Hiring Your First Employee: Is It Time?
What to do when your small business needs an extra set of hands.
June 16, 2010 — -- Small businesses usually start-off as a one-man show. When you are the owner you do everything from emptying the trash to collecting the cash. As your business grows, however, it can reach a point where the volume of work is overwhelming. That's not a bad thing in terms of your business success, but it can cause you to become stressed out and burned out. There are only 24 hours in every day and there's only so much one person can accomplish.
Reaching this point in your entrepreneurial journey is a pivotal moment. It's the proverbial fork in the road. The direction you choose will have a lasting impact on your business. You recognize the need for additional manpower to manage the business but the thought of committing to more overhead is scary. However, you also realize if you don't add additional resources then you'll stagnate at your current level of business. It's a catch 22 in many respects.
So how do you know what to do? When is the right time to hire your first employee? The answer: When the business is ready. When you are ready. And when adding employees is in strategic alignment with your vision for the business.
First, review your business goals. If you desire to build a sustainable business enterprise, then it is going to take more than one set of hands to get you to that point. My theory about adding employees is what I call the MYTOP theory. MYTOP stands for multiply yourself through other people. Your first employee should be someone who complements your skill set so you can focus more of your time and energy on the things that you do well and add the most value to your business. So step number one before you hire anyone is to analyze your strengths and weaknesses.
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