Like all businesses you experience growing pains. Cash Flow is sometimes tight, customers come in ebbs and flows but you continue to make progress.
You win a few major contracts and at the back of your mind you realise you need to make some important decisions for the future.
Your hours at work have been steadily increasing and the reason you went into business, lifestyle, more time with the children, sport, or whatever your passion is, these important parts of your life have been dropping off lately and you find yourself getting resentful. Take control!
So how do you make the jump from entrepreneur to employer?
Employing someone in your business for the first time brings with it obligations and responsibilities. It is exciting, has possibilities and can result in considerable reward! Do your planning and sums first before making the leap.
Some responsibilities you need to consider are;
- Cash Flow. The old adage that ‘cash is king’ is true.
- Work Flow. Do you have enough work in the pipeline to fund your business expansion and sufficient work and marketing processes to ensure the work flow continues.
- Business Plan, Mission & Value Statements. Your business plan should be revisited to ensure that you are working in alignment with your medium to longer term objectives.
- Federal & State Employment Laws. When you think about employing someone for the first time you must consider the employment laws.
- Workplace Health & Safety. You must consider workplace health and safety obligations when employing someone.
- Insurances. Have you considered insurances? Doctors, Dentists, Accountants and other professional bodies have specific requirements. Check these out!
- Premises. Employing someone may result in your need to source larger premises or make alterations to your existing premises. Do your sums.
- Business cards marketing, office supplies. Do you need to purchase business cards, new stationary, office supplies and what is the cost?
- Assets and Equipment. Consider assets and equipment.
- Your personal stress tolerances. Do not underestimate the personal stress that you may experience as the result of employing someone.
Take advice sooner than later and be encouraged. Many others have trod the same path and succeeded.
Finally employing someone is exciting and while there are challenges there are opportunities. Sales, Profit and more time for you can become a possibility and reality.