How to Know When Your Business Is Ready To Hire
Hiring an employee can feel incredibly exciting but it also comes with added headaches of paperwork and taxes. If you dive into the world of employment before you're ready, it might be limiting your business rather than allowing it to flourish.
That's why in this blog we've pulled together 3 signs that you're ready to take the leap and hire your first employee in your growing business.
1. You're Overworked
If both you and your business are overworked then chances are you're ready to hire your first employee. So when you notice you're working all the hours in the day, all the days of the week, it's probably time to invest in some help so you can get back to working at your optimised self.
Similarly, when demand outstrips supply and you're no longer able to keep up with new clients, hiring an employee will help expand your capacity. Wave goodbye to turning down work, your focus can shift to working on the business as well as in it.
2. You're Spending Time Beyond Your Skill Set
As a small business owner, it's a real advantage to have a wide set of skills to apply to a range of roles. But if you find yourself doing mundane tasks or roles that just aren't your forte, you have a couple of options. The first is to start hiring companies to take on roles such as marketing or accounting. The other is to hire an in house employee to take on a specific set of skills and carve out distinct roles within your growing business.
If you've identified the next steps to grow your business require a new set of skills to add into the business, this can be time consuming and costly for you to take on yourself. At this point your business may need to invest in a hire that's going to do the job quickly and efficiently, helping to make your more money immediately.
You might like: 5 Signs You're Ready to Hire An Accountant
3. You're Already Using Freelancers
Hiring freelancers or contractors is a great way to test the waters before levelling up to commit to a permanent member of staff. However, it can quickly reach a point where switching from freelancers to employees can save you money on a monthly basis. With an employee, you can work together to expand your business, often resulting in a much higher return on investment than with a contractor.
If you would like a helping hand with the financial side of hiring your first or next employee, get in touch today to book your FREE initial consultation. Give Catherine a call on 01423 431889 or email email@example.com.
Please note: all stats are accurate for the 2021/22 tax year.