So You Want to be Taxed as a Millionaire: A Handbook for Aspiring Millionaires

Millionaire Mindcast
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Maybe they are perfect in every way but industry knowledge.

INTRODUCTION

In general, attitude and potential are more important than skill. Millionaire John Spence agrees. Put it this way: You want to create a learning environment because your business will be changing all the time. Having the desire to learn and grow and change and contribute? Sure, you might pay less for someone without the requisite skills.

Are you hiring salespeople? If so, you probably already know that top sales folks are a different breed — in a bunch of ways! As my friend and superstar sales recruiter Olga Pechnenko, owner of RevenueHire. That means the usual screening methods — assessments, interviews, etc. But before you even get to the interview stage, you have to dive deep into the role you expect this salesperson to fill. Not all sales jobs are the same, and someone who does very well with phone sales for a low-cost product may be awful at generating business for a five- or six-figure deal.

Then look at a match between the job requirements and the skills and experiences laid out in the resume. Only then should a potential sales recruit make it to the interview stage… and Olga says that interview should be TOUGH.

Build Up Sources of Passive Income

There is a huge demand for the cure of cancer. There are a lot of resources and blogs. All that means is that the asset increases in value while the outstanding debt against it decreases over time. Of course you are. There are lots of reasons why people in poverty stricken areas do not advance economically. Sign me up for the newsletter!

Sometimes, like I warned against before, we will stop as soon as we have someone halfway decent who can fill a chair at the table. Next, because you had two great options, you know no one is irreplaceable.

So keep going until you and your team have two great candidates. Then get ready for the final steps…. Many people take more care in choosing a mechanic for their car than they do in selecting a new employee! You have to actually CALL them and ask. How long did she work there? She said her title was X, can you confirm? Would you have any hesitation about hiring her again?

Why did she leave?

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When you do the reference checks, read between the lines. A lot of people today are really hesitant to say anything bad about a previous employee, for fear of being sued. So listen for the tone of voice. Are they enthusiastic? According to PrivacyRights.

A background check could cover:. You might think this information is superfluous, and it might be.

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You should have a good sense of the range of compensation for the position, based on the resources listed above. I suggest this for several reasons. Next, letting them set the bar gives you a great idea of what they think of themselves — how confident they are. If they have questions or want to work out specifics pay, for example do that over the phone or in person, and then issue a new letter.

You can see sample offer letters here. This gives us time to get to know each other and figure out if this is going to be as amazing as we both thought it would be! Now is not the time to throw them in the water to see if they can swim.

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You need to have a considered, deliberate process for training them and assimilating them into your company culture. But I also provide a lot of opportunity for us to connect more informally. My former coach, millionaire Amy Applebaum, says to make your new hire your TOP priority for their first month or the top priority of whoever is training them.

Onboarding is a process, not a one-time event.

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Someone should be checking in frequently with the new hire to head off any issues, identify any training needs, and just provide general support. Here are some thoughts that may have popped into your mind:.

It depends. However, if you are looking specifically for a recent college graduate then yes, you might see more applicants if you time your search around graduation dates. Start the process ahead of time! If you have a seasonal business, then you may have peaks and valleys of hiring. But think about the costs involved in hiring a new crop of workers every year, and then training them. Think outside the box.

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There are a lot of pieces to this! If you make sure you have enough revenue coming in, the rest of these hires will make a lot more sense. I remember early in my business, I was hesitant to bring someone on as an assistant, even though I was working round the clock. My mentor told me I needed to bring in more business to generate the cash flow to finance the assistant. But knowing that I had the cash in the bank to pay that person for a set period of time gave me a huge level of comfort. And eventually, it did even out. Honestly, if you advertise the position as instructed above, it would be super-rare to get NO applicants!

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Being picky and being a total jerk are different things! Standards are good. You can be too picky. Have you had people close to that, that you rejected? Or did no one even come close? You can also get feedback from others. In my experience, you have to be really careful about hiring family. If you have to let someone go, or talk to them about their performance, it can make for an uncomfortable Thanksgiving dinner table!

A lot of people are drawn to it because it seems like a great way to reduce your costs. Hiring internationally can work. Honestly, that is a valid concern. When you are bringing people onboard, you have a responsibility to them. But you know what? This situation happens every single day and businesses let people go. But it does happen, and life goes on. At the same time, though, I love that hiring someone will move you outside your comfort zone.

So much of building a successful business involves taking calculated risks, so this is a great way for you to grow.

2. Invest Early and Often

Bottom line: You are going to make a best-faith effort to take care of your business and your employees. No one can ask for more than that. Hire them both at once, and train them both at once. But if you can, just do it once! Track them! Hubstaff is the system I use for tracking people remotely.

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It actually takes screenshots and monitors activity levels while tracking time, so I can see what people are really doing. Another method is to ask your employee to prep reports at the end of the day, letting you know what they did and how long it took.