For some start startups, now might be the right time to hire that first employee. Up until now, many entrepreneurs could have been making it all work with family, friends and motivation.
However, at some point a financial plan can handle the added expenses of additional help, and small business owners who are ready to make the leap should focus on a few key financial tips and character traits so the new hire works out.
Don’t rush forward
The easiest way for an entrepreneur to waste money is to plow forward with any decision without the proper research ahead of time. This applies to hiring new employees, as well. The additional salaries and benefits might feel like a major investment, and firing someone can get even more costly.
However, there are plenty of great ways to bring in more staff without making the wrong decision. According to The Wall Street Journal, entrepreneurs should only hire employees who can help the product or service get to market. Essentially, high-level executives aren’t needed at this stage. In addition, small business owners should assess each position to make sure it needs to be done in-house, and can’t be handled by freelancers.
In order to pull this all together, entrepreneurs should network, the news source noted. This is often the best way to attract new talent, and fellow colleagues, friends and family could all have useful connections in the business world. Better yet, new hires could also recommend other candidates, and these people often have a greater chance of working out.
Top traits to look for in employees
Taking the plunge from startup to fully-fledged small business can be intimidating. Before entrepreneurs bring in a new employee, they should focus on several key personality traits during the interview process. People with these characteristics might be more likely to work out in the long run.
For example, a great work ethic is always a plus, according to Inc. magazine. The best staff members work hard, regardless of the task. Therefore, they’ll often finish their jobs at a high level, and benefit a company’s financial plan.
Moreover, those with a positive attitude are always desirable, the news source noted. Pleasant, outgoing individuals are easier to work with, more cooperative and willing to collaborate with others. The same goes for those with great communication skills, as being able to talk and share ideas inside a company is always a valuable skill to have.