Pros

Pros and Cons of Employing Another Person

Pros and Cons of Employing Another Person

Most small businesses in the US have five or fewer people working in them, and a large percentage of small businesses are run by a single person doing their best to try to cover every task required to start and manage a successful business.

The single person set-up might be because they want to keep control over everything. It could also be due to not having a budget to hire others. It might even be due to the fact that there are pros and cons to employing another person. Let’s look at a few of them now.

Pros

Hiring a new person on a freelance, part-time or full-time basis gives you an extra pair of hands. It should also give you access to expertise you don’t already have in the company.

For example, most smart small business owners get part-time bookkeeping help rather than try to do this entire important task by themselves. They might also hire freelancers to design logos, work on images using Photoshop, or create PowerPoint presentations. This works out cheaper in terms of both money and time than buying the software and learning it themselves.

When you hire a freelancer, you only have to pay them for the project they are doing. You don’t need to pay a regular salary, benefits and so on, or pay their wages even when times are slow.

Hiring a virtual assistant and skilled freelancers can free up a good deal of the business owner’s time so they can focus on what they love and what they are good at. It is also important to consider that no business owner will ever be able to earn $100 per hour if they are doing menial tasks that are worth only $10 per hour.

More hands means more work getting done. It is really the only way that you will ever be able to grow your business successfully.

Cons

The biggest drawback is finding and recruiting talent. Not everyone is honest on their resume. Someone might also call themselves a Photoshop expert, but not be anywhere near as skilled as other vendors online. It can also be tough to find reliable people who will do what they say and meet all their deadlines.

The better and more experienced the worker, the more expensive they will usually be. Recruitment may be ongoing as workers let you down or you decide to get rid of them because they are not living up to your expectations.

Training them will take time, as will supervising and managing them in order to keep the work going smoothly. You also have to be security conscious and try not to give away any passwords or other sensitive information which they could use to harm your business or even steal your entire WordPress blog.

Hiring part-time or full-time workers is a big commitment with legal implications, especially if things don’t work out. You can be accused of unfair dismissal, or worse, if you and your employee/s just don’t click. Outsourcing is a better option, but it might mean more turnover of workers and therefore more training that will be wasted as people come and go.

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Pros and Cons of Branching Out of Your Niche

Pros and Cons of Branching Out of Your Niche

Niche marketing has become one of the amazing successes of the internet. Instead of trying to sell to everyone, targeting a specific group of prospective customers has meant greater precision in marketing, with more return on investment.

With any luck, you’ve started your business and made it as automated as possible, and have a regular income each month you can rely on. You’ve been creating new products and services regularly in order to make your customers happy and keep up with your competition.

But at this point, you might be starting to feel bored, or interested in a new niche you think you might be able to do well in. There are a number of pros and cons to branching out. Here are some key points:

Pros

There’s nothing more exciting than starting a new enterprise, especially if you research the market well and see there is a big demand for that niche, and you can easily find lots of products and services in the niche that people will be eager to buy. If it is a topic you are enthusiastic about learning more about, this might help you drive towards success even more quickly than you did with your first niche.

A second niche will offer a whole new stream of income. And while no two niches are exactly the same, the lessons you’ve learned from setting up your first successful niche business can carry over to this new endeavor.

If you are selling digital products, it should be a simple switch to creating or sourcing similar items for your new niche. If you are selling physical products, it will involve more effort and commitment, but if you know your niche, you should be able to go head to head with a whole new set of competitors.

Cons

There is a lot of research required to ensure the niche is a paying one and to locate prospective customers. Unless you’ve engaged in this niche as a hobby, chances are you are going to have to start completely from scratch. You will have to source products to sell. Physical products will be even more of a commitment.

Starting a new business will eat up a lot of time, which you will have to be willing to sacrifice. But you don’t want to damage your existing mature niche business on an unproven niche. Maintaining a work-life balance and a two-niche balance can be tough.

You might also be lacking in the kind of experience in the second niche that allowed you to succeed in your first one. It can tough to position yourself as an expert in a second niche, especially if you’ve made a name for yourself already in one which is completely different.

Some online marketers assume fake names in order to branch out into different niches, but this tends to give an air of dishonesty to the marketing. You could of course use a business name only, and have a member of staff as the contact person. However, you will still have to set up the business as a full legal entity with a bank account, tax identification number and so on. This also takes time and money.

Branching out into a second niche can be an exciting opportunity, but be sure to weigh all the pros and cons before you start working on it.

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