64 | The Hidden Costs of Hiring Technicians with Guest Co-Host Kristen Deese the Virtual CFO of the Trades

Show Information Episode Number: 64Date: December 9, 2024Duration: 31:24Host InformationHost: Justin DeeseWebsite: JustinDeese.com Contact: [email protected] Co-Host Info: Kristen DeeseGuest Company:Virtual CFO for the TradesGuest Contact: [email protected] Website: www.KristenDeese.comSummaryIn this episode of the Freedom Blueprint Podcast, Justin Deese and his wife Kristen discuss the challenges of running a home service business, particularly focusing on the costs associated with hiring technicians. They explore the various expenses involved in onboarding new hires, including training costs, uniforms, tools, and payroll. The conversation emphasizes the importance of measuring these costs to ensure effective management and to understand the return on investment for new hires. They also touch on the significance of having a structured training program to help technicians become revenue generators quickly.TakeawaysRunning a home service business is challenging and requires strategic planning.Understanding the costs associated with hiring technicians is crucial for business success.Onboarding new hires involves various expenses beyond just their salary.It's important to measure costs to manage them effectively.Training programs should focus on the most common tasks technicians will encounter.Trust but verify the skills of experienced technicians during the hiring process.A structured training program can help new hires become productive quickly.The cost of a technician in training can be significant, impacting overall business finances.Regular financial reviews can reveal surprising profitability and areas for improvement.Effective communication and planning are key to successful business operations.Chapters00:03 - Introduction and Transition to Farm Living02:21 - Weekend Visits and Building the "Mansion"04:45 - Sharing on Social Media and Studio Setup07:08 - The Cost of Hiring a Technician09:24 - Essential Onboarding Costs and Components11:32 - The Importance of Onboarding and Initial Expenses13:55 - Concluding Thoughts and Effective HiringKeywordshome service business, hiring technicians, onboarding process, training costs, business growth, revenue goals, technician training, cost analysis, employee management, Freedom Blueprint Podcast