Entrepreneurship is a perfect way that you can increase your monthly income. A business is a capital extensive investment regardless of the scale of operation. As soon as the business is ready to start its operations, you should avail all the resources that you will need in the course of its operations. The workforce is one of the most crucial resources of a business that has a huge impact on the performance. It, therefore, means that every business owners should search for the right talent that will handle the business activities the right way. No doubt, hiring the first employee can be a difficult task, especially if you are new in the business world. The excitement of becoming an employer should not make you hire the wrong employee. here are the guidelines to follow when hiring your first employee, read more now!
Hiring an employee means that your business will get new tax obligations which might not be necessary for sole proprietorship. Tax-readiness is crucial when hiring your first employee since you will lose your sole proprietorship rights. The IRS requires all full-time employees to pay tax, and it is the responsibility of the employer to withhold and remit the taxes. One step to take to make your business tax-ready is getting an Employer Identification Number (EIN) from the IRS. In this website, you will discover more about the means of getting EIN. Also, you will be required to pay unemployment taxes. Research on the tax codes to avoid making errors when filing your business taxes.
Next, you should figure out the role that you need to fill in your business. Examine the activities of your business to know the role that you need to fill. Based on the role, you will know the qualifications to expect from the candidates. Create a vivid job description to ensure that you receive applications from the right individuals. Also, you will be required to decide on the salaries. The salary that you set for the position should be financially sustainable for your business. Now that you are ready to hire, you should ensure that you advertise the position. Using digital platforms such as LinkedIn will give you access to quality talent.
In every workplace, an accident can occur that will cause injuries to the employees. As the employer, you will be liable for the damages sustained by the employees. It, therefore, explains the need for workers’ compensation insurance. A workers’ compensation insurance is a mandatory requirement if you have more than 2 employees. Read more here about the steps for getting the best workers’ compensation insurance policy.