Savings Experiment: Snow Removal
The Money Man Behind Rick Santorum: Who Is Foster S. Friess?
Even though the economy is still sluggish, things are much better than a year ago, when it looked like the global financial system was about to fall apart. In fact, it may be a good idea to expand your business.
Keep in mind that during times of big change, there are also big opportunities. However, to take advantage of these, you really need to go beyond your own abilities. In other words, you need to think about hiring.
Unfortunately, the hiring process is scary and complicated -- with many rules and risks. But an excellent new book can help out: Hire Your First Employee (get your free copy). Actually, I had a chance to talk to the author, Rhonda Abrams.
Here are some of her helpful suggestions:
Why hire now? With lots of unemployment, the labor pool is quite large and there are many qualified potential candidates to choose from. If anything, it is easier for a small business to snag top-notch talent.
Also, President Obama recently announced a variety of hiring incentives, such as a $5,000 tax credit. "The details are not clear yet," said Bob Meighan, a vice president at Intuit's (INTU) TurboTax. "It is still a proposal." However, it does look like we'll see a bill enacted over the next couple months.
Start slow. Hiring can take time and cause lots of frustration. After all, you need to get a sense of the wage rates and your company's needs. What will the job-wanted ad look like? How will you conduct interviews? What will the employee do?
So it is usually a good idea not to rush things. For example, you may want to start someone as a part-time employee.
Don't skimp on compensation. While you probably can hire employees at fairly low wage rates, this is not necessarily a good idea. You want to make sure you have a motivated workforce. Besides, as the economy comes back, you want to retain your top people.
Don't fear payroll. Yes, this is a dreaded process. But the good news is that payroll is much easier now -- and affordable. For small businesses, outsourcing this process is usually the way to go. And, one of the top providers is Intuit Payroll, which has a variety of options to choose from.
Tom Taulli advises on business tax preparation and resolving tax problems. He is also the author of a variety of books, including The Complete M&A Handbook
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
2-08-2010 @ 7:52AM
MertVan said...
The Federal government is going to give you a $5000. tax credit for hiring? Before you can hire, there has to be demand and that's where the problem lies. Truth is, the American public are scared and Obama and his bunch aren't even in touch with reality! Actually he and his administration want us to depend on big government, he doesn't want to see things get better! This man has us right where he wants us! Wake up America!!!
2-08-2010 @ 12:08PM
g said...
are you kiddingme???why to get juiced by them and the big man???not
2-08-2010 @ 12:23PM
John Feltman said...
You got that right MertVan! Gee, Tom says that things are much better than last year. I wonder what world he's living in? Tom is obviously an Obama"boy' but unlike the Obama "girl,he hasn't given up yet. The real problem is that we are being governed by elite ideologues who can't
do the math and just want you to accept what they say
without any challenge to the credibility of what they propose. Sound like totalitarianism? It is. Obama and his crew: Holder who thinks Americans are cowards and Geithner who runs the IRS but can't do his own income tax,presents a clear picture of the reality of why we are not even close to an economic turnaround. The Obama presidency is more like a bad movie with a great actor who doesn't have a clue as to what the role is all about. Thomas Jefferson tried to warn us when he said that the people get the government they deserve. Hopefully,we'll get a second chance.
2-08-2010 @ 1:54PM
asd0147 said...
INTUIT PAYROLL,...... NO WAY
I used Intuit payroll for several years and I don't recommend it to small business, because there are some details about payroll regulations you need to know and "Intuit payroll" do not provid these details. I paid hefty penalties for relying solely on Intuit payrol software.
Intuit wants you to do eveything by yourself, which is not good for a busines owner. If you run a small business you don't want to mingle with everything, becauee you will waste time and money on things that is not your specialty. I recommend that you hire an accountant or payroll company to take care of all of your payrolll needs and DO WHAT YOU DO BEST, WHICH IS BRINGIN SOME BUSINESS.
These days I have a company does my payroll, I just turn in the hours and they take care of rest. I don't have to worry about late payments or any penalties whatsoever.
2-08-2010 @ 2:18PM
Garry said...
If anyone is in the memphis, Tenn. area, an excellent out source payroll company----curtis@memphispayroll.com..He will do all he can to assist you--
2-08-2010 @ 5:10PM
Lance said...
Rhonda Rhonda Rhonda....
If you have every run a sucessful business it must have been subsidized with someone else's money.
"Also, President Obama recently announced a variety of hiring incentives, such as a $5,000 tax credit."
How long do you think $5K will last in the payroll account? 2 weeks? Then what? If Obama wants to help small business the he simply has to cut taxes to the businesses. " As established businesses grow they begin to hire. Not before. And not before we know what's going on with healthcare and how much we are going to have to pay for it.
"But the good news is that payroll is much easier now -- and affordable....
Really?? Says who? People who don't own businesses I presume. Payroll taxes are expensive and is a major deterent to hiring.
Write another book. Call it the "Mystery of Small Business"
2-08-2010 @ 8:08PM
MISSMALIBU07 said...
THERES NO JOBS IN FLORIDA,AMERIA PEOPLE HELP EVERYBODY AND NO ONE HELPS US..........LULU
2-09-2010 @ 12:28AM
Cathy said...
It's been all of them, Not just Obama. We've lost 2.3 Million jobs as a result of trade imbalances with China just between 2001-2007 and it's only getting worse while China keeps on violating international law withnsubsidies and dumping. They take our money, then they loan it back to us to the point they may well own part of the US itselfAnd every time someone brings the issue up before the International Trade Commission to do something about it Bush went and overruled doing so four times, and now we have Obama doing the same darn thing. When are we going to stop playing games with China while more and more of our jobs keep flying out of here. And it doens't stop with China, We have all these corporations bringing over here to this country millions upon millions of these H1b Visa workers taking most of our high technology jobs from our own skilled engineers and getting all sorts of tax break and benifits to do so. So now that we've tried to place limitations on these visa's the corporations got to the bill in put into it all sorts of exemptions making the bill totally useless and Obama goes and signs the damn thing.
'Talk about brain dead!