Thoughts of Expansion
I’m finally getting to a place with my business where I am now seriously starting to consider expansion – meaning hiring additional people to work for me. I’m not quite ready yet, but I am thinking that by 2014 I may very well be in a position where I can start bringing on board additional analysts to Endress|Analytics. I’ve just started getting to a point where I’ve got fairly steady work every week, and often times too much work. I’ve been turning away projects and potential clients at this point because my plate is almost perpetually full.
I’m not complaining – this is a good place for me to be, but it’s made me realize that perhaps it’s time for me to start considering expanding my business.
Things I have to consider are:
- What should my client bill rate be at in order for me to afford bringing additional people on board?
- Do I hire sub-contractors as 1099 employees, or hire part-time (or full-time) employees?
- Do I start with just 1 person who is versatile, or hire multiple people, each with their own specialized skill-set?
- Depending on if I go with sub-contractors or employees, how much do I pay them?
So I have a lot of thinking and planning to do over the next year while I start preparing both myself and my clients for this change in direction. One thing I have insisted on with my clients is that they hire my company, Endress|Analytics, and not just me directly. I have set an expectation with them that I would one day bring on-board additional resources, and to that end I made sure our contracts allowed for that possibility.
That being said, I’m already getting a little excited for this next phase of my business. I’m not sure how far I will take this – will I eventually turn this into a full-blown digital analytics agency? Will I keep it small with just a few sub-contractors? That I’m not sure of yet. I guess for now I’ll continue forward with baby steps until I know how far I am willing to take this venture.