Okay, if you are reading this, that means you probably own or manage a small business in Toronto. Whether it’s a cafe, restaurant, bar or store, you most likely don’t run the business all by yourself! If you do, then you are most likely a very small or an online operation. It can be challenging to figure out when is the right time to hire new staff. There are many factors you need to consider before making the choice to add a new member to the team.
Keep reading to find out what they are!
This is the most important element to consider. Check closely your financial situation. Do you have proper funds to hire staff and pay them an appropriate salary? Research what the minimum wage is in the area that you are in. For example in Toronto it is $14. The easiest way to find out is to use the online Self-Service Tool for Employer Standards to check your compliance with rules on minimal wage and standards for your potential employees. Then ensure you will be able to support that new employee with the number of hours you’d like them to work.
2. You've Reached Your Limit
You will know when it’s the right time to hire additional staff if you have reached your limit and you can’t handle any more work. When your business is growing rapidly, it’s important to invest in your company and ensure the resources and support exist to keep it growing.