Startups and the Staff Pay Problem
One of the biggest dilemmas when you’re starting up a new business is the fact that you need capable employees to help you get things off the ground and to help your business grow – but you often don’t have enough capital to pay for them.
It’s the kind of problem that most startups face at some point in time, and although it can be a huge challenge, it is not an insurmountable one. Here are some things you can do to ensure you can pay the staff you need to build the business you want:
Consider a Loan
Taking out an unsecured business loan from this website is something that you should definitely give a lot of thought to before you go ahead, but it is certainly one option that will enable you to invest in a great employee or two. As long as you’re confident that doing so will lead to growth, it could be a good way to go.
So many huge corporations started out by offering stock options to make up for small salaries so that they could get a better level of staff to work for them on lower than average salaries. So, it’s certainly something you should think about trying, especially if you have a really promising company that it won’t be too difficult to convince others will do well in the future.
Agree to Performance-Related Raises
If you don’t have a lot of money to offer, but you want to hire someone who you know will do good things for your business, one really good option is to offer to pay them a performance-related salary. Basically, this means that they’ll start working for you on a smaller than average salary, but for every predetermined milestone they meet, and for all of the growth they help your business achieve, they will be rewarded with a salary increase. If they’re passionate about what you’re doing, they might just go for it.
Advertise for Interns
If you want to increase the pool of talent working for you, but you need to do so on a shoestring, then advertising for interns who’ve demonstrated talent in your niche might work out very nicely for you both – they’ll get the experience they need, and you’ll get an extra pair of capable hands at a great price.
Go Down the Freelance Route
If your cash flow situation is in a really dire state, then you might want to forget about hiring any full-time staff at all. What you could do instead is call upon any number of highly capable freelancers, from sites like this one, who are often willing to work for a lot less than you might imagine, and who will not require any work-based benefits, cutting the cost for you dramatically.
If you do decide to use freelancers, just make sure that you check their feedback/recommendations and that you draw up a contract you’re both happy with before any work starts. You’ll need to do this for the protection of both parties.
Now, to find the superior staff you need!