When you first get started as a business owner, it is important and even vital that you do everything you can on your own. This is a necessary step as you work to build up your business. After all, owning a business is all about making money, right? However, there might come a time when you can no longer do it all on your own. It can be difficult for small business owners to know when the right time to hire their first employee is. Mark Dicus & Company is here to talk about how you can know if it is the right time to hire your first employee as a small business owner.
Look at Growth Projection
Before you make any decisions about whether or not to hire an employee, it is important for a small business owner to take a look at the growth projection of their business. Not only should you be looking at your current numbers, but you should be looking at your growth projection for the next year before moving forward with a new hire.
If You’re Turning Away Business, It Might Be Time
Sometimes, business owners might find that they are turning away work because they don’t have the time it takes to complete the project. If this is you, it might be time for you to hire help so that you can take on that extra business. Any time you’re turning down work, it is an indication that it’s time to hire an employee.
You Need Help to Carry the Burden
If you are feeling like there are not enough hours in the day to get everything accomplished that you need to, it can be overwhelming as a small business owner. No matter how much you are wanting to take on everything alone, it might be beneficial to hire somebody to help you carry the load. When you hire an employee to help you, it allows you to focus on growing your business and more important and pressing matters.
Make Sure Your Business is Profitable Enough to Hire Someone
As you get started with a small business, it is important that you make sure you keep expenses low. When you start to see significant growth however, you might find that you have money needed to hire an employee. You want to make sure that you are making enough money to cover that employee’s wages before you hire them.
Hiring an Employee or a Contractor
Some business owners feel that they need to hire an employee when really all they need is a contractor instead. This is a great option for small business owners that don’t feel quite ready to hire their first employee. When you work with a contractor, you can hire them for specific things that you need help with not necessarily all the time.