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Someone posted a detailed answer on Quora but I can't find it right now, essentially hiring people. While you can feed you founders ramens, employees need to be
by ig1 16y ago
Someone posted a detailed answer on Quora but I can't find it right now, essentially hiring people. While you can feed you founders ramens, employees need to be paid market rate. $1 million dollars gets you 6 people for a year.
Sure you can try to do everything yourself, but you'll be destroyed by a competitor that can scale up by hiring more staff.
- guynamedloren 16y agoBy 6 people, do you mean 6 developers? If so - the market rate, at $166,667 annual per developer, is extraordinarily higher than I thought. That seems a bit pricey for a developer working at a scrappy startup.
- exline 16y agoYou have to factor in other costs on top of the employee wage:Taxes, Insurance (liability/health,etc), Retirement/401k, Office Space (Rent & Utilities optional if running virtual) I'm sure there are other costs some optional, some not. Depending on how lean you want to run you can have a very low overhead. It also depends on what level of developer you are hiring.