Chris WiserSerial Entrepreneur and MSP Growth Catalyst

This is how you can budget in your business to hire your first sales person...

Name: This is how you can budget in your business to hire your first sales person...
Uploaded: 2024-08-21T17:00:45Z
Channel: Chris Wiser
Description: Chris Wiser explains how to budget for your first salesperson. Save $30-35k or build six to eight months of runway before hiring. Aim for an 80% profit…

21 Aug 2024

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Chris Wiser explains how to budget for your first salesperson. Save $30-35k or build six to eight months of runway before hiring. Aim for an 80% profit margin per sale, and only take a loan to scale if you can comfortably repay it.

Questions this video answers

$30,000–$35,000

Approximately $3 million per year

80% ("80% profit off of your stack")

Six to eight months

No; the speaker says taking a loan is acceptable if you are comfortable repaying it.

If you think about, like, 30, $35,000 in the bank, and you're about a $3 million per year company, who's ready to hire, like, oh, I'm going to say you might need some financial support to figure out how to budget for that, because I think you can do it. I really do think you can do it, especially if you're following what we teach, which is the 80% profit off of your stack and every sale that you make, like, there needs to be room for that. And if you're still stressed out about this conversation, can you start saving right now and putting some money away for, you know, six to eight months to be able to have that Runway for that person? That's another recommendation. But also, at the end of the day, like, no shame if you want to take up a loan in order to scale your business, just make sure that you feel comfortable to pay it back. Nothing that's so good. Some of the richest people in the world have debt, but that's not a bad thing. That's not a bad thing if you're leveraging it the right way.