If you have always been self-employed with your own business and you worked as a one man team, but you know you're going to expand and create a larger business for yourself, there are some experts you want help from along the way. You want to make sure you are doing everything the right way, and it's important to know your finances are in order. Here are a few things you'll want to consider doing before you add more people to your staff.
Sit down with a lawyer and create the necessary employment paperwork for the people that will work for you. These documents should include the details of their pay, their obligations as an employee, non-disclosure agreements, future non-compete information and more. The lawyer will know what is supposed to go into the documents, and make sure that everything in the documents is legal and binding. This makes hiring the employees less stressful, and you should have contracts that are specifically created for your business and industry of work.
Payroll Taxes and Banking
Doing the payroll and dealing with taxes and banking concerns can be very time consuming and confusing, especially if you don't know a lot about the tax laws in your state. Hire a professional accountant, like Blueback Accounting, that specializes in payroll services for small businesses, so they can make sure that all taxes are being withheld from paychecks, and to make sure that you're saving the right amount for taxes throughout the year. This can end up saving you from a lot of complications down the road.
Workers Compensation Insurance
Workers compensation insurance is great for protecting you financially against liability problems. You don't want to get sued and lose your business because one of your employees has an accident while on the job, or because something happens to them that they try to blame on you. An insurance agent can talk with you about other coverage you'll need when you take employees on.
If you are ready to start making more money and you need to hire more professionals to work for you, make sure that you cover these three areas before you begin. Trying to figure all of these things out on your own can be difficult, and small errors can end up costing you big time. Hire the right professionals to work with you and start finding your new employees to expand your business right away.Share