Can you afford to hire a new employee? by Ben Miller

August 10, 2014 by Ben Miller

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.grabbing-money-1024x685

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.

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Ben Miller Ben Miller (10 Posts)

Ben Miller is a speaker/coach who brings a message of hope, peace, and common sense. Ben taught High School before running his dream business full time. It didn’t take long for his dream to become a nightmare. Even though business was good, he had leveraged himself in debt, hired the wrong employees and grown too fast. After a couple of big contracts disappeared and a blow from a bad economy, Ben barely kept the business alive. DEBT ROBS YOU OF PROSPERITY: Over a million dollars had passed through his hands in just a few short years, yet he had nothing to show for it. When Ben speaks and coaches, he brings his humor that got him through it, and the humility to tell his story in hopes that you can avoid the same mistakes. Those mistakes that he made are the same ones that close 8 out of 10 small businesses in their first two years of operation. Ben has spent years studying great businesses and personal finances. He’ll show you how to: Create a household budget and become debt free Grow a business without the stress of debt Hire employees that can’t wait to be at work Monday morning (building an amazing team culture) Run a social media campaign turning your clients into family Charge a premium fee for your service based business Master productivity and achieve the “work / life” balance everyone dreams of

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