When you own a small business that is quickly growing beyond your capabilities, you likely have many questions. If you are going to be hiring employees, you will need to know everything there is to know about handling them. You might also wonder if you would be better off hiring independent contractors. If you are truly growing and ready to move your operations out of your home and into a commercial property, you will have many other factors to consider as well. In order to get your answers to all these questions, you should consult with your local small business development center.
When it is time to hire your first employee, you will have to consider factors, such as the state and federal labor laws. You will also have to learn about minimum wage, unemployment insurance, workmen’s compensation and Equal Opportunity Employment, among many other factors. In addition, you will need to configure your employee benefits and create an employee handbook.
Considering Independent Contractors
When you think you are ready to grow your business, you can consult with the small business development center to determine if you would be better off hiring new employees or independent contractors. The professionals at the center will help you understand the major differences between a contractor and an employee and help you determine which one would be the best choice for your business.
Finding a Building
When you are ready to move into a commercial building, there are many considerations to make. You will have to learn terms, such as net lease and gross lease. You will also have to understand the terms of the lease and whether it is more beneficial for you to buy or lease the property. A professional at the SBDC can help you weigh the pros and cons and look at your decision from a financial point of view to ensure you make the right choice.
Owning a small business that is ready to grow can be an overwhelming time. Rather than getting too overwhelmed and making a poor decision, you can consult with the experts at a small business development center. The professionals there understand the growing pains small businesses go through and are there to help you understand all the new decisions you must make, as well as help you determine what is right for your business to help it succeed.
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