🎥 Knowing When To Hire (Winnie Sun)

Winnie Sun

Financial advisor Winnie Sun discusses how to know when it’s time to hire.

We get so excited about building our businesses, and we can’t wait to hire people to help us make our lives a little bit easier. I think we know when the right time is to bring people on, but sometimes we want to a little more quickly than we should.

I advise businesses to take it slower: be really smart with who you hire.

But it’s as difficult to bring on a paid intern as a paid employee. Bring on employees or interns and pay them for 6-8 weeks and tell them it’s a paid internship and we’ll see how it goes. You’ll be able to establish whether or not this employee works well for you—is coachable, is a fit for your team—and decide at that point if you want to increase their hours, pay, and opportunities.

It’s difficult to unwind a bad relationship, especially when it comes to hiring. You have to set up payroll, make sure the tax treatment is best—whether that be 1099 or a W-2 employee—these are extra costs, and your time to set this all up costs money as well. A lot of businesses make the mistake of hiring too quickly and spending too much money.

When you’re starting off in business, be really smart about hiring people—and letting people go quickly if they’re not a good fit, because if you don’t it can really slow down the trajectory of your business.

Winnie Sun @winniesun
#WinnieSun :sunny: :speaking_head: 25 billion impressions shared | Forbes Ranked Award-Winning Financial Advisor | #CNBCFACouncil Personal Finance Educator Media Brand Spokesperson | Managing Partner of Sun Group

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Have you expanded your team—and, if so, how did you know it was time?