To help you answer these challenging questions, we have put together an assessment checklist. So, let’s get started.
When is a good time to hire more help?
Most investors start small, most likely as a solo venture. Business is exciting, challenging, and requires ‘knowledge’ in additional fields (aka wearing a multitude of hats). Then, slowly you start to grow. As your holdings increase, you attract and obtain more investments, and then you realize that something must give if your portfolio is going to flourish.
The following are tell-tale signs that it’s time to hire more help so your business can meet demands:
Hire an employee or an independent contractor?
Having decided you need additional help; the next question is whether you hire an employee or an independent contractor. The following are considerations for both, but ultimately it comes down to you and your business requirements. Here are a few questions to consider:
Do I need someone on-site or remote?
Location is an essential factor to consider. If your work must be done on-site, then you may have to hire an employee. That is because most independent contractors work remotely. Of course, there are exceptions, but that is the general rule.