The leap of hiring your first employee
When starting a business, you often wear all the hats – CEO, salesperson, marketer, and even janitor. But as your business grows, you’ll eventually hit a wall. There’s only so much you can do on your own. That’s when you might need to consider hiring your first employee.
Hiring someone brings many benefits. It can double your workforce, free up your time to focus on the business, and introduce new skills into your company. However, the decision to hire your first employee isn’t straightforward. It’s a leap of faith. You must look beyond the immediate cash flow and anticipation of sales growth.
Signs that you’ve reached capacity
You’ll know you’ve reached capacity when:
- You’re getting more orders or more customers than you can manage.
- Customer complaints over delays are increasing.
- You’re working non-stop, and administrative tasks are taking up most of your time.
- You’ve started to say ‘no’ to new work, potentially missing new business opportunities.
Reducing hiring risks
If a full-time employee seems too expensive, consider part-time, casual, or contracting options.
- A part-time employee gives you extra help without the full-time cost.
- Casual workers can be called on as required.
- Contractors can be hired for specific project-oriented needs.
Considering experience levels
When hiring, consider the level of experience you need. More experienced workers can become productive faster, but they may come with higher costs.
Calculating costs and potential
It’s crucial to calculate the total cost of employment, including their salary, benefits, equipment, recruitment, and training costs. At the same time, understand the potential that hiring an employee brings. It changes your business from being about achieving results through your efforts to achieving results through others.
Trusting your intuition
Hiring your first employee is a big step. But remember, it’s also one of the most worthwhile and rewarding things you can do. It’s more than just increasing your company’s bandwidth – it’s about fostering careers and contributing to families. And in return, they contribute to your business’s success and profit.
As a business owner, there may come a time when you need to take a deep breath and make the leap. Trust your intuition and make the decision that feels right for you and your growing enterprise.
Talk to us – we can help you through this process.