VIDEO: Finding True Believers: Hiring Employees and Finding Partners

By QuickBooks

2 min read

You wouldn’t be a small business owner if you weren’t extremely driven and motivated to get the job done. As a one person dynamo, you handle everything from bookkeeping to marketing, all on top of getting paid for what you do best. But as the business grows based on your efforts alone, the irony is that as your business can’t scale with only you at the helm. Furthermore, letting go of the reigns—along with the peace of mind that only you get things done right—can sometimes be difficult to do. There comes a point for every small business owner to realize that the path to success is not one that he or she can travel alone.

As Hawaiian Gun Rack (HGR) president and Big Kahuna Dennis Kahn explains, this fierce independence was only productive during the launch of his business, but wasn’t sustainable in the long-run. HGR is known for its hand crafted, environmentally-friendly surfboard racks that look as good as they work. As demand began to rise, he had trouble giving all the aspects of his business the attention that they needed. So, in order to expand his output and increase his revenue, Dennis took a chance on including a friend, and in the process found the right a partner to help him run his business.

No matter how resourceful or creative you are, all small business owners need a little help to succeed. It might be as easy as bringing in a partner, or you might have to change your business’ legal structure along the way to make hiring easier. However you expand, it’s crucial that you have an actual plan for it. That means being ready for the extra payroll requirement, whether that comes by way of a trusted CPA for by using solid finance software. Use metrics defined in your business plan to help you figure out when it’s wise for you to bring on a partner and/or hire employees. This way, you will have the ability to focus on preserving your vision while you build a great team. Gradually let them take the wheel, and your business’ profits will grow.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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