subject: Finding The Right People For Your Business [print this page] Finding the Right People for Your Business
Making the Hire
Passive income from franchising is only possible if you have the help of people you can depend on. This is especially true if you envision your business to provide greater returns. It is high time to make the first hire when you need to cut down on the hours you devote to running the business. How can you tell? Here are some guidelines I have encountered.
If the business is no longer passive
Franchising is a good business for those who do not want to spend every single moment worrying about the details of the business. It is possible to take on a supervisory role as long as you have a capable staff. If you find yourself working the weekends, it is time to hire additional employees to pass on some of the workload.
Time is wasted
One of the reasons why I like franchising as a business is that it does not have to take over your life. If you find that chunks of your time are wasted on some tasks, such as answering the phone or making inventory lists, then maybe it is better to get someone to handle those.
Quality suffers
It is impossible to earn income, passive or otherwise, if the business is not performing well. If the quality of the service or the product suffers or if you are unable to comply with the commitment of the business, then additional help may be needed.
The help you can expect is only as good as the quality of employee you have. I think that one of the things that entrepreneurs should know when getting help for their business is that the help they need comes at a price. There is more to spend because of salaries, taxes, and other benefits that need to be paid. There is also an investment when it comes to effort. For example, expect supervision and training to be part of the package when making a new hire.
The rewards are great, though, if you do things right. It is important to know exactly the kind of person you want on the job. Business owners all over agree that it is important to start off with a definition of what the responsibilities of the new hire will be. This will help you identify what kinds of traits are needed. For example, if the task needed to be done is accounting, then the person needs to be analytical and detail-oriented.
