Growing your business is an exciting feat, but also a potentially challenging one. When taking on new talent, you have to know how to delegate, train, and work together efficiently.
Until now, you have been the sole owner and employee. Creating a new dynamic with someone else is the first step toward expanding. To do so, follow these steps.
1. Delegate Accordingly
When seeking to hire new employees, you’ll first need to know what to delegate.
You can fix being overly busy with better scheduling and time management. However, when it gets to the point where you need more help, it’s essential to decide what you’ll continue to do and what the new talent will be in charge of.
Will the new employee take care of sales while you manage behind-the-scenes tasks? Will you work side by side most of the time? These decisions influence who you hire, how much you pay them, and their overall responsibilities.
2. Hire the Right Person
The hiring process can be daunting, but it’s also an opportunity to work with flourishing talent. Once you have listings on job boards, you can sort through applications. This step is critical.
You’ll want to hire someone based on their potential, not just their experience. When companies only hire people with degrees and years of experience, businesses become limited and jobs become inaccessible. The key is finding someone who’s willing to adapt and showcase their potential. Then, you get an eager employee while helping them develop new skills.
With unemployment still coming down from a pandemic-driven high of 14.7% from April 2020, now is the perfect time to expand your scope.
3. Create an Onboarding Process
Once you find the right person for the job, you’ll need to already have the onboarding process in place. Of course, while interviewing, you’ll get a better feel for who you’ll hire. In that time, you can solidify how to onboard them.
The first week or two will focus on training. You’ll show them the ropes of what they’ll be doing, set up payment processes, and provide them with resources and contacts.
During this process, it’s important to establish a good form of communication and trust. A lack of efficient communication in the workplace will lead to a range of problems, like incomplete tasks or mental health issues. Whether you’ll be working remotely or together, onboarding is the best place to go over expectations and solidify a good relationship.
4. Find the Best Workflow
Throughout your career, you always need to stay on your toes. Trends and consumer interests can change in a day, and you need to adapt. The same concept goes for working with a new employee. You’ll need to find the best way to complement each other’s strengths.
The best ways to stay efficient are to keep a good schedule, stay in regular contact, and help each other when necessary. Then, you can open up your business even more, and take on new goals, challenges, and tasks. Time will open up for new growth opportunities, like expanding your services or products for items you know customers want.
5. Remember the Legalities
You can grow your business in countless ways, creating an ideal model for yourself and any employees you take on. Eventually, once you have around 15 employees, you could even create an employee stock ownership plan (ESOP). An ESOP builds funds over the years so you and your employees can retire without worry.
Before you reach that level of growth, though, you’ll need to cover the legalities of hiring employees. First and foremost, you need to follow the requirements of providing certain benefits like paid leave and disability insurance.
Set up an employee identification number (EIN), a payment method, and pay periods. Complete W-4 forms and report payroll taxes. You and the employee must also pay Social Security taxes at the same time. Then, you can consider other benefits like flex time, vacation leave, and stock options like ESOPs.
On the Road to Success
Once you take these steps, your company can start to grow. From here, you can continue to hire more employees, expand the business more, and reach your desired success level.