How to Expand Your Small Business

How to expand your small businessIndependent retailers know all too well that running a business can be extremely time consuming. Maybe you are considering expanding your business in the New Year or just want to gain extra time for yourself. If so, here are some tips to help you attract choice workers and keep your business running efficiently.

Federal Preparations

The IRS will help you obtain an employer identification number (EIN) to hire your first employees. This number is for reporting taxes and other documentation to the IRS. Keep records of employment taxes: businesses need federal income tax withholding (W-4), federal wage and tax statement (W-2) and possibly state taxes depending on your location. Employers must have new hires complete employee eligibility verification (I-9) to confirm citizenship and eligibility to work in the U.S. This is the primary federal protocol, but check the internal revenue service’s site to gain more information.

Freelancers

Can your business subsist on freelancers? If so, this will save you the time and money that you’d need to invest in hiring permanent workers. Freelancers and independent contractors offer specialized services at reduced costs and allows your company flexibility. Marketing, specialists for web VPS hosting and website design, accounting and manufacturing positions can be hired online or outsourced for cheaper labor. Draw up a meticulously described contract detailing wages, deadlines and other specifications.

Tap Networks

Take advantage of social media networks to find qualified workers and spread the word that your company is hiring. Set up a LinkedIn account to expand your professional network. Connect with friends, former colleagues and colleges to rake in potential candidates. If these efforts aren’t fruitful, consider posting help-wanted ads on Craigslist or the newspaper. Job boards such as Career Builder or Monster can notify a massive audience of unemployed persons—but be ready for the mass of resumes that are likely to flood your inbox. The final and priciest option is utilizing employment agencies, which can find qualified individuals to perfectly fit the position you need filled.

Mirror Competition

Don’t know where to begin when hiring new employees? Study the competition. Find similar businesses and see who they’re hiring. This scrounged information will assist in developing a structurally sound plan to determine your hiring process. View the skills that competitors’ desire, the wages and other factors like insurance information. Incorporate the best elements of job descriptions to create a compelling ad of your own.

Job Description

Hiring the ideal employee starts with writing a job description specifying traits candidates must possess and goals they will need to meet. Determine whether you want someone to follow your guidance and accomplish tasks as you give them, or if you want a self-starter that sets his or her own schedule and works autonomously. Reflect on what is best for the company and the type of worker that complements your managerial style.

Background Checks

Depending on your type of business, background checks may be a necessity. Are you trusting employees with clients’ possessions or sensitive information? Ask your insurance provider or police precinct, or search the web to find a third party to conduct background checks. Ensure peace of mind with trustworthy employees.

As you enter the New Year, and assess your business needs and goals, it may be time to consider hiring new employees. By utilizing the tips outlined above, small business owners can begin the hiring process with confidence.

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