It’s easy to take on all the responsibility when you start your own company, but it can be hard to know when to hire your first employee. Because it’s a big step and can be a financial leap of faith, hiring your first employee is a major milestone that shouldn’t be taken lightly. From realizing you’re missing certain skills to having to turn away work that you can’t handle on your own, here are six signs that it’s time to hire employees for your small business.
1. You Know What You Need
Are you able to write a complete and detailed job description? Is there enough work to fill a full-time week for another employee? You don’t just want a body occupying space; you need someone to tackle a defined set of tasks each and every week and for the foreseeable future.
2. You’re Missing Certain Skills
If your business has grown into areas you don’t know or aren’t comfortable handling yourself, then it’s time for you to get some help. You can start with a part-time worker or a freelancer, but once it’s clear this skillset is vital to the long-term health and growth of your small business, then it’s time to bring someone with this knowledge on staff.
3. You’re Turning Away Business
Starting a small business is one thing but maintaining and growing it is another — and it often requires more than what just one person can give. When you’re turning down jobs or clients that you’d like to take on, then it’s time to get some help. In a case such as this, the new employee will actually help increase revenue by enabling you to take on more work.
4. You Can’t Keep Up With Everything
This is generally a good sign that you’re busy and thriving, but you clearly need help. Maybe you need an assistant or a bookkeeper to help you with the more administrative tasks? Because, as your business grows, so will your needs and responsibilities and, essentially, the sheer volume of everything.
5. You’re Losing Business
You wouldn’t have founded your company if you weren’t good at what you do, but if you start losing clients because you can’t give them the time and attention they deserve, then it’s time to get some help. An additional employee can do wonders for the health and wellbeing of your small business, as well as your own.
6. You’ve Identified a New Revenue Stream
Perhaps you’ve noticed a need in the market. If you want to bring to this new possibility the same passion and drive you brought to starting your small business in the first place, then it’s likely time to take another chance and bring someone new onboard to help you go for it.
Chart Your Course
At Farm Bureau, we care about the success of your small business. That’s why we want to help you protect it. Contact your local Farm Bureau agent to make sure you have the insurance coverage you need for your small business – including workers compensation insurance.