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Would a partner(s) make it easier to be successful?
A business partner does not guarantee success. If you require additional
management skills or start-up capital, engaging a partner may be your best
decision. Personality and character, as well as ability to give technical or
financial assistance, determine the ultimate success of a partnership. In
most partnerships one is always the "boss". Trying to share
management works for only a short while. Eventually one will "rise to
the top" or the partnership disbands. In general, avoid a partner if
you don't have to have one.
How can I find qualified employees?
Choose your employees carefully. Decide before hand what you want them
to do. Be specific. You may need flexible employees who can shift from task
to task as required. Interview and screen applicants with care. Remember,
good questions lead to good answers-the more you learn about each
applicant's experience and skills, the better prepared you are to make your
decision.
How do I set wage levels?
Wage levels are calculated using position importance and skill required
as criteria. Consult your trade association and accountant to learn the most
current practices, cost ratios and profit margins in your business field.
While there is a minimum wage set by federal law for most jobs, the actual
wage paid is entirely between you and your prospective employee.
What other financial responsibilities do I have for employees?
You must withhold federal and state income taxes, contribute to
unemployment and workers compensation systems, and match Social Security
holdings. You may also wish to inquire about key employee life or disability
insurance. Because laws on these matters vary from state to state, you
probably should consult local information sources and/or SBA offices.
What kind of security measures must I take?
Crimes ranging from armed robbery to embezzlement can destroy even the
best businesses. You should install a good physical security system. Just as
important, you must establish policies and safeguards to ensure awareness
and honesty among your personnel. Because computer systems can be used to
defraud as well as keep records, you should check into a computer security
program. Consider taking seminars on how to spot and deter shoplifting and
how to handle cash and merchandise; it is time and money well spent.
Finally, careful screening when hiring can be your best ally against crime.
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