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Right now I am a 1 person small business. I would like to grow the business, but that would require hiring employees. What to do?

Right now I do all the work myself (virtual assistant work), but in order to grow my business I will need more people, employees.  Do I take them on as employees or consultants?  Do I just pay them less than what I am currently making?  Do I remain the customer contact or do I hand them over? 

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I would suggest hiring some subcontractors to help with the workload. Find the easy things in your business you can hand over to others, and hire people you can easily train to do those things in your style or using your particular system. The reason people come to you is your particular way of doing things, so training people in that system is important. And because they are being trained, and are doing simpler things, they should be willing to accept a lower pay than normal (which you can then mark up to the client). You may have to cycle people out once their rates get too high... remember to do that, or there will be resentment to deal with down the road. Since subcontractors only get paid from work you are essentially getting paid from clients to do, you will have the money to pay them. Make sure and stay the point person for your clients for now, that way you can monitor quality and the clients get a seamless experience. Down the road, if you expand enough, you can hand off clients to your subcontractors, but at that point they may be making close to what you make if they're going to be handling the same level of work and responsibility... that's something to deal with down the road, if you go in that direction. It may take some time before the extra training and monitoring you're doing begins to yield you extra money, there's an initial period of training and monitoring that will cost you more than you make that is a natural part of a businesses' growth. If you've done a good job training your subcontractors and found ones that work well for you, that should level out after the first few months.

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