As an ambitious entrepreneur, you need to face many challenges before you’re ready to launch your first company. The most difficult of all is to define your business activities. Therefore, it’s not uncommon for new business owners to dedicate a lot of time and resources in understanding the market before they’re ready to start their company. As a result, things can move fast once entrepreneurs have gathered sufficient market insights. In reality, understanding your market is only the beginning of your business journey. There are still many questions left to answer before you can create your first company. One of those refers to your business structure, namely whether you need in-house skills to grow. Indeed, while common sense says yes, the matter is a little more complex than it seems. There are excellent reasons for solo entrepreneurs to launch a company with an empty workplace. Here is why you may not need to recruit any talent yet:
You can outsource what you can’t find
First of all, finding the right skillsets for your company can take time. Ultimately, specific expertise can be tricky to find, especially if you’re in the process of building a small startup. Indeed, some applicants are reluctant to work with startups and small companies during the first years of existence, as about 30% of businesses fail during their first two years. As a result, you might resort to outsourcing talent until applicants feel more confident about your business. It’s also good practice to establish your outsourced IT support from the start as you can guarantee that your business has got the backup required to provide undisrupted and secure services. You can then grow your outsourced services, adding marketing and financial toolkits as you go. Your IT solution is the first step in your growth journey.
Nobody works in the office anymore
Employees value their work/life balance. As a result, many professionals are looking for remote working options, such as virtual office opportunities that let them work from home and coordinate their activities with remote coworkers. From a business perspective, remote workplaces have the advantage of keeping your maintenance costs low! Additionally, it allows you to bring new skills on board, regardless of your location. For innovative businesses, it’s the perfect opportunity to combine creative mindsets and technical expertise from all around the world! More importantly, it means that you don’t need to worry about in-house talent. Remote workers can be employed or contracted, depending on your needs and budget.
You can’t afford to hire someone new
The recruitment process is not just long. It can also get pretty expensive for small companies. In the manufacturing industry, the cops of hiring a new employee could reach $5,000, while the service-based industry ranks at around $1,000. When you’re in the process of growing your activities and profits, you may not be able to afford the hiring costs. Additionally, the time to fill the role can be over one month, depending on the industry sector. In other words, many new companies need to build a stable base before they can grow their team.
As you are building the strategy for your company, you need to consider the possibility of using external talents to save costs and time. While the solution isn’t suitable for all business structures, it is worth considering a healthy mix of outsourced and in-house skill sets.