First, make sure you actually need staff
It might seem like a silly question, but take a moment to double-check before jumping in unprepared.
Capacity
Not only should you check that hiring staff won't mean spreading yourself too thin, it's also good to consider whether this will drive your business forward and if it is sustainable in the long-term.
Productivity
Ask yourself: are you missing deadlines, wasting time or providing poor customer service? Would delegating or automating these tasks improve your business or add to the effort?
Expertise
Do you need expert help in areas you're not familiar with? Would it benefit your business to tap into diverse backgrounds and experiences to solve problems?
Can't pay yourself? Then you can't pay staff
When starting a new business, it can take months before you earn enough to pay yourself. Only when you've got this nailed down can you start thinking about paying other people.
A lot of business owners pay themselves last, after all other expenses are sorted. A good business strategy is to plan for this from the start. This way, you can factor in your wage when paying staff and not feel resentment at never having your own holidays when your employees take any leave they're entitled to.
It's crucial to know your bottom line, government wage increases and all hidden costs of employment so your cash flow can remain sustainable and semi-predictable instead of becoming a shock to the system.
