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When Is It Smarter To Hire an Intern vs. Employee?

intern or employee

Do you want to hire in your small business but aren’t sure who? You may be ready to bring on someone but aren’t ready for a full-time employee? Your answer may be an intern! Learn when it may be smarter to hire an intern vs. employee.

Have you ever thought about hiring an intern for your small business?  I believe most of us think that interns are only hired by medium to large size businesses and that is not true.

Creating an internship can be a great way to fill an open position that you may have, help you as a small business owner with your workload, or work on a special project for you and your business. 

Typically an intern is hired for a short period of time and is not meant to replace an open employee position long term.  Keep in mind that an intern is looking to gain exposure, knowledge, and experience in their field of interest. 

 

When looking at your small business here are a few suggestions of where an intern might fit:

Social Media – a great opportunity for a marketing student, they can create content calendars, create posts, edit and schedule future posts and usually know the latest trends on the different platforms. 

Communications – someone to write future blogs, emails, and marketing materials that you can utilize for the next 6-12 months. They can learn how to use email platforms like Mailchimp or  Klaviyo

Event Planning – do you have an event coming up and you could use assistance in this area or create one for community marketing

Marketing Research – are you looking to expand your products or services an intern could create a full analysis to help you with your strategy

Videography – someone to create short videos, behind-the-scenes videos, and edit them for your marketing purposes

Finance – an intern could run some analytics of your business and or marketing efforts and create reports and metrics to help you better analyze going forward

Sales – bring someone on to do some prospecting and lead generation and networking on your behalf

 

Think about your business, where are the gaps, what you think is holding you back from the next level, or where you just need some extra help. 

Remember Interns will need some hand-holding, make sure you have a clear onboarding process and they have support and are comfortable asking for help when needed.   It is best to have expectations and desired deliverables outlined before they start and have checkpoints along the way with them. I recommend having a start date and an end date.  5-6 month internships are a great time frame as they will be around long enough to really add value and make it worth your time of hiring unless it is a seasonal need.

Now you know when it is best to hire an intern vs an employee! Still wondering if hiring an intern is right for you, I invite you to watch this short video where I share more details about how to get starting on finding an intern to help you grow your business.

If you want to have a better understanding of what is best for your business, schedule a free 30-minute call with me here!

 

How to Recession Proof Your Business

How to Recession Proof Your Business

Do you want to learn how to recession-proof your business? Are you worried that a recession will come and destroy your years of hard work? If so, keep reading.

Recessions or pending recessions can force a business to become leaner and more efficient, which can lead to increased productivity and profitability in the long run. Now let’s get that working for you!

I know many of you are tired, you weathered a pandemic and the idea of adding a recession to the list does not sound fun.  However, with a little planning now, you will prepare your business for a recession and make it stronger and more resilient in the long run.  There has never been a better time to prepare and here are my 5 tips to help you get started with making your business recession-proof:

1. Dave Ramsey will tell you Cash is King – and right now he is more right than ever.  It is always a good idea to have a good ole emergency fund.  A minimum of 2 – 3 months of expenses saved.  Now is the time to start saving a little bit and put it into a separate account, one that you can’t touch very easily.  I recommend a business savings account and attaching it to your checking account.  Move a little bit every week into savings.  **Here is a hint….hide it from