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Entrepreneur Alex Hormozi discusses the first five hires for growing a business, including admin, customer support, and salesperson. He also emphasizes the strategic order of hiring and the importance of buying back time for high leverage activities. Additionally, he highlights the different types of debt incurred when starting a business and the key factors for maximizing growth through strategic hiring.
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Quick takeaways
- Strategically hire the first 5 employees in reverse order: admin, customer support, salesperson, marketing assistant, fractional bookkeeper.
- Incur different types of debt strategically when starting a business: financial, operational, talent, management, CRM.
Deep dives
Hiring Order Based on Value and Cost
When starting a business, it is important to hire strategically and think about the order and sequence in which you bring on employees. Typically, the first two hires are an administrative assistant to handle the non-value additive tasks that must be done and a customer support representative to assist with repeated tasks. The third hire is often a salesperson, with the timing depending on your sales skills and the cost per hour for that role. The fourth hire could be someone assisting with marketing and promotion, particularly with prospecting or content creation. As the business grows, these roles can evolve, and each hire may have a team underneath them. It's essential to consider the value and cost per hour when replacing these roles and ensure that you allocate your time to high leverage activities.
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