As of 2018, there are at least 30.2 million small businesses in the United States. Knowing when it’s the right time to hire a new employee will save you a lot of time, effort, and money.
About 58.9 million employees work for small businesses. Hiring an employee is one of the most important business decisions you’ll ever make.
However, a new hire has the power to help or harm your business. If the timing is right, hiring an employee will be helpful. But if the timing is bad, even a helpful employee won’t be able to benefit you that much.
Here’s what you should know about when it’s right to hire someone new:
It’s Time to Hire When You Can Afford It
The first rule of small business hiring is that you must be able to afford an employee before hiring them.
How much you should pay an employee usually depends on the work they do and how many hours they put in. Hiring your first full-time employee requires being able to afford someone’s salary and insurance. Hire someone part-time if you need their help for less than 35 hours per week.
Once you’ve got the money to fund a new hire, don’t worry about keeping track of the employee’s pay. Use this website to create detailed pay stubs that also serve as accurate financial records. That way, you’ll stay on top of the numbers.
You Know What Work Needs to Be Done
Simply having a lot of work at a given moment isn’t enough of a reason to justify hiring an employee. Once that work dries up, the worker won’t have much to do. Instead, you should have a consistent stream of work for a new employee that justifies their work schedule.
Knowing how to hire an employee involves writing a full job description. This job description should include an official title. You should also describe all of the tasks and responsibilities associated with the position.
If the position requires an employee with specialized skills, include tasks that involve using those skills in the job description. Then ask detailed questions about those skills.
You Don’t Have Enough Time
You know it’s time to Google “how to find an employee” when you don’t have enough time to complete certain business tasks. For instance, if you’re too busy to take care of your business’s financial aspects, then it’s time to hire someone else to do it.
Hiring someone new will let you focus your efforts on growing your business, networking, and other business-building tasks.
Your Business Is Counting On You
Around 90% of startups fail. One of the reasons why startups fail is because people fail to recognize when it’s the right time to hire someone new.
If you’re losing clients because you’re too busy, hiring a new worker can help you stay on top of clients’ needs. Better service will help you retain more customers.
Get informed—check out more of our articles. The things you’ll learn will blow your mind.