No successful entrepreneur has gone through the process of business ownership without running into issues along the way.
How can you learn from the errors you’ll inevitably make?
What can you learn from those who have already walked your path and avoid repeating their mistakes?
On this episode, Brannon Potts, co-owner of Potts Realty Group shares about his time as an entrepreneur and how to improve your hiring process.
Three Things You'll Learn from Brannon Potts
Don’t hire people too soon (06:13- 07:16)
Be mindful of who you hire, and when. In most cases, good salespeople are not good at paperwork or documenting best practices. For this reason, the first people you hire for your team should be staff. Hiring an agent too soon could cause you to lose too much revenue, so go into the hiring process with this in mind.
Delegate and elevate (12:13- 13:16)
A lot of business owners struggle to let go of doing certain activities, but it is crucial when you want to scale. Every 90 days, think about all the activities you do. If you can find someone to do those activities for you at around $20 an hour, it’s time to leverage. Even if you enjoy doing some of those activities, remember that there is probably someone who can do it more effectively than you can.
Share the good, bad, and ugly (29:14- 31:01)
To run a sustainable business model, you need to be open about what’s happening in your business. Don’t shy away from frank conversations about what’s going on in your business and your life. It’s easier to have that conversation now than one about bankruptcy later.
Business ownership is a journey, so you need to be prepared. While it’s inevitable that you’ll have bumps along the way, it’s always a good idea to look to others in the industry to see how you can deal with issues when they arise. Be mindful of who you hire and when, and always be on the lookout for opportunities to leverage. Most importantly, never forget to be up front about everything you’re going through: the good, bad and ugly.