One of the biggest secrets to success -- Delegation, Joint-Ventures And OutsourcingIf possible, try to avoid taking on employees due to the high expense and also because it is "easier to hire than to fire!" One of the biggest problem if small companies take on employees is what happens if they need to terminate someone's employment due to incompetence etc. It can lead to all sorts of legal problems such as industrial tribunals. It is the sort of hassle that you just don't want, unless of course you are a medium to large company and could absorb these costs. The best way to "employ" people is to have them on a self-employed commission-only basis. Please check with your local tax office first. Try delegating some of your bouncy castle rental work to family and friends. Don't try and do it all yourself. Perhaps think about teaming up with someone and sharing the workload and the profits. Divide the tasks up according to what you most enjoy and are most competent at. For really boring jobs that you hate doing such as book-keeping and cleaning your inflatables -- why not consider outsourcing it to others who may love what you hate doing! A real win-win situation. |
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