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Entrepreneur to Employer - Considerations
You make the decision to go into business and for some time work from home or in leased premises and your business starts to grow.
Like all businesses you experience growing pains. Cash Flow is sometimes tight, customers come in ebbs and flows but you continue to make progress.
You win a few major contracts and at the back of your mind you realise you need to make some important decisions for the future.
Your hours at work have been steadily increasing and the reason you went into business, lifestyle, more time with the children, sport, or whatever your passion is, these important parts of your life have been dropping off lately and you find yourself getting resentful. Take control!
So how do you make the jump from entrepreneur to employer?
Employing someone in your business for the first time brings with it obligations and responsibilities. It is exciting, has possibilities and can result in considerable reward! Do your planning and sums first before making the leap.
Some responsibilities you need to consider are;
1.Cash Flow
2.Work flow (customers)
3.Business plan and mission. value statement
4.Federal and State employment laws
5.Workplace Health & Safety
6.Insurances
7.Premises (do you need larger premises)
8.Business cards marketing, office supplies
9.Assets and Equipment
10.Your personal stress tolerances
1.Cash Flow
The old adage that ‘cash is king’ is true.
2.Work Flow
Do you have enough work in the pipeline to fund your business expansion and sufficient work and marketing processes to ensure the work flow continues.
3.Business Plan, Mission & Value Statements
Your business plan should be revisited to ensure that you are working in alignment with your medium to longer term objectives.
4.Federal & State Employment Laws
When you
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think about employing someone for the first time you must consider the employment laws.
5.Workplace Health & Safety
You must consider workplace health and safety obligations when employing someone.
6.Insurances
Have you considered insurances? Doctors, Dentists, Accountants and other professional bodies have specific requirements. Check these out!
7.Premises
Employing someone may result in your need to source larger premises or make alterations to your existing premises. Do your sums.
8.Business cards marketing, office supplies
Do you need to purchase business cards, new stationary, office supplies and what is the cost?
9.Assets and Equipment
Consider assets and equipment.
10.Your personal stress tolerances
Do not underestimate the personal stress that you may experience as the result of employing someone.
Take advice sooner than later and be encouraged. Many others have trod the same path and succeeded.
Finally employing someone is exciting and while there are challenges there are opportunities. Sales, Profit and more time for you can become a possibility and reality.
Just do your sums and plan your opportunity with eyes open.
Biz Momentum has helped a number of businesses with their transition to employer status. Speak to us today to see what we can do for you! WE can be your one stop shop for all your employment advice!
see www.biz-momentum.com for more helpful small business articles!
About the Author
Philip Lye is Director of Biz Momentum, Brisbane, Australia. He is a Certified Professional Human Resources Advisor and an Accountant. Biz Momentum provides strategic human resource management and employee relations advice to small to medium enterprises.Biz Momentum undertakes international work and business coaching. www.biz-momentum.com
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