It’s been a nervous economic time and you may be struggling to find ways to increase your customer base and grow your existing business. You may also be considering starting a business but in need of niche workers or funding.
When pitching your business to investors, many business owners overlook the importance of pitching their recruitment process. Especially in specialized fields such as tech, pharmaceuticals, and agriculture, investors are curious to know how you plan to fill your job vacancies with top-level employees. Even if your business has been operating for quite some time, it’s never too late to start looking for more qualified individuals to help kick-start your business production. All it takes is one team member at the top to bring about some serious change to your productivity and company culture.
There are also lots of ways to secure funding for your business. Many businesses that are first starting out, become money pits. Profits aren’t guaranteed for the first couple of years, and you may find yourself looking for more funding just to keep it going until you can overcome a time hurdle. Here are ways that you can staff your business with the best personnel and secure the funding to keep your business production going as you go through your growth phases.
Apply for Available Grants
Free money is about as good as it gets. There are many agencies and private charities that focus on a particular product base or client population. Carefully scrutinize what’s available for your
- industry
- employee population
- location
If you offer employment in an underserved area, you may be eligible for a grant. You may also be eligible to sell to specific government entities, both federal and state. If your location is in an economically challenged location, check in with county and city government agencies about tax breaks, low-cost funding for improvements, and help with utility upgrades and infrastructure.
Consider offering internship opportunities in your business. You can use these opportunities to train and vet candidates for crucial roles within your business. The payroll cost is super low for interns performing tasks within your company, and you may be able to secure additional grants and tax breaks as a result of starting an established internship program.
To find willing and qualified interns for your company, consider attending your local college’s job fairs. Advertise on social media. Ask for referrals from employees and clients. There are plenty of young people looking for work experience for their resumes and credit hours for their education.
Boost Your Specialized Staffing
No matter what you’re trying to create, you’re going to need people who know more than you do about some aspects of the business. Skilled personnel can actually become a part-time contractor or regular temp hire for your business on a weekly or as-needed basis.
Many companies are creating a hybrid model of temporary and permanent staffing for their business. Mundane, labor-intensive, and low-skilled positions in your company can be outsourced to temporary workers. This can actually save your business money. Especially if your production needs to be scaled up quickly for a busy month or season, you can pay minimum wages for certain jobs like packaging, cleaning, and maintenance when you need them, and avoid costly layoffs when demand starts to wane.
Make sure you focus on the top-level employees and executives in your business. You shouldn’t accept mediocrity in these crucial roles for your company. Top-level executives in your business won’t only boost your entire labor force, but they’ll also contribute to the overall success of your business by providing creative solutions, important business deals, and setting precedents for your company culture.
When it comes to hiring quality top-level talent as well as boosting a roster of temporary workers, many business owners and HR departments become overwhelmed. Hunting for the perfect candidates takes time and resources. You need to learn where to look and how to assess the skill sets of individuals quickly. It’s no wonder some of the most successful businesses on the planet choose to outsource their recruitment process.
Job agencies have a unique role in the business world. Their full-time occupation is about finding individuals, assessing their strengths, and getting them in touch with businesses like yours. Since they do this work every day, job agencies generally have access to a pool of candidates that other businesses can’t gain access to. Working with a nationally recognized company can generate amazing results for your business.
They may be able to get you in touch with top-level executives with amazing work history. By expanding your search through a job agency’s nationwide network, you may be able to find qualified candidates who are ready to relocate for an opportunity to work for you. This can land you a candidate with strong work experience who can bring you new ideas and fresh perspectives to help you grow your business.
Job agencies can also help fill low-level positions for your company by providing you with extra hands when you need them. Whether most of your business productivity happens during the summer months or during the holiday seasons, a job agency can help you hire skilled workers quickly, without the need for onboarding and hiring. And you don’t have to go through a layoff when productivity starts to slow down again.
Working with a job agency in Manhattan or other cities you operate from, for niche professionals, can greatly reduce your payroll costs. For example, if your business is full of creatives and you really need an Excel specialist at times but not every day, a staffing agency can provide you the help you need without pushing your payroll past the comfort zone. For positions that require specific skills which can be difficult to find locally, you can partner up with an employer of record, to legally hire professionals across the globe.
Reduce Your Market
It may seem counterintuitive, but a rapid expansion can leave you scrambling to fulfill orders. Get it right on the small stuff. Keep your production runs small until you know the niche inside and out before you start a new product run or increase your batch production. For example, you may have a product that sells well around the winter holidays but languishes in the summer.
By allowing your business to be flexible and accepting the natural shifts in demand that take place, you can specialize in a certain niche. Target the money-making products before scaling or pivoting your business.
Recent world events have left many small business owners scrambling. People are nervous about how much to spend and what the essential cost of living will grow to be. Even if you only produce 5 products, do them extremely well and stick with them in order to move toward owning that niche.
Seek Out Private Investors
If you have a strong track record and want to expand your production facilities so you can boost your output, reach out to angel investors and private money holders. Those with private dollars will expect a payout, but you may have more flexibility on when the total needs to be paid off.
For example, you may have a great manufacturing facility but need to buy the building next door so you can fit it out as a warehouse.
A private investor can lend you the cash to buy the building and make the improvements. At the end of the process, if you’ve chosen the right location, you can refinance the new building at a commercial rate and pay off your private investor. Many private investors like to get a quarterly interest payment; even if they don’t ask, offer it so you can boost their confidence in you. The next time you need money, they won’t be hard to convince.
You as a business owner should become a mastermind at moving money. To grow wealth, you need to learn how to be a responsible custodian of money. By moving money from one account to another. Use new funding to pay off older debts. If you do this smart, you can keep interest rates low and your credit score high.
Check With Your Family
One of the best things about borrowing from personal connections such as family and friends is that it won’t show up on your credit report, especially if you’re boot-strapping off your own savings and personal credit. If you have friends and family excited about your venture and have the means, a personal loan can be beneficial. This can be the best way to secure immediate funding without paying back outrageous interest fees.
Do get the paperwork right. This is an obligation like any other. If it’s a gift, get it in writing. If not, get a payment plan in writing with interest rates and information about resources your lender will be able to collect if you don’t make the payments. While borrowing from family and friends can be a great start to your business, if things don’t work out you may damage the relationship over time.
Whether you’re starting a new business or growing your existing product line, everyone can benefit from a solid boost in employee hours and cash. Do your best to keep an eye on expansion in manageable ways for the best results.
