Latest news with #financialcommitment
Entrepreneur
11-07-2025
- Business
- Entrepreneur
How to Know If Your Business Is Ready for an In-House Hire
Here's what founders need to ask themselves before making an in-house hire. Opinions expressed by Entrepreneur contributors are their own. Every business owner hits a point where they think, I just need someone dedicated to me. Someone who gets it. Someone who's all in on this business. And the natural next thought? It's time to hire someone in-house. The logic makes sense. When you're deep in the weeds, wearing every hat, having someone fully focused on your business feels like the golden ticket to relief. But most founders don't pause to ask: Can your business actually afford it? Hiring in-house is a major milestone — and a serious financial and operational commitment. The truth is, a lot of founders make the leap too early, driven by emotion and overwhelm, without looking at the numbers. As someone who has hired hundreds of team members and has consulted for nearly 500 small business owners, I believe you should start with the numbers when making the decision about how to get support. Related: 4 Things Every Entrepreneur Must Consider Before Hiring Their First, or Next, Employee. In-house hiring: Understanding the appeal and the risks It's easy to romanticize the idea of an in-house team member. They're "yours," right? Ideally, they are fully dedicated to you, and they're immersed in your brand, in your mission, in your daily operations. If this is how you feel, you are certainly not alone. There are real upsides to hiring in-house. In-house hires offer more control, greater consistency and deeper investment in your company's long-term vision. At the same time, hiring in-house is taking on a huge responsibility. You're now responsible not just for their pay, but for training, managing, integrating and retaining them. You also take on the heavy burden of finding the right talent, performance management and potentially having to let people go. Ultimately, the decision of how much support to handle is a quantitative one. The CEO's key KPI: Revenue per FTE One of the clearest indicators that you're ready to hire is your revenue per full-time equivalent (FTE). This metric measures how much revenue your business generates per full-time team member. Experts recommend that businesses aim for at least $500,000 of revenue per year before hiring a full-time employee. Let's break down the math: If you're making $500,000 annually, at a minimum of 25% margin, that leaves you with $125,000 to pay your employee, which is plenty in most markets. If you are bringing in less than this, strongly consider not bringing anyone in-house. Let's review the options you have before bringing someone in-house. Related: Starting or Growing a Business? Here's How to Know When You Should Hire Your First Employee. Your options before hiring full-time Before you look at adding team members, take a hard look at how your time is being spent. First, look at either deleting or automating tasks that are time-consuming or repetitive, but can be systemized. Instead of solving inefficiency with headcount, refine your processes before handing them off. If you aren't sure where to start with that, bring in a specialist who can help create and optimize your systems. A generalist hire is generally not equipped with the right skills to do optimization work, so investing in a consultant first is a great way to set up your future in-house hire for success, while avoiding committing to a salary. Once you're optimized, look at options for part-time support. This support can be either in-house part-time support or outsourced support. For example, this support could look like a freelancer, a project-based consultant or a part-time assistant. This gives you flexibility and expertise without the long-term financial commitment of a full-time salary. It also lets you test out what kind of support you really need before you build an in-house role around it. Finally, it allows you the ability to flexibly increase or decrease your support without going through the more intensive performance management process with an employee. When hiring fractional, aim for someone with at least five years of experience in the specific function you're hiring for. As an early-stage founder, you don't have the capacity to train someone junior from scratch and don't have the margin for having someone who isn't at the top of their game. Lastly, research shows that looking for attitude and work ethic is more important than experience when it comes to predicting job fit. Look for someone who shares your company values, has a proven work ethic and brings a positive attitude, even if they are just a temporary fractional consultant. Related: Hiring vs. Outsourcing: How to Recognize the Right Moment to Add Talent to Your Team Look at hiring in-house once you're making profit Remember, this isn't a firm line. But once you've optimized and have gotten your profit flowing, it may be time to look for an in-house hire. There's a lot of ego tied up in hiring. We want someone who's "ours" and who cares as much as we do. But ultimately, the most important question isn't whether someone's full-time. It's whether your business has the structure, profit and direction to support them. If you're not there yet, don't panic. Keep building, simplify and practice outsourcing in small ways. And when the time comes to build your team in-house, you'll be doing it from a place of strength. That will set up both you and your new hire for success.
