Deciding whether to hire your first employee as a solo founder can be tough.
Johner Images/Getty Images
Some of the millions of solopreneurs in the US may be considering hiring their first employee.
But when, who, and how to hire can be tough questions to answer as a solo founder.
Entrepreneurs suggest asking four questions to determine whether hiring is the right next step.
This article is part of Talent Insider, a series containing expert advice to help small business owners tackle a range of hiring challenges.
A year after launching his content company, Make with Max, Max Mirho was juggling too many responsibilities to focus on his business. He was simultaneously finishing his undergraduate degree at Carnegie Mellon University, establishing himself as an entrepreneur in the media industry, and balancing multiple side hustles.
Mirho hired his friend as a contract employee, assigning them the responsibilities Mirho felt he didn’t have time to complete.
“I brought them on when the workload became too much for me,” Mirho told Insider. “I knew that it would allow me to create twice as much content because I would be able to focus on creating rather than editing.” He added that the decision to hire drastically increased the success of the business.
Mirho is one of an estimated 25.7 million solopreneurs in America. For those thinking of hiring their first employee — whether to shoulder the workload or help scale the business — it’s important to be strategic in the timing, Mirho said.
For him, the decision to hire came down to math. “If you have the money and can predict that it’s going to make you more money, or at least find you more customers, you should make the step,” he said.
Insider spoke with Mirho and two other serial entrepreneurs about when founders should hire and what to consider before extending a contract. They agreed founders should first ask themselves four questions.
1. Is there a crucial part of my business that’s missing?
Krishna Pendyala was an engineer before launching his first multimedia startup, which relied on audiovisual technologies. He could cover the visual components but needed an audio expert to fulfill the company’s other needs. His first hire was a cofounder who could bring the skills he lacked.
“It was a 50% partner, because I felt he had as much to share as I did,” Pendyala said.
Pendyala said that if a branch of the company or a certain task is pertinent …read more
Source:: Business Insider