Entrepreneur to Employer

You make the decision to go into business and forcontinues.
some time work from home or in leased3. Business Plan, Mission & Value Statements
premises and your business starts to grow.Your business plan should be revisited to ensure
Like all businesses you experience growing pains.that you are working in alignment with your
Cash Flow is sometimes tight, customers come inmedium to longer term objectives.
ebbs and flows but you continue to make4. Federal & State Employment Laws
progress.When you think about employing someone for
You win a few major contracts and at the backthe first time you must consider the employment
of your mind you realise you need to make somelaws.
important decisions for the future.5. Workplace Health & Safety
Your hours at work have been steadily increasingYou must consider workplace health and safety
and the reason you went into business, lifestyle,obligations when employing someone.
more time with the children, sport, or whatever6. Insurances
your passion is, these important parts of your lifeHave you considered insurances? Doctors,
have been dropping off lately and you findDentists, Accountants and other professional
yourself getting resentful. Take control!bodies have specific requirements. Check these
So how do you make the jump fromout!
entrepreneur to employer?7. Premises
Employing someone in your business for the firstEmploying someone may result in your need to
time brings with it obligations and responsibilities. Itsource larger premises or make alterations to
is exciting, has possibilities and can result inyour existing premises. Do your sums.
considerable reward! Do your planning and sums8. Business cards marketing, office supplies
first before making the leap.Do you need to purchase business cards, new
Some responsibilities you need to consider are;stationary, office supplies and what is the cost?
1. Cash Flow9. Assets and Equipment
2. Work flow (customers)Consider assets and equipment.
3. Business plan and mission. value statement10. Your personal stress tolerances
4. Federal and State employment lawsDo not underestimate the personal stress that
5. Workplace Health & Safetyyou may experience as the result of employing
6. Insurancessomeone.
7. Premises (do you need larger premises)Take advice sooner than later and be encouraged.
8. Business cards marketing, office suppliesMany others have trod the same path and
9. Assets and Equipmentsucceeded.
10. Your personal stress tolerancesFinally employing someone is exciting and while
1. Cash Flowthere are challenges there are opportunities. Sales,
The old adage that 'cash is king' is true.Profit and more time for you can become a
2. Work Flowpossibility and reality.
Do you have enough work in the pipeline to fundJust do your sums and plan your opportunity with
your business expansion and sufficient work andeyes open.
marketing processes to ensure the work flow