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by Fundid on May 18, 2021 3:58:51 PM
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 four 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.
If you are looking into hiring contractors instead of full-time employees, Upwork is a great resource for finding amazing talent for the tasks or projects you need to be completed.
Tip #2: Create Processes for Them to Follow
When hiring an employee to take over the work you typically do, you'll need to establish an easy-to-follow process they'll take to complete the work. Remember 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. If you have hired a new employee and are looking for ways to project manage, Click Up or Asana are great tools for organization.
In that case, your process would be gathering the necessary information and presenting it so that a contractor can easily take what you put together and give you what you want.
Tip #3: Brush up on Your Leadership Skills
Transitioning 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.
Bonus Tip
Need funding to grow your business? Get loan offers that meet your specific business needs from several funders through Fundid Capital. Complete your application in as little as 15 minutes and work with a Fundid Advisor to pick the best solution for your growth goals. Explore your options.
