Here, Rhonda Abrams offers seven easy-to-identify signs that it’s time to get moving on hiring a new employee.
Rhonda Abrams: Are you starting a business or creating a job? Let’s face it. Until you hire someone else, you’re creating a job for yourself. There’s nothing wrong with that. But it means that when you’ve stopped working, even for an hour, you’ve stopped making money.
When you hire someone else, you’re creating a business. And if you structure it correctly, you can make money while others work.
How do you know if it’s the right time for you to hire? There are seven sure signs:
First, you don’t have time to send out invoices for the work you’ve done or keep up with your bills or other financials. It always amazes me how many small business owners, even lawyers, doctors, dentists, don’t have time to send out invoices.
And think about why you went into business. Are you spending your time on the wrong thing, doing administrative tasks, instead of what you’re really good at or is your passion?
I’m always frustrated when I hear someone say ”I’m not looking for any more clients.” What they’re really saying is, “I have all the work I can handle by myself” instead of thinking about how they can grow and create a more valuable company.
Of course, some businesses need employees right from the start, like restaurants, hotels, car washes. In that case, you don’t need me to tell you that it’s time to hire.
Keep in mind that if you want your company to really be worth something, to sell it to someone some day, you’ll have to have employees. That’s because buyers will want to purchase something more than just you.
Where do you see your business in a year? Three years. Five years? If you want to grow, then it’s time to start thinking about hiring.
If you’re thinking of hiring employees or contractors, get a free copy of my new book, “Hire Your First Employee”, compliments of Intuit. Just go to FirstEmployee.Intuit.com.