Planning for your Team

Hello, my friend and future millionaire. 

Welcome to this episode of The Money Wheel. 

My name is Don Shade. 

Now in the last couple of episodes, I’ve covered basically where your time is going.

Are you somebody that procrastinates?

Are you going to do this yourself or are you going to put a team of people together to help you do it?

Once we’ve looked at all that stuff and you’ve made the decision on what path you’re going to run. So to speak.

The next thing we need to look at is what happens if you decide, okay, I need a team of people to help me put my products together.

There’s a couple of things I want you to look at there. 

The first thing I want you to look at is number one, do you have an idea of how long it’s going to take with that team?

And the reason I asked that is because running a team has a cost. 

So you, you either need to be able to pull the money off a credit card or the money out of savings, or do something to be able to pay them up until you start making sales, because they’re going to want to be paid whether your business is profitable or not.

Once we figure out where that money is going to come from, then we’re free and clear to move forward with, okay, you don’t have to do everything.

Now, if you’re somebody that money is a struggle right now, you may have to do everything until you can afford to pay other people to do the things you don’t like.

And I realize the fear that comes with that.

The reason I was able to pay other people and build the business that I have is because I had a strong real estate business that brought in enough money to be able to run a different kind of team to run my internet business.

So I had enough income and I knew how to build teams from what I did in the real estate business.

So if you’re somebody that knows how to do that and has the access to a couple of key people that will do the things you need, you may already know what it costs, but if you don’t know what it costs, I want you to start calculating what you’re willing to pay somebody.

How much would you pay a college student? 

What’d you pay $10 an hour cash or $15 an hour cash. 

Now for the sake of this discussion we’re not going to get into tax consequences and whether it’s right or wrong to pay somebody cash, I’m just trying to get you up and running.

And the point I’m trying to make here is this: You need to be able to see what the first step looks like.

If you’re brand new, we’ve done all kinds of episodes and we’ve covered all kinds of information, a lot of stuff you can go back and review. 

I want to make sure that you have it and you understand it.

Now we’re actually looking at, okay, we’re taking steps down the path, what happens if I want somebody else to do this, this is going to be what it costs.

You need to know that, and you need to be prepared for the simple reason. 

You don’t want to run those people for two weeks and then find out, well, I can’t really afford to do this and stop your businesses forward progress.

This is just another thing for you to think about as we move forward. 

That’s everything I have for this episode of The Money Wheel.