok – So far we have covered outsourcing your –

Email and Phones

Next week’s final topic will be on, Daily Routines! A daily routine is a group of tasks that you perform daily and brings you closer to your goals.

Tune in next week to view a daily routine blueprint. This blueprint allows my Virtual Assistant to take over 2 hours of work daily for me – and this doesn’t even include email and phones. This is a routine I used to do myself. For $12 per day, it’s now done for me 🙂

Still here?! Share this article or comment on it.

How a Real Estate Virtual Assistant can help you grow your business and your days off. ­ Part 1 of 3.

In this 3 part series, we will answer the most common question asked of us over here at Cutyourpayroll.com.

What can a Virtual Assistant do for my business?
Glad you asked! I wrote an article a few months back titled, The first eight tasks you should outsource. It was well received, but it was just a quick fly over on the topic. Over the next two weeks we will dive deeper and generate some more ideas for you.

This is high impact stuff and will change your life for the better.

Question: How are wars won?
Answer: By winning many small battles.

Winning your war I imagine would something look like this:

You doing 100+ transactions per year
You working 20 hours per week
You taking 2 to 3 vacations per year (not the keep it short or get fired kind either)

We have to win the small battles to win the war, but what are they? Let’s start with 5-10 minutes blocks of your day.

Saving 5-10 minutes of work, 5 to 6 times throughout your day ads up to a minimum of 6 hours a week. Here we go from 40 hours to 34 hours per week. Winning!

Yes ­ It is a lot of work to put this in place, but if we methodically remove ourselves from the minutia of every day business, it’s a victory. Small battles. This allows you to work with clients, convert leads or close deals. It allows you to do the big money / high impact tasks.

This week we will discuss the #1 timewaster fidget…Email. Let the battle begin!

Realtors spend an average of 3 hours checking and responding to email per day. Don’t bother looking for the stat, I couldn’t find one. I just asked a lot of Realtors. Email is a time waster. Period. You’re doing one thing and then you stop to look at a new email. You know it feels so wrong, but you just can’t help it. It’s distracting.

If we could allow ourselves an email diet of 15 minutes in the morning and 15 minutes in the evening, that would save us 2.5 hours per day or 12.5 hours per week. Want to see someone move with a purpose? Give them 15 minutes to clear their inbox at 12pm and 15 minutes again at 4pm.

This is a major battle win and puts us on the path to winning the war.

Email is the world’s desires on your time. Don’t bow down to their whims. Do what is important to you first and let Email be an after thought. Like checking your real mailbox. (All mine has is bills and junk mail, so it can wait! Haha)

Here are 3 tips and strategies to responsibly unplug from the matrix and hand off your Inbox to your Virtual Assistant.

Tip #1 ­ Email Rules
Most servers like Gmail and Outlook allow you to assign “Rules” to certain routine emails that come into your Inbox. Setting these rules up allows your server to recognize a routine email, forward it to your VA and file it away. All while you are away. I personally use this feature to cut my emails down by 50%. Thats 50% less time spent in the inbox trap.

Need examples?

  • –   Leads and customer inquires (My VA processes, enters them into our CRM, puts them on an MLS search E-Alert, Puts them on a drip and assigns them to a referral broker. <= Shake your money maker!)
  • –    Showing Feedback reports
  • –    Showing Requests on our listings
  • –    Junk mail I want opted out of.
  • –    Broker questions on our properties
  • –    Listing status edits
  • –    Etc. Etc.

Note: All the items above require a process to complete. Write the process, as you want it done, share it with the VA and set the rule up. Do it right once and kiss the task bye-bye forever.

Tip #2 ­ Random Acts of Task-ness

No doubt, you get lots of non-routine tasks that you kind of would like to get done as well. These can also invade your valuable real estate of the mind. Remember the highest and best rule.
I try to think as little as possible about emails as they come in, because I have my own agenda. Making X amount of $, while working X amount of hours. Anything else is a roadblock or mental hurdle.

More Examples…

  • –    Editing listings or putting in new ones you just locked down.
  • –    Attending webinars that interest you. (I have the VA take crib notes and send them to me after)
  • –    Checking portals for your goodies. Ie, blog replies, Facebook trolling, Google Analytics key metrics.
  • –    Helping respond to clients
  • –    Researching things
  • –    Setting up and responding to utility companies
  • –    Etc. Etc.

