Last night I had the opportunity to attend a great panel discussion on moving from a soloprenuer to a multi-person business.
Some of the key takeaways were:
- Don’t be quick to hire; slow to fire! In fact a good practice is to be the opposite.
- “Culture eats strategy’s lunch any day.” You can have the best strategies, processes, procedures but if you have a poor culture those items will not translate into a successful business.
- If you are a service business try to productize your services as much as possible. This helps your clients understand exactly what they will receive and exactly how much it will cost them.
- Spend as much time and effort engineering your business as you do your product.
- Determine your business’s core goals/principles and then make sure new hires align to those.
- Start as soon as possible documenting procedures, policies, work-flows etc. this will greatly reduce the on-boarding and training of your first and subsequent employees.
- Consider using contract to hire for your first foray into employees. Or hire a college intern first to work out the kinks of adding a new person before biting the bullet and bringing on a paid employee.
- Determine before hand what needs to be tracked to ensure your employee is a benefit to your company and then make sure you track that information.
If you have other tips or information related to the move from a one person business to one with employees post them in the comments.