Getting your business up and running is a big step - getting business coming in, is the next hurdle. We continue our look at "Making Cents" with more business tips from a pro who's been there.
Now you've grown big enough, you might need to hire a staff. In my opinion, it is good business not to hire employees until you actually need them. For example, if you need to duplicate a lot of DVDs, it is not necessary to hire someone to do that for you. You can either "farm" it out to a duplication house, or purchase equipment that will allow you to do copies automatically. If you need "shooters" for special events, then hire them by the job and treat them as "independent contractors." By doing this, you are saving yourself a lot of paperwork and expense. Contact the IRS to make sure you meet the requirements for treating them as "independent contractors," and keep good records regarding payment. At the end of the year, you may be required to give them Form 1099 for their records. Also, check with local schools and colleges to see if there are students who need an internship. They can be a source of cheap labor for you and in turn they gain the knowledge and experience required for their course of study. When it comes time to hire your first employee, make sure that it is someone who will represent your business well, is trustworthy, and has the skills necessary for the job. I would encourage you to take new employees on a trial basis, so they have a chance to see if they enjoy the work, and you have a chance to see how they work out.
For advice and tips on staying healthy and fit, see Current Health Events to keep abreast health topics to include mental health as well as diet and nutrition.
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