RS018: How to Know When It’s Time To Grow Your Team

On this week’s episode, Dave makes a comeback and joins me on the show after recovering from what he calls an “H1N1-Ebola-Dengue Fever crossbreed”. We catch up on the latest with SupportVine and PodcastMotor, chat about some growing pains we’ve experienced recently in our bootstrapped startup companies, and talk about the value of one’s time.

For an entrepreneur, time means money. How much is the value of your hour in dollars? Is a task worth doing on your own or is it more practical to have someone else do it for you?

Outsourcing is a great way for entrepreneurs save time and focus on their core activities. We mention some outsourcing sites like Upwork, Elance and Virtual Staff Finder where you can find freelancers to help you out with all the technical and tedious stuff that needs to be done.

Here is the framework we use when deciding whether it’s time to grow our team:

• Knowing the value of your time (in dollars)
• What’s the cost of someone else doing the activity instead vs. your time?
• How much you want to work (in hours)
• Is the activity core to the stability of your business?
• Are you the best person possible to be doing that activity?
• If you did outsource something, what would you be doing with your time/focus instead?

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