Two questions that Erik often gets asked by new entrepreneurs is whether they should hire employees and if now is the right time.
In order to really grow your business you will eventually want to hire employees. Employees bring different skill sets to the table and allow you to grow the business while they do the work of the business. It’s hard to provide a recurring service or product over and over without help and try to grow your business at the same time. Eventually you’re going to want that help.
Erik believes the right time to hire your first employee is when you have too much work to do on your own and you have enough money in the bank to pay that employee comfortably for at least 3 to 6 months. Keep in mind that hiring someone means paying wages, and possibly taxes and benefits if they’re brought on as an employee and not a contractor.