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Bookkeeping Home Business Article
Is it necessary to have staff to assist you in your on home business?
Especially when you are starting! No.
But what if your home business grows? And it grows to such an extent that you
can't handle everything on your own! This is the time you must think of adding
staff to help you out with your home business.
What to Do if You Need Staff.
If you grow large enough, the time may come when there's no getting around it
any longer. You simply don't have the time in the day to do everything that
needs to be done. You need to hire some staff.
This way you can delegate the routine jobs of your home business to your staff.
And you can concentrate on further growth plans and more important areas of your
business.
Staff Create Profits.
The chances are that you've worked for a wage for a decent part of your life,
but you might not have realized the exact nature of the transaction that was
going on. Essentially, you were hired to create profit for the company -- if
hiring you wasn't profitable, they wouldn't have done it. By taking a wage, you
agreed to create profit for them, while your wages remained relatively flat
(stable) whatever you did.
In theory, this protects you against the consequences of your work being
unprofitable. You could see what's happening as being something like you giving
the company a percentage (a big percentage) of your earnings in exchange for
them being the ones providing the resources and taking all the financial risk.
In practice, of course, if you stop making money for the company, you lose your
job. Thus you can see that the situation becomes win-win for your employer: they
get to keep most of the profits you create, while maintaining enough control
over you that you can't really create any extra risk for them.
Same is the case with your small business or home business. You hire staff to
make profits for you. To save you time. And time is money. The time freed up can
be utilized to bring in more profits to your home business.
Employing people, then, is like investing -- you put in some money as wages and
get more out of it. If you stop getting more back, you can cancel and change
your investment by getting rid of them and employing someone else.
The Interviewed Becomes the Interviewer.
The first step in finding staff that are going to make you a good profit is to
advertise the job. You shouldn't have too much trouble with this, since there
are always people looking for work -- put up a few signs, go round a few
agencies, tell some people you know. You'll pretty quickly have people beating
down your door.
The next step, then, is the interview process. Since you've probably been
through the interview process a few times, it'll feel good to be sitting on the
other side of the table. Don't get carried away, though: remember that the
purpose of the interview is to try to figure out whether the person you've got
in front of you would do a good job for your business if you employ them.
Here are a few ideas for questions:
Ask the question - Tell me about yourself- though it sounds clichéd. This is one
of the most important question that reveal the candidates personality. You will
also get a fair idea how they prioritize things and what they feel is important.
Remember, you are expanding your home business to a higher level and you need
staff with quality.
Next question could be -Why should I hire you?-. The answer to this question
will give you a fair idea how this person going to meet your needs. Also, it
reveals his ability to analyze your business. Again, as a home business owner,
you used to do everything. But now this person has to do what you have done
successfully in past with equal efficiency and commitment.
Throw an example of a real problem in your home business and ask them how they
would solve it. This gives them an opportunity to help you and impress you in
the process. You will also get grasp of his problem solving abilities. Many
problems that you have solved in the past as a home business owner has to be
handled by this person and needs to have the skill-sets to do it.
Always find out why he left the last job he held. Pose this question to him
-What did you like or dislike about your last job?-. This is a good way to spot
problem candidates -- if they use it as an excuse to have a bit of a moan, you
probably shouldn't hire them.
If in doubt, just remember that you can ask anything, as long as it's
open-ended. Whatever you do, don't ask yes or no questions.
Finally, it's important to know that, by law, you can't ask as anything that
could be thought of as discrimination, including questions related to age, race,
religion, nationality, marital status, medical history or disability.
Paying Their Taxes.
Finally, when you hire people, you need to remember that you're setting yourself
up for all sorts of tax complications. You will usually need to pay their income
taxes for them, as well as various other medical and security/insurance taxes.
If you get this wrong, you can set both you and your employees up for a lot of
inconvenience
But as you are on an expansion spree, you will hopefully have an accountant to
help you. Still, make sure you're paying enough that working for you will still
be worthwhile for your employees after tax.
Hope this home business article came up to your expectations. You will find many
more such articles on home business on this site. Go ahead and read them too...
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