You’ve built your business up from the ground up. It’s your baby. You’ve given almost everything you have to it. It’s understandable if you’re hesitant to bring another employee on board.
But sometimes that’s what’s necessary. One recent study found that 43% of small business owners don’t take vacations and, of those who do take vacations, 67% still check into work at least once a day. If you’re working extremely long hours to the point that you have to turn down work or if you feel like you can’t catch a break, it might be time to hire your first employee.
Alternatively, maybe you’re finding that you can’t do everything at once. You can’t be a communications professional, graphic designer, web developer, accountant, and business owner all at the same time. Maybe it’s time to hire an employee.
Sure, hiring an employee can bring significant benefits to your business since an additional employee typically brings in about $100,000 in revenue, but there are also a lot of risks. Make sure that you’ve done your homework and found the perfect HR software for your small business. Hiring an employee takes, on average, 42 days and usually costs small companies around $7,600.
Fundera created an infographic that explains some surefire signs it may be time to hire your first employee: