Entrepreneur to Employer

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 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.

Visit www.biz-momentum.com for other free helpful small business articles. For further information email phil@biz-momentum.com

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 assisting them to grow their business. Training, Coaching, Consultation is practical and immediately actionable into your business. Biz Momentum undertakes international work and business coaching. See http://www.biz-momentum.com for more helpful articles or email Philip at phil@biz-momentum.com for assistance

In The News:

Washington state bug hunters have located the first-ever Asian giant hornet nest in the U.S., it was reported Friday.

Ahead of NASA's return to the moon in 2024, the space agency is teasing an "exciting new discovery" about the celestial satellite.

A tectonic plate "lost" for 60 million years hiding under the Pacific Ocean has been reconstructed by scientists.

A trio of space travelers safely returned to Earth on Thursday after a six-month mission on the International Space Station.

Following Tuesday's historic touchdown on the asteroid Bennu, NASA has released never-before-seen images of the OSIRIS-REx spacecraft kicking up rocks and debris on the space rock's surface.

A U.S. Navy sailor killed in the attack on Pearl Harbor has been identified and is set to be buried in Kentucky.

Talk about “masked bandits.”

2020 has been a turbulent year, to say the least, but an endangered white rhino is giving hope to visitors at the Colchester Zoo

Marine researchers say there are more sharks in the ocean off Southern California now than ever before, according to reports.

NASA’s OSIRIS-REx spacecraft made its historic touchdown on asteroid Bennu Tuesday, retrieving a sample from the space rock that will be returned to Earth.

Entrepreneur to Employer

Small Business Small Business