Quickly delegating these things will save you hours of valuable time. Delegating also allows your brain to stay sharper longer. You only have so much brain-power to last through the day. Save it for important stuff, like getting clients to walk in the door. Delegating pays HUGE instant dividends.

When I look through my email inbox, very rarely does an email get more than 1-3 seconds of my time before it is forwarded off the proper assistant. That’s how we can save so much time.

The 3 important questions to ask your self are:

  • 1.   “Do I need to do this task”
  • 2.   “Is it the best use of my time”
  • 3.   “Can I influence the outcome by doing it myself?”

Tip #3 ­ Auto-responders
A well crafted auto-responder is great when it directs the email intruder to another human’s email inbox besides yours.

“Hello, This is Jane Doe ­ I will be out of the office from August 1st to August 14th. If you need assistance, please email my assistant at seeyoulater@imgone.com She is here to help with anything you may need during my absence. “

Have the VA forward you anything that resembles an emergency to a private email, or have them leave you a text or voicemail. It works like a charm. A few years ago, I would have told you to leave a cell phone number in case of emergencies, but the problem is, they will call it, even if it’s not an emergency. (I had a client call me during our 2nd child’s birth for some non-sense that my staff was already on top of).

Let your VA decide. Make them your screener. Your protector.

In closing, Time invested in teaching your VA how to do the things I have described above will pay immediate dividends for around $100-200 per week. Would you pay $100-200 per week to work 10-20 hours less? Yes for me. Many times, YES!

P.S. We only covered one topic today.

Next week’s topic ­ Starts with a “P”

If you are still with me, share this article or comment on it. I would be happy to further the conversation.

Team building for dummies

The only thing in your way to Income Automation is you.

This week, I want to teach a concept from the Gary Keller book, “The One Thing”. In Gary’s book, he talks about how we are pulled in many directions every single day. We water ourselves down and don’t do anything well. “Jacks of all trades, masters of none”. Gary teaches us to focus your energy on doing one thing very well as the smart income boosting alternative.

Question:

How involved do you think Lebron James is in the marketing of his brand? Not much. He does one thing really well – playing basketball. As long as he practices his one thing, every day, things seem to fall in place for him.

Back to us and reality:

Most of make a living by doing one thing better than most people. My “One Thing” was to create a high-volume / home selling system via a team. That’s what I sold to large banks and institutions that had that need.

Our team consisted of several tasks and missions. It wasn’t possible to build a team/system that relied on ME to be a “bottleneck” between our clients and the rest of my team. The team had to be efficient, effective and autonomous.

To start however, I had to do as much as I could to generate enough work that I just couldn’t handle it anymore.

Then I had to build a team to handle all the work (one person at a time). We did not have much work/clients/leads at first, but we had just enough to keep an assistant busy and learning. As I was able to hand off more and more tasks, it freed me up to chase bigger and better clients.

We landed those clients as well as branched out into other areas, but it would have not been possible to grow without the assistance and support of my team.

Getting Started and Building YOUR Team:

You have to think about all of the things you know. (Known-Knowns as Donald Rumsfeld calls them).

Here is an example of the planning that goes into it. We have to make a few assumptions as well based on very educated guesses.

Here were my known-knowns.

  1. I knew there was enough transactions existing in the market for us to fight over.
  2. I knew that if we over delivered and serviced people very well, we would get referrals and word of mouth marketing. Know what they want too.
  3. Lastly, I knew that if I increased my presence and could get in front of prospective customers (asset managers) we would get more business that way.

Here were my assumptions.

  1. If we could do 5 sales every month, we could pay all staffing costs and expenses. (We averaged 25 sales per month for 7 years)
  2. If we could maintain this for more than a year, I could eventually write myself out of the day-to-day business and leave it to my staff. (This one actually took me closer to 5 years – due to my own fault and shortcomings, *sigh* If I only knew then what I know now.
  3. If I could get down to working a few hours a week, I could start another location or another business. (We did both)

We want to own the business, not be a CEO slave to it. The one thing that pops up over and over again is that if we are to succeed we must do one thing really well. The goal is to build a business and get out of being a CEO.

