As our economy continues to change, more and more people are looking at creating their own financial security through self-employment. In many ways, self-employment offers the ultimate freedom; you are the boss and employee, and in part how much money you earn depends on your own marketing efforts, personality and hard work.
If you currently own a small business and have recently hired an employee or two, congratulations! Your business is growing, and with that growth can come increased success. However, hiring an employee and growing a business can also brings some challenges. If you don’t want to spend a lot of money hiring other people to assist you as your business grows such as someone to do your payroll or draw up contracts, there are do-it-yourself alternatives that can save you money.
Consider the following:
1. Payroll assistance. If you don’t want to hire someone to do your payroll once you hire an employee or two, you can look into Intuit’s small business payroll. They offer two monthly options–you can either do the payroll yourself or, for a bit more money, have Intuit do it for you.
2. Contract assistance. If you don’t want to pay a lawyer to draft all of your documents, there are other alternatives available. Business in a Box is software that contains up to 1,500 of the documents most commonly used by small businesses. The documents are already written; you just need to fill in the information pertinent to you and your business. There are over 2 million Business in a Box customers.
3. Fee comparison assistance. If your small business accepts credit cards, you may be paying more than you would like on credit card fees. The free web site FeeFighters.com compares different credit card processing companies to find the lowest fee processor for your business. This could save you as much as 25 to 40% off the fees you may have to pay.
As a small business owner, there are many products and services you could use, especially as you hire more employees and your business gets more complex. The key to growing a successful business financially is to pay for what you need to and to do the tasks yourself that you are able to. Research will show that with some assistance through programs like the ones above, you can save yourself and your business some money while not being too inconvenienced.