When I thought it was time for my company to grow, I was so blinded by my desire to start building a team that I didn’t consider all of the financial burdens that would come with hiring my first full time employee.
If you’re a business owner who hasn’t brought on a full time employee, you’re probably thinking the same thing that I did. I felt like I was doing 110% of my physical and mental capacity, and that I just had to have someone else around the office to help take some things off my plate.
Just simple math would dictate that bringing on an employee that Can You Afford To Hire A New Employee?takes on 50% or more of your duties (because no one could do 100% of what you do…. no one could POSSIBLY work as hard as you do, right? (please note the sarcasm, tongue in cheek, and overall pompous attitude I had)), then that would free you up to add another 50% or more into your day and now the company will be doing 160% or more by adding one person.
Here are three things that I didn’t consider (about the financial aspects of hiring a new employee):
1. What if there isn’t 60% more work to be done? We had some big contracts, but there weren’t many more out there to be had. You must look at your potential for growth, not just the convenience of having an employee to take things off your plate.
Filed Under: Business, Personal Development
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