When you begin your startup business, you frequently do so alone. Some days can be overwhelming. You find yourself working long hours, weekends, and putting everything you have into your business. You reach a point where you begin missing opportunities to grow, simply because you do not have the time to pursue them.
At this point, you may decide to hire additional workers. However, how do you know if it is really time to bring on your first worker? Unfortunately, many start-up businesses find themselves in a predicament; they cannot hire a worker until they can afford their salary, they cannot afford the salary until they expand the business, and they cannot expand the business until they have help. Does this sound familiar? Although this can be a vicious cycle, with a few tips and strategic planning, you can break the cycle and grow your business with the help of your employee(s).
Signs That It’s Time to Hire
Although there is no formula to answer when it is time to hire an employee, there are some clear indications that you should be heading in that direction. If you find yourself having any of the following thoughts or feelings, it is probably time to hire an employee:
• Do you wish you had more time to focus on building your business, rather than just maintaining it?
• Have you had clients that comment they do not see you as much as they would like?
• Have you found that there are simply not enough hours in the day to complete all the work that you need and want?
How to Hire Help for Your Business
Consider hiring your first worker part time, scheduling them during your busiest hours, and having them take on basic tasks. Many business owners hire a virtual assistant (You can do so on Elance, oDesk, or Freelancer.), pay them hourly, and have them take on tasks to relieve the burden of doing all the work alone. If you contract for a virtual assistant on-line, you can vary the time you use their services dependent upon what you need done to free up your time for growing your business.
Figure Your Financials
Do not just automatically assume that you can or cannot afford to hire an employee. Sit down and actually do the math to figure out your financial situation. You may need to adjust some of your expenses and plan ahead before you hire an employee.
Consider the Costs of Not Hiring
If you still do not think that you have enough money to hire an employee, you need to consider the cost of not bringing on extra help. Is your competition taking risks to grow and expand, while you are holding back simply because you have no extra help? If so, you may want to reevaluate your situation and find a way to hire someone to help you grow your business.
At some point, it will become essential for you to hire assistance to grow your business. Starting slow, considering your financial ability, and realizing it may take some planning ahead of time, will provide you success hiring your first, and any successive employees.