Finding the Right People to Propel Your New Company’s Success
You have stepped out into the business world with a product or service that you hope will be a gamechanger in your field, having formed a company to sell it. Yet you face important decisions regarding the investment of your starting capital.
One of the most important decisions you must make is finding the right people to help you realize your business dream. There is much to consider as you analyze your options.
Do you hire a full team of people as your permanent employees, with not only salaries to consider but the possible need of benefits as well? Or do you find agencies and services that will assist you in accomplishing the goals you have set for your business?
Let’s look at the options of hiring an in-house team vs. partnering with outside specialists.
Hiring an in-house team
You may realize that you need at least a few full-time employees to assist you in managing the day-to-day grunt work of running your company such as assembly workers, production managers, or clerical assistants, depending on your particular business. However, your business success requires some highly specialized skills that include marketing and sales.
According to the website Wisestep, here are some “pros” to hiring an in-house employee.
- An in-house employee is selected by the “authority” of someone within your organization who carefully analyzes the value and attributes each individual offers the company.
- An employee’s wages or salary can be based on the time that employee will devote to the company and how much that time is worth to the employer. These wages are carefully determined and set to be reviewed at regular intervals, so they can be easily budgeted well in advance.
- In-house employees learn their responsibilities thoroughly in the training period, and once they have mastered them, they should be able to reliably perform them for the benefit of the company.
The cons of hiring in-house employees:
- Demands – Employees occasionally request vacation time or need time off for sickness or family crises. A start-up business may not be up to such demands.
- Employee value in proportion to wages – Although company owners can fire non-productive employees, it takes time to evaluate the lack of productivity, thus damaging a company’s forward motion.
- Training time – It takes a while for employees to “come up to speed” in carrying out their responsibilities. This time may be occupied with costly mistakes or slowness in mastering job requirements.
Advantages of partnering with a temp/contractor:
- Financial – Companies save money on HR costs and payroll taxes..
- Performance-Based – Firing an employee often requires an involved process. However, if an independent contractor/partner is not doing the work required satisfactorily, they can be dismissed without much trouble.
- No special training period is needed. An independent contractor is an extensively experienced specialist in their work, so he or she can get right to work on a project with little instruction.
There are a few disadvantages to partnering with outside contractors for work, such as specifying how much time that those contractors will work and what needs to be accomplished in that time. Additionally, you as the company owner, need to know just how much time your contractor has available to work on your projects so that he or she can accomplish tasks in a timely manner.
Before you hire an in-house marketing team member as your company is just finding its feet, keep your freedom to decide just how fast you can move and how much to spend on marketing.
Wayvana offers a workable and affordable solution for your company’s marketing needs. As your partner in marketing and sales, we offer a full stack of services that includes expertise in data-driven marketing campaigns, tools such as Eloqua, Marketo, Salesforce.com, WordPress, and so much more!