Are you feeling overwhelmed and overworked with all the tasks and responsibilities of running a business by yourself? Are you wondering if now is a good time to hire someone to help take some of the load off your shoulders?
Transitioning from solopreneur to managing a team can be very worthwhile but, like any process, can be difficult. Keep reading for 4 tips to help you navigate the legalities and any obstacles you may face.
Tip #1: Decide If You'll Hire Employees or Contractors
The choice between hiring an employee vs. a contractor depends on what kind of duties you want that person to do and how much money you have to pay them.
Are you looking for someone to take over the office and administrative tasks? Or maybe you need someone to act as a manager and make decisions on your behalf? In that case, you'll need to hire an employee, which means you'll be responsible for taking taxes out of their check and carrying workers' compensation insurance.
What if you're just looking for someone to handle graphic design projects or content creation — like writing blog articles? In those cases, a contractor might be a better fit. With contractors, you pay them per project, and it's more like working with a business than an employee. They are free to choose when and how the work gets done, and you're not responsible for their taxes or carrying workers' compensation insurance.
A word of caution: liability insurance may still be something you want to have if your contractors could get hurt, or hurt someone else on the job — such as delivery drivers or package carriers.
Tip #2: Create Processes for Them to Follow
When hiring an employee to take over work you typically do, you'll need to establish an easy-to-follow process they'll take to complete the work. Keep in mind that how you do things might not work for someone else. You'll need to be open to changes in your process to accommodate the needs of those you hire.
With contractors, the idea is that they already have the skills and "know-how" to do the work. You just need to provide them with clear instructions, your expectations on quality, and any resources they'll need to do the job.
In that case, your process would be gathering together the necessary information and presenting it in a way that a contractor can easily take what you put together and give you what you want.
Tip #3: Brush up on Your Leadership Skills
Making the transition from a solopreneur to managing a team will test your leadership skills in a way you might not have thought possible. Being good with people doesn't necessarily mean you'll be a good leader or manager.
Studying leadership development by reading books written by industry leaders, taking courses, or listening to podcasts can make the difference between establishing healthy working relationships or losing every person you hire.
Tip #4: Join a Mastermind Group
Joining a mastermind group is one of the best gifts you can give yourself as a business owner. Running a business comes with so many unforeseeable challenges that having a group of fellow business owners at your back will prove invaluable.
The key is to find the right mastermind group for you. The people in the group need to be people you can trust and feel comfortable going to for advice and guidance.
Fundid is on a mission to get women owned business the capital they need to grow so that we can all close the business wealth gap. While 42% of business in the US are owned by women, they only account for 4% of revenue generated by private businesses. We spend our time at Fundid thinking about what the world would look like if women also generated 42% of revenue and how to get them the capital they need to make that happen. Fundid is a challenger business bank, business lender and grant marketplace built from the feedback of women entrepreneurs.