Independent Singapore
12-05-2025
- Business
- Independent Singapore
Aliff Syukri's mansion costs a fortune to keep running and he is struggling to make money
MALAYSIA: Previously, entrepreneur and singer Datuk Seri Aliff Syukri used to think that owning a mansion is something to be proud of, but since getting one, he found out about the monthly financial commitment, according to New Straits Times. He allocates at least RM40,000 (SGD12,000) monthly to cover the ongoing expenses of his posh Petaling Jaya residence. Photo: Instagram/Aliff Syukri So, when Aliff was talking about where all his money goes each month, he specifically mentioned the people who work for him. He's got a team of twelve, which includes the folks who keep his house clean, his personal assistants who help him with his day-to-day stuff, and the security guards who look after the property. Pretty significant amount every month On top of their salaries, he's also got those hefty electricity bills to pay for such a big place, and of course, keeping that swimming pool in good shape isn't cheap either! It all adds up to a pretty significant amount every month. He also pointed out that it's not just his main mansion he's dealing with. His family's property actually consists of four separate bungalow lots altogether, so he's got the ongoing costs of maintaining all of that land and any buildings on it as well. Aliff also wanted to make it clear that he wasn't trying to brag or whine about his situation. He said he was just answering questions from reporters who were asking about his house. He then mentioned just how massive the place is – a whopping 28,000 square feet with 28 rooms. But the crazy part is, he admitted that almost 70% of those rooms just sit there empty. It is not by choice but to minimise expenses. He went on, 'I didn't account for the issues that would come up, such as leaking toilets, cracked tiles, and the related expenses, when I first planned this house. The cost of painting alone is RM300,000. Working hard to generate income Because of that, Aliff is working hard to generate income. His monthly commitments are substantial and require him to maintain a high level of business activity. If he had the option, he would prefer a smaller house. But he has come to terms with the fact that this is a house he made. He estimated that he has spent about RM3 million on renovations in the early eight years since moving into the house. Most of the RM3 million covered repairs, tiling, lighting, plumbing, toilets and water damage. He also allocated between RM300,000 and RM500,000 monthly for ongoing maintenance and repairs. He advises young people who are thinking of purchasing a house to look beyond the purchase price and carefully consider the long-term maintenance costs. Aliff Syukri Kamarzaman (born April 3, 1987) is a Malaysian entrepreneur, singer, and actor, known also by the nickname 'Datuk Terlajak Laris.' Born in Felda Kechau, Kuala Lipis, Pahang, Aliff Syukri was raised and went to school in Selangor. After his earlier schooling, Aliff also spent some time in Kelantan focusing on his religious studies. Then, he moved on to Shah Alam to continue with the rest of his education. Big family Aliff got married to Nur Shahida binti Mohd Rashid back in 2007. They've got a big six kids. He mentioned a few of their names: Qadejah El Zahra, Ibraheem Adham, Ammar Ahyyan, and Yusoff Al Qardawi. He also shared who his parents are, Kamaruzaman bin Kamaludin and Rozita binti Ibrahim, and that he has two siblings, Noor Hayati Kamarzaman and Nur Aini Kamarzaman.
Free Malaysia Today
08-05-2025
- Automotive
- Free Malaysia Today
Reality check: the true cost of owning a car
What's the real price of owning a car? Are you ready for the responsibility? PETALING JAYA : Been eyeing that dream car? Much like having a baby, owning a car is a big responsibility. It's not just about driving one, it's also about taking care of it – and that requires money and time. So, if you're thinking of buying a car, it's best to prepare yourself before taking on the financial commitment. Ask yourself: 'What's better for me, new or pre-owned? What can I afford to buy and maintain? What's the real cost of owning a car?' First, what to choose – new or pre-owned? All the pros and cons to consider when deciding on your next car. Cars are expensive in Malaysia, and a survey by CARSOME shows that Malaysians – especially middle and lower-income groups, prefer buying a used vehicle as opposed to a new one. So, consider these seven key points: price and depreciation; safety and insurance; waiting time; maintenance costs; warranty; down payment; and range of choices. Let's take a B-segment sedan/hatchback of average price and examine its loan repayment based on the following: a chosen loan tenure; insurance, maintenance costs, fuel cost, and other factors. Excludes loan repayment beyond five years. Does not include depreciation (resale value impact). Above estimated figures (based on common assumptions for a non-national B-segment car priced around RM90,000) provide a general idea of cost of ownership over a five-year period. Actual running costs may vary depending on the vehicle model, loan terms, maintenance habits, driving style, and fuel price fluctuations. New cars depreciate in value very fast but they function well, require less maintenance, and last longer than pre-owned cars. Used cars, however, are much more affordable, you may not even require a loan, and probably save you money in the long run. Then there's the question of availability. Do you want your car immediately, or are you willing to wait for your new one, and for how long? CARSOME's co-founder and chief executive officer (CEO) Eric Cheng expects a short- to medium-term shortage of new car supplies or delays in new car deliveries due to the global shortage of car parts coupled with disruptions to car assembly and manufacturing plants locally. 'As such, the used car industry is in a good position for growth as there is no waiting time for car delivery,' he said. CARSOME's research also found that the popularity of online used car selling platforms has increased. 'With the rising cost of ownership many buyers are shifting towards fuel-efficient and reliable second-hand vehicles,' Cheng added. So, what about costs? Used cars may be more affordable than new cars, but how reliable are they? In this case, CARSOME-certified cars offer a good middle ground between price and quality, with great benefits like excellent warranty plans and thorough inspections, assuring high standards. 'Our end-to-end buying journey takes away the concerns which are common in a traditional used car buying experience. CARSOME Certified is the new standard for buying pre-owned cars backed up by our 175-point inspection together with our CARSOME Certified Refurbishment Process,' says CARSOME. CARSOME offers long-term savings with special bundle service packages. Why choose CARSOME-certified cars? Apart from the guarantee of quality, and the hassle-free process of choosing and buying the car that meets your budget and needs, CARSOME also offers other benefits such as bundle service packages, deals and special promotions that give you long-term savings. They also offer exceptional facilities and support; from obtaining car insurance to comprehensive finance options – helping you to secure a loan. Their processes are easy to navigate and stress-free as they handle all the paperwork for you too. CARSOME also offers a five-day money-back guarantee and fixed pricing with no hidden fees, so you have that rather important added benefit – peace of mind. Now that you've weighed the options, considered the pros and cons, and made up your mind to choose a CARSOME-certified pre-owned car, visit CARSOME now.
