As a solopreneur, it may be hard to admit you need help or bring additional people onto your team. After all, your company is your baby, and you’ve worked really hard to build it up to where it is today.
A recent study found that just 57% of small business owners take vacations, and even if they’re on vacation, 67% still check into work at least once a day. Working extremely long hours, having to turn down work, and feeling like you can never take a break are some of the most surefire signs that it’s time to hire another employee.
Or, maybe you need specific expertise. Not everyone can be a business owner, a web developer, a graphic designer, and a communication professional all in one. Knowing your limitations is key to growing your business.
Hiring another employee can be an incredible opportunity for your business, since the average small business generates $100,000 in revenue per employee. But be careful. Make sure you’ve shopped around for the perfect HR software for your small business. Finding and hiring an employee takes 42 days, on average, and usually costs a small company about $7,600.
Check out this infographic that Fundera created that lays out seven signs it’s time to hire your first employee.
If you’re not quite ready to hire another employee and take on the risks that accompany that decision, there are still plenty of options. Consider hiring a freelancer or a contractor that can complete small, but specialized, tasks for you. Or even try finding a co-founder who can financially and emotionally support you.
About the Author
Meredith Wood is the editor-in-chief at Fundera. She has specialized in financial advice for small business owners for almost a decade, and is sought out frequently for her expertise in small business lending. Meredith’s advice has appeared in the SBA, SCORE, Yahoo!, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, and more.