When you have a solo business, there are many ways in which it is considerably simpler than having the kind of business which requires employees. But for many solopreneurs, there comes a time when their business expands to such a degree that they do actually need to start hiring people. If you are getting to that point, and you are starting to think about hiring other people to work for you, there are many things you are going to have to consider to get it right. In this post, we are going to take a look at some of the major concerns to focus on if you want to make sure that you are truly ready to start employing people. As long as you’ve thought of the following, you should be able to hire people and make it work well for your business.
This is a contributed post. Please refer to my disclosure for more information.
The Contract
You will need to set out the terms of employment in some manner or other before you hire anyone, and not just because this is a legal responsibility. It is also a sure way of making things easier for yourself and your employees. After all, when it is clear what is expected of your employees, you will find that everyone is much happier with the situation, and that you can get much more out of your employees as a result too. Bear in mind however that a contract may not be exactly what you currently have in mind. For one thing, it doesn’t necessarily have to be signed, or even written – there are cases of an unsigned employment contract being successful just as there are cases of a verbal contract working out well. It’s all about making it clear between you and your employee, in some kind of binding way.
The Pay
Of course, it is essential to make sure that you are paying your employees well enough, and this is something that can be a bit of a shock when you have only had yourself working for the business so far. You will need to ensure that you are at least paying your new employees the minimum wage, but it is also a wise move to go further than that and pay them a living wage which they can actually enjoy, and which is fair for the work that is being done. This is all part of ensuring that you actually treat your employees as fairly and honestly as possible, and it is something that you don’t want to overlook.
Insurance
Not many solopreneurs realize that you also need to get some employers’ liability insurance if you are to hire people, and this is true even if you are only hiring one other person in your company. Such insurance will help you to pay any compensation – up to a specified maximum amount per year – should your employee become ill and have to be out of work for a time. This is hugely vital, and could mean the difference between successfully hiring someone and bankrupting yourself completely.
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