As your business grows, it will become necessary to hire your first employee. There are many important things to consider before doing so, including what your company culture is like and how much work you’ll have to outsource to that new person. We’ve put together this guide on the dos and don’ts of hiring your first employee to help you make the best decision for your business.
DO: Identify what you need
#1 Determine what type of employee you need, where they will fit in with your company, and if they can even do the job. Consider whether you need an accountant, a developer, a customer service rep, or any other position. #2 Recruit wisely by looking for candidates who are like-minded individuals with the same values as your company. #3 Create the perfect job description by listing all duties, requirements, qualifications, and skill sets that make up the role.
DO: Research Candidates and Job Postings
DO research the best candidate. It’s essential to look at more than just the resume to get a good picture of who your new hire is going to be. Their online footprint will give you insight into their personality, values, communication style, and culture fit in ways that may not come across in an interview.
DO: Hold Interviews
Do your research. Find a job description that you believe to be in line with the skills and experience you are looking for. It will take time, but setting up interviews with these qualified candidates will be well worth it in the end. Plan to interview at least three candidates per position that has been open or is expected to come open soon. Give all applicants equal opportunity to explain their qualifications for the position and give yourself equal opportunity to figure out who might be the best fit for your company.
DO: Receive References
The best way to get a true representation of someone is through their references. The idea is to find out more than what the resume says. When asking for references, make sure you set up a phone interview with the person they would be working with, if that position is open. This will give you insight into the skills needed for the position, as well as determine whether or not they are a good fit in general.
DON’T: Underestimate Training Needs
Underestimating the training needs for a new hire is one of the most common mistakes, according to many small business owners. When new hires are equipped with the right skills and knowledge, they’re much more efficient – which means an earlier return on investment.
DON’T: Decide Alone
It is easy to feel like hiring someone without consulting anyone else. After all, this person is coming to work for you because they want to do what you want them to do. It can also be very tempting when someone finds a good candidate that has experience in your industry. However, it is best to wait until you have some input from the people around you before making a decision as important as hiring an employee.
DON’T: Let Ego Get in the Way
It may be tempting to hire someone who is just like you and has a ready-made skill set. But think twice before making this common mistake because the last thing you want is to spend your time trying to create a work environment where two people with differing opinions are both fighting for dominance.
DON’T: Overlook Tax Issues
Ensure you’re familiar with what it means to be an employer in your state. There are many complex tax issues associated with hiring your first employee. Make sure you know what these entail, so you can avoid being surprised by the responsibility of handling payroll taxes. Know how much to withhold from each paycheck, and make sure that the employee fills out a W-4 or 1099 form.
Get what you need for your clients
Any business growth can be severely hindered by the lack of cash flow. Merchants rely on the professionals at Waterview Capital when they require urgent funding to support their business. We’ll work with you to identify the ideal same-day funding option to propel you and your clients toward success. Waterview Captial is backed by years of company funding expertise.
Your premier source for Working Capital
When merchants need fast funding to help their businesses grow, the experts at WaterviewCap.com are ready to help. We offer same-day funding to provide ISOs the tools they need to help their clients succeed!
Get the funds you need — fast!
Don’t wait around for funding. Get the money you need fast with same-day business funding from Waterview Capital.
At Waterview, we know busy business owners can’t wait around for funding. That’s why we offer some of the fastest decisions in the industry. With quick approvals and same-day funding, ISOs can get the funding they need to support their clients right away! Find out more at Waterviewcap.com.