We must be good at building a team or become good at building a team.

I can appreciate that not every one wants the responsibility or tasks of building a huge multinational global powerhouse corporation. I used to want that as a kid and now I don’t. I learned that it involves sacrifices that I don’t want to make.

I personally think a good team size is one where you can have a team that generates your income goals and requires you to work as little as you desire.

For practical purposes, I am going to assume you need to make $84,000 per year (I will explain later why, promise). A team of 3 should help you easily accomplish this goal.

The 3 Person Team.

Hire #1. Personal Assistant – Cost $12,000 plus performance bonuses. Ideally 10% of net profit etc. (Note: $12k is if you outsource, if you are against outsourcing, you can hire within the states for about $30k total cost)

This first person you hire is your delegation training wheels. We could write a book on this topic, but the long and short of it is this. You need to practice delegation everyday if you are going to build a winning team. The sooner you start the better.

For this hire, you are going to delegate to them every possible thing that you can. So much of your day is routine, mundane tasks if you think about it. You are far too important to be even thinking of $20< per hour work. Really. You will want to get it to a point where tasks are just a blip (a one to three second email/voicemail forward away from being complete) to you. Not a 5 minute to 5 hour piece of minutia that you have to deal with.

Our job is to get things to a point where our person is too busy to handle anything else competently. Once we get to that point, we can start to line them up their own assistant. It’s like playing that Jenga game (sp?). When you get nervous about putting one more task on their desk out of fear it will all come tumbling down, its time to hire again.

Qualifications: They need to be able, reliable and have a positive attitude. 99.9% of the time, I hire solely based on attitude. High skill people are expensive to hire and hard to keep. They have options out there and they will make you feel it. I would rather build up a “good attitude” person from scratch.

Hires 1-3 need to be value hires as your money will be tight. You are already sacrificing your income at this point to “bring people on”. It’s not like they are making you money YET.

One thing to watch for on your first hire is their ability to manage people. You don’t want to be falling into this role of being a full time manager. You have enough, high income producing things to focus on outside of being a professional babysitter. Remember your “One thing”. We want people who can help us manage our growth down the road.

Thinking ahead to when you have a team, your new job should be getting and keeping customers happy. A team is pointless to have if you don’t have the business to keep them busy.

Hire #2. Assistant to your Assistant – Cost $10,000-$12,000 plus performance bonuses. Ideally 5-10% of net profit etc.

Hire #2 is going to be easier as your current personal assistant is going to help get them “up to speed”. You will work with them as well, but you can at least let your current assistant buffer that process for you. This way you don’t have to start from scratch. Ie. Teaching them what a “Ranch” house is, or what we do here etc. etc.

Hire #3. Assistant to you and the company – Cost $10,000-12,000 plus performance bonuses. Ideally 5-10% of net profit etc.

The purpose of this hire is going to be solving the new problems that arise in your operation. As you expand, manage and make more money there are going to be a whole new set of problems to solve. Mainly, financial reporting related.

I would recommend training hire#3 on financial reporting / bookkeeping and filling in any gaps left at your company. Also, hopefully by this time, you have become more involved and creative with your marketing. Your new hire#3 can also assist you in this area.

See figure (A) for an example of what I have just described in our 3 member team setup. My chart also displays how you could expand on your first few hires.

In closing: In order to survive it costs me personally about $7,000.00 per month X 12 months totaling $84,000.00

House$1,000.00
Cars$1,000.00Payments, Insurance, Gas
Health$1,000.00Family of 4
Food$1,000.00Family of 4
Vacations$500.002 p/year, 7 days, 3k each. Fam of 4
Misc.$500.00
Savings$0.00Let’s be real, who saves?

Question. How much do I need to make per hour to earn $7,000.00 per/month working 40 hours per week?

Answer: $43.75 per hour.

Question. How much do I need to make per hour to earn $7,000.00 per/month while only working 20 hours per week?

Answer: $87.50 per hour. Name me some W2 jobs that pay this wage. Great incentive to start building your team today!

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