After running an independent business venture over a period of time, the moment will likely eventually come where you need to hire your first employee.
There are multiple things that may lead you on to the path of expanding your workforce by an extra individual, so we want to talk you through the process.
If your startup business is thriving and going from strength to strength recently, you’ll probably have started to take on more work than you can physically get through on your own.
This is where your very first employee comes in to help you carry the load. Very few things are simple when it comes to business management, but one thing is for sure: the more people you have to do the work, the easier it becomes for all involved.
How to hire your first employee
The first thing you need to understand and become aware of, is that setting on your first worker is a huge step for your small business venture. This may even feel more intimidating than when you first started your company, but it may be one of the earliest steps in your journey to business growth.
You need to know what type of employee you are searching for and when you’ll want to hire them officially. Figuring out when is something that cannot be rushed, you’ll only know when you come to that moment. However, you can certainly have an image in your mind of what kind of person you’d like to employ when the time comes to do hiring your first employee.
Am I ready to hire my first employee?
When it comes to hiring staff members, you need to ensure your business is doing it at the right time. This is even more apparent when speaking about your very first employee.
You should be at the correct point in your business’ lifespan for it to take on its first staff member. Maybe you’ve been working lone for a few years now, achieving a steady rate of growth throughout that period, and you’re thinking that you are now ready to take that leap of faith. After all, starting to create a team of workers will undoubtedly allow you to expand as a business venture or agency.
You’ll need to consider the amount of profit your startup company is currently making. The more members of staff you take on, the more wage packets you’ll have to finance at the end of each month.
Is your business now in a spot to be spending a large chunk of extra cash each month? Do you really need the extra assistance that will be provided by taking on more staff? These are a few of the questions you need to ask yourself before you start sending out any job advertisements.
Even one additional wage to pay each month, when you have been used to not having to pay any wages up to this point, will feel like a monumental shift for you. You should most definitely explore the financial power of your business and make sure you can afford to welcome an additional employee.
Do I have enough work lined up?
If you don’t have enough work lined up, which is also guaranteed to continue into the future, then you shouldn’t be setting anyone on to work for you. If the work simply is not there, then neither is the demand for your very first worker.
Initially, you should turn a sensible benefit. Regardless of whether you’re searching for somebody to come in and drive-up business, you should be certain you can pay their wages first.
Furthermore, you need to ensure you have space to develop. Are there more opportunities in the business that you’re not getting the chance to look into and benefit from?
Lastly, ensure you have a long-term strategy and a business plan for the future. Will setting on a first employee unlock new doors for your small business? They need to fit into your overall plan and excel it into a whole new level; without being able to do this they will not be worth the cost to you.
Think about how you want to grow your business over the course of the next couple of years. On the off chance that an additional pair of hands is vital for making the following strides along your plans, now may be the time to start searching for your first employee.
Only hire people when it’ll make you money
Furthermore, it is not only the amount of work you have, but the quality of it to. If the thing you are missing someone to fill in for will not reward you with funds, then you are better off searching for other endeavours. Making cash is so important to you at this stage, so prioritise it firmly.
Hire someone when you know the job role they’ll be taking on is one that will make money. You don’t want to be setting on unnecessary members of staff, so choose to only employ your first member of staff when a gap arises within your business that is actively making you lose out on cash.
In the beginning phase of an organisation, bringing in cash is a higher priority than saving it. Plus, if you are similar to most new ventures, there’s very little cash to save at the beginning. What you need to do is develop your product or market your product. Afterward, you can stress over discovering individuals to protect you the pile of cash you have built up over time.
You’ll realise it’s an ideal opportunity to enlist, then, at that point, in the event that you can distinguish various things that need to be completed and will add money to your business in the process.
Who should I be looking for?
It is wise to think long and hard about what you really need before deciding to advertise a job role to your potential first employee. Perhaps you want to employ someone with a relevant degree, or someone with years of experience within a similar field; the choice really is up to you.
Expanding your team with an additional member of staff will take your company from being a solo project to a team-based environment. With this in mind, you’re going to need someone that can work alongside you, and likewise you work alongside them. If you don’t have good workplace chemistry, then it likely won’t lead your company to further success.
Setting on an employee comes with responsibility
Hiring a first employee will give your business a lift, however it is likewise an additional duty and added responsibility for you.
You may well be a highly experienced business manager. Perhaps you have handled staff members and led teams of employees to success in your past roles. However, now you have your own business venture to think about, so the responsibility is directly going to be placed on your shoulders. You’ll need to train, oversee, assist, and advise your first employee, so be ready to do all of that and even more.
In any case, this could well be the first individual you have ever taken charge of in the workplace, which is extremely intimidating at first glance.
Basically, you just need to understand whether you are ready or not to take on the struggles and responsibilities that come with setting on your initial employee.
This is not just a question of financials. While you do need to factor in wages, equipment, National Insurance costs and so forth, you likewise need to consider the additional time you will put into dealing with your new worker, training them up and so on.
You may have to invest a lot of energy toward preparing them, or maybe you even need to invest some time preparing yourself by going on an administration or leadership program. If you are new to being a boss, then you may want to brush up on your skills.
If you have spent enough time thinking all these different elements over, and you are confident in your ability to start a team and become the leader of it, you should take the plunge and appoint your first employee.
Is it time for you to make a move?
After reading through our points, hopefully you are starting to piece together a clearer picture of what effect an employee could have on you. As long as the time is right and you are able to choose the proper worker for your business venture, you should have everything you need to sit back and watch your business take off into a new era.