When having your own business, you’ll eventually have to hire employees. All successful businesses have employees. The big ‘boss’ normally doesn’t do any of the manual work. They’re just the brains behind the operation. To succeed in your own business, you need to work smarter and more efficient. No one can do all of the jobs that they want to do, there just isn’t enough time. Hiring an employee will solve the problem though.
Hiring an employee is not easy though. For one, you’re not “single” anymore. You now have to consider the income and profits of the business, as you have to pay a salary to your employees. It can be a huge responsibility that you will have to carry on your shoulders.
Not only do you have to take care of the payroll, you also need to take care of the 24employee taxes that need to be paid. Hiring an employee is not cheap, and you should only hire one when you really need it in my opinion. Also, it is important to find the right employee – someone who will work hard, and have the same interests as you or passion for the job. Finding the perfect employee may not be easy, and you may have to interview many employees for their education, prior experience, and their behavior before you find someone that you believe is suitable for you. For teenage entrepreneurs, a great employee is someone sitting around your house right now – that is, if you have siblings. Siblings make great employees; however, you will still need to pay them for their work. If you hire someone close to you like a friend or a family member, it is important to make sure that they understand that this is a business arrangement.
Keep this in mind for a benefit though, hiring an employee can double your income. For example, in a sushi house, a sushi chef can generally make 80 California rolls in an hour with around minimum wage. Let’s say that each California rolls profits the company $2. That employee alone is earning $160 for the company. After you deduct their salary, every hour, they are earning you around $150. Have a couple more employees, and a good business, and you’ll find yourself earning hundreds of dollars an hour. It’s definitely a good deal! That’s why you’ll find that many successful businesses do not only have the owner of the business working at it alone; there are a lot of employees to back the business up.
Last but not least, if you do not have a lot of time to work on your company, you should hire an employee. Let’s say you can only work 10 hours a week on your company, and you hire an employee who can work 10 hours a week as well. By hiring the employee, the company can potentially be twice as sufficient. It helps your company expand and succeed at a faster rate.
Hiring an employee is not easy business though. There is a lot of documentation that you have to go through. Since you’re young, not a lot of people will take you seriously as well, which makes it a lot harder.