The inception of any business is both thrilling and terrifying. In order to rapidly grow your company, it’s important to consider taking calculated risks, but you need to have confidence that these will pay off. Getting your business to the stage of being able to expand its workforce is a major milestone for any startup owner, but employing extra staff too soon, or creating unnecessary roles, can have a costly effect and in some cases, spell the end of your dream of being your own boss.
So what are the signs that your business is ready to make its first hire?
- You’re never on top of your work
- You’ve just received investment.
3. You’re turning down paid jobs
Again, a bit of a no-brainer, but sometimes it needs pointing out. There’s lot’s of advice out there that says turning down work is the key to success, however, in the early stages of a business you need all the help you can get. Looping back to the first point, you should never try to take on more than you can handle. Yet, if you can be sure that the work will definitely create revenue, it’s not the time to be picky and hiring a staff member at this stage is just a return on investment.
- You need to expand your skill set
- You’re ready to relinquish some control.
- You have an unpaid intern or helper
- You’re just tired and need a holiday
When hiring a new employee for your startup, it’s important to spend some time finding exactly the right candidate. At this stage, one wrong hire could cause damage to your business. However, if you’ve recognised any of these signs, it not only indicates that it’s time to hire, it also shows that your company is on the right track by growing and you’re ready to take the next steps to business expansion.
By Raj Dhonota, angel investor and seed stage investor at RajDhonota.com