People who are new to their careers often try to make as much money as possible. While you can earn more per hour by developing new skills, you will ultimately have to put in more hours to make more money. 

A Redditor in the HENRY Finance subreddit faces this predicament, and he shared the details in a recent post. He makes more than $30,000 per month with a digital marketing business and recently bought a home with his girlfriend that’s big enough to raise a family. 

Now, the digital marketing business owner wonders what the point is of getting more clients. He has stocks left in his retirement account and finds himself with more responsibilities and longer hours. He views $30k/mo as sufficient to cover the mortgage, save for retirement, and pursue new hobbies.

Should he continue to take on more work for his business or start to scale back his efforts? I’ll share my thoughts in this post, but it’s always good to speak with a financial advisor if you can.

Hire Employees

The digital marketing business owner mentions that he has never hired employees. He’s considering bringing on his first worker from Upwork or another platform, and that’s the best way to start.

Hiring workers has a learning curve, but you’ll eventually learn how to manage them and distinguish talented workers from people who aren’t good fits. The Redditor has enough cash to hire a freelancer to test this concept. The worker can assist with repetitive tasks and assist with some client work.

The Redditor can give new hires a shot with new clients since he’s happy with $30,000 per month. Hiring more employees gives the business owner an opportunity to pursue higher income goals without working more hours. In fact, it’s possible for this person to net $30,000 per month while working half as many hours if they solidify their work systems.

Set Long-Term Goals for Your Future Children

Many people take finances more seriously when they have their first child. However, you don’t have to wait until you get married to set ambitious goals for your children.

You can set goals around how much money you want to save for each child before they go into college. This goal can give you the extra motivation to work harder now and look for ways to become more efficient.

Plan a One Week Vacation

This one might sound strange, but it’s a useful strategy if you want to hire freelancers. The digital marketing business owner already knows how to prospect and provide a great service. However, the real test for any business owner is if they can take a vacation for a week without any impact on their companies.

The Redditor probably can’t take a 1-week vacation without having their inbox nearby. However, hiring employees and teaching them how to provide your service can get you to that level. Then, you can continue to scale the business without spending as many hours in it.

It seems like the digital marketing business owner is quite savvy already. He knows how to work in the business, but the next step is to work on the business. Approaching the business as a CEO instead of a services provider can free up more time in the long run.

Clients come and go, and some business owners get surprised by multiple top-tier clients walking away at the same time. The $30,000/mo reflects the Redditor’s current roster of clients. Continuing to prospect and servicing more businesses adds more financial insulation. 

Working on the business and having meaningful long-term financial goals can help the business owner reach new heights. 

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