How Much do You Pay Your Team?

from The Hotel Florist · host Franceska McCaughan

In today's episode, we dive into a crucial topic for entrepreneurs—how much should you pay your team? I'll share my personal experiences, from instinct-driven hiring decisions to creating opportunities for team growth. We'll discuss how to prioritize business needs, set budgets, and why paying a little more can make a big difference. Plus, learn the importance of building a flexible team structure to support your business growth. Let's explore how you can strike the right balance in compensating your team while scaling your business. 0:50 - Start by booking business before hiring team members.  1:03 - The first hire depends on your specific needs.  2:17 - Hiring interns from college fairs provided cheap, eager workers with potential for growth 4:20 - Paying slightly above market rate can foster loyalty and retention 7:50 - Adopt a "hire fast, fire faster" approach.  If you enjoyed today's episode and want to dive deeper into strategies to grow your floral business, sign up for the free masterclass where I'll share even more tips and insider secrets to help you get started as a hotel florist. New Episodes every Tuesday & Thursday at 9 am CST  