Running business at 500k per year. How/should I scale?
Bit of a long one here, I run a consulting business that is making just north of $500k a year. I pay myself 200k of this, other expenses are about 50k leaving about 250k remaining as profit working about 40 hours per week.
Have recently hit a point where I can’t really scale without hiring staff but don’t know if I want the headaches associated with that and particularly, with potential staff members stealing clientele. I’ve always said I don’t want to work more than 40 hour weeks so that I can keep eyes out for other business ideas to pivot and start.
Would you recommend just keeping it at the comfortable solo wage and not having staff and investing the remaining 250k or try to scale the business by getting staff on?
I don’t really have anyone else that I know who runs similar business so hoping there are some out here who have done similar!