How to Save Money When It Comes Time to Hire
As your business grows, you will soon come to a time when you will need to hire others to help with all the work. Even as you start your business, there may be things you just can’t do on your own. But when money is precious, you don’t want to make a hiring mistake. Also, you may not be looking for full- or even part-time employees. If you have a business that has serious ebbs and flows, you can’t really hire someone just for one project and then lay them off, only to rehire someone else when the next big project comes along.
Here are some solutions you can consider when it comes time to hire others.
- College Students- Connect with your community colleges! You may be able to offer a student or two a position for a semester in return for course credit. Oftentimes, you can hire these college students for free in return for some guidance in helping them translate their education to real-world situations. This can also work beyond your business industry. For example, a new retail store may need a graphic design student to create an advertising and marketing plan from start to finish, including flyers, ads, postcards, and a website.
- College Project Bank - Some colleges also create “project banks” that they use in classes as assignments. You may just need a postcard designed that the graphic design department can use as a week-long project. You get 30 or more different concepts in return for spending one day in class meeting with students and answering their questions.
- Hire Your Spouse - You can hire your spouse for part-time work and pay them the salary you would normally spend on an outside person. The benefit here is that you don’t have to explain the business or why it’s important to you and then hope they share the passion. Plus they will understand when the project has come to an end. Just make sure your spouse is qualified for the work and that the two of you can work well together!
- Outsource - Instead of hiring someone, you might just be able to outsource the task at hand, or let someone else handle some of the things you manage on a daily basis to free up some of your time. Thanks to the power of the Internet, you can outsource things like writing proposals and grants, creating databases, writing computer programs, creating websites, and lots more. Shop around online or start with your local chamber of commerce for recommendations.
- Barter - Someone else may be in the same boat! If you need something from them, offer your own services in return. No money needs to change hands but you both get paid what the work is worth. I know a friend who built a shed for a smokehouse owner and was paid in prime rib!
- Team Up - Talk with other business owners to see if you can pay for and share a single employee. One bookkeeper can usually manage a few small businesses at once. Hire one person full time and have them work on a different business each day. That person is still available when one business needs him/her but the salary is spread across a few businesses.
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