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Entrepreneur to Employer
You make the decision to go into business and for some time work from home or in leased premises and your business starts to grow. Like all businesses you experience growing pains. Cash Flow is sometimes tight, customers come in ebbs and flows but you continue to make progress. You win a few major contracts and at the back of your mind you realise you need to make some important decisions for the future. Your hours at work have been steadily increasing and the reason you went into business, lifestyle, more time with the children, sport, or whatever your passion is, these important parts of your life have been dropping off lately and you find yourself getting resentful. Take control! So how do you make the jump from entrepreneur to employer? Employing someone in your business for the first time brings with it obligations and responsibilities. It is exciting, has possibilities and can result in considerable reward! Do your planning and sums first before making the leap. Some responsibilities you need to consider are; 1. Cash Flow 1. Cash Flow 2. Work Flow 3. Business Plan, Mission & Value Statements 4. Federal & State Employment Laws 5. Workplace Health & Safety 6. Insurances 7. Premises 8. Business cards marketing, office supplies 9. Assets and Equipment 10. Your personal stress tolerances Take advice sooner than later and be encouraged. Many others have trod the same path and succeeded. Finally employing someone is exciting and while there are challenges there are opportunities. Sales, Profit and more time for you can become a possibility and reality. Just do your sums and plan your opportunity with eyes open. Biz Momentum has helped a number of businesses with their transition to employer status. Speak to us today to see what we can do for you! WE can be your one stop shop. Visit www.biz-momentum.com for other free helpful small business articles. For further information email phil@biz-momentum.com Philip Lye is Director of Biz Momentum, Brisbane, Australia. He is a Certified Professional Human Resources Advisor and an Accountant. Biz Momentum provides strategic human resource management and employee relations advice to small to medium enterprises assisting them to grow their business. Training, Coaching, Consultation is practical and immediately actionable into your business. Biz Momentum undertakes international work and business coaching. See http://www.biz-momentum.com for more helpful articles or email Philip at phil@biz-momentum.com for assistance
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