Should Professional Speakers Hire Employees?

As a professional speaker, your journey is unique. You stand at the intersection of inspiration and business, with your voice and expertise as the foundation of your career. Yet, as your business grows, you may face a critical question: should you hire employees or remain a solo-preneur? This decision has far-reaching implications for your scalability, lifestyle, and the long-term vision of your enterprise. I’ve operated on both ends of the spectrum. I started out by myself, and five years later I had 25 employees. I enjoyed both, but quickly realized I was a lousy manager. I wanted to speak, write, and promote my books in the press. The last thing I wanted was to supervise an office full of people. The best move I made was to hire a company President to handle everything else.

To make an informed choice on which way you’ll build your business, let’s explore the pros and cons of both approaches, keeping in mind the nuances of the speaking profession.

The Case for Remaining a Solo-Preneur

Advantages:

1. Autonomy and Control Operating as a solo-preneur means you retain complete control over every aspect of your business. From crafting your message to managing your schedule, you call all the shots. This independence can be deeply satisfying for those who value flexibility and self-direction. 
2. Lower Overhead Costs Without employees, you avoid expenses like salaries, benefits, and payroll taxes. Your profits stay yours, and you can allocate resources toward personal development, marketing, or savings. Overhead is easy to cover when business is booming, but when things slow down, it can quickly lead to disaster.
3. Simplicity Managing employees involves responsibilities such as training, oversight, and compliance with labor laws. Remaining solo keeps your operation streamlined, allowing you to focus on your creative and your craft, rather than administration.

Challenges:

1. Limited Scalability There are only so many hours in a day. If you’re the sole person delivering, marketing, and managing your business, your growth potential is capped. Many speakers are perfectly happy performing all these tasks on their own, even if it means remaining small. There’s less money, and a lot less responsibility.
2. Burnout Risk Solo-preneurs often wear many hats, which can lead to exhaustion. Managing speaking engagements, travel, and operational tasks can take a toll on your health and creativity.
3. Missed Opportunities Without a team, you may lack the capacity to seize every opportunity that comes your way, such as new speaking gigs, writing projects, or collaborations.

The Case for Hiring Employees

Advantages:

1. Increased Capacity A team can help you scale your business by taking over tasks like marketing, client communication, and event logistics. This frees you to focus on your core strength: delivering impactful speeches.
2. Specialized Skills Employees bring expertise that complements your own. A marketing manager can refine your outreach strategy, while an operations specialist can streamline event coordination. This division of labor can elevate your brand.
3. Long-Term Growth With a team, you can expand your services. Perhaps you’ll develop training programs, write a book, or create online courses. Employees can manage the day-to-day, enabling you to pursue big-picture goals.

Challenges:

1. Higher Costs Hiring employees is a financial commitment. Beyond salaries, you’ll need to budget for benefits, training, and tools to support your team.
2. Management Responsibilities Leading a team requires skills in delegation, communication, and conflict resolution. Hiring the right people requires a unique set of skills that takes years to polish. It’s not as easy as it looks, and bad hires can be costly. This can be daunting if you’ve always worked independently.
3. Potential Loss of Agility A larger operation may be less nimble. Decision-making can take longer, and adapting to market changes may require more coordination.

Key Considerations for Your Decision

1. Vision and Goals What do you envision for your career? If your dream is to become a global brand with multiple offerings, building a team might be essential. Conversely, if you prefer a lean, lifestyle-oriented business, staying solo may align better with your goals.
2. Financial Readiness Assess your current revenue and cash flow. Hiring employees is a long-term investment, so ensure you have the financial stability to support a team before taking the plunge. Develop a close relationship with your local banker. Secure a healthy line of credit to ensure consistent and timely payroll.
3. Workload and Stress Levels Consider your current workload. Are you consistently overwhelmed? If so, outsourcing or hiring might help you avoid burnout while maintaining high performance. During the 15 years of supporting a 25-person office, I was often exhausted from traveling around the world, trying to keep us cash flow positive. The stress took a toll on me.
4. Skill Gaps Identify the areas where you need support. If you lack expertise in marketing, technology, or administration, hiring specialists could fill these gaps and improve your efficiency.

Alternative Solutions

If you’re hesitant to hire full-time employees, consider these options:

• Freelancers or Contractors: Engage professionals on a project basis to handle specific tasks, such as website design or social media management. These days we use www.upwork.com and www.fivver.com to locate overseas contractors who will perform these tasks at a 1/3 of the price of U.S.-based vendors.
• Virtual Assistants: A VA can manage administrative tasks, providing support without the commitment of a full-time employee.
• Partnerships: Collaborate with other professionals to share resources and expand your reach without building a formal team.

Conclusion

The choice between hiring employees and remaining a solo-preneur ultimately depends on your goals, resources, and preferred way of working. Take time to evaluate your priorities, seek advice from peers or mentors, and remember that your decision isn’t set in stone. Many successful speakers evolve their business models over time, adapting to their needs and opportunities.

Whether you decide to stay solo or build a team, the most important thing is to remain true to your mission and ensure that every decision serves your audience and your personal fulfillment.

If you’re ready to explode your speaking business, apply to become my next apprentice at www.SpeakersApprentice.com