Things to Know Before Hiring Your First Employee
Entrepreneurship is a perfect way that you can increase your monthly income. A business is a capital extensive investment regardless of the scale of operation. Every business owners need to gather the right resources that will help in achieving the set goals and objectives. One of the important resources that every business owner needs is a team of workers. Therefore, you should look for the right individuals that will carry out all the activities of the business satisfactorily. It is usually challenging to hire the first employee for a business because of lack of experience in the hiring process. The excitement of becoming an employer should not make you hire the wrong employee. here are the guidelines to follow when hiring your first employee, read more now!
Unlike a sole proprietorship, you will have different tax obligations if you decide to hire your first employee. It, therefore, means that one of the steps to take is getting your business tax-ready. The IRS requires every employer to withhold and remit taxes from every full-time employee in their organization. One step to take to make your business tax-ready is getting an Employer Identification Number (EIN) from the IRS. In this website, you will discover more about the means of getting EIN. Additionally, you should remit state unemployment taxes. Research on the tax codes to avoid making errors when filing your business taxes.
Next, you should figure out the role that you need to fill in your business. Examine your business needs carefully before you start the recruitment process. The tasks available will help in determining the qualification to check when hiring a suitable candidate. Create a vivid job description to ensure that you receive applications from the right individuals. Also, you will be required to decide on the salaries. Check the revenue stream and the nature of work before deciding on the salary for the employee. The next step in hiring your first employee is advertising the position. Digital advertising platforms such as online job search website and LinkedIn will help in finding the right talent.
In every workplace, an accident can occur that will cause injuries to the employees. If an employee sustains injuries, the employer should be the one to take care of the associated financial damages. To avoid the liability, you should have workers’ compensation insurance. It is mandatory for an employer to have workers’ compensation insurance if the workforce exceeds two employees. In this site, you will learn the factors to consider before buying workers’ compensation insurance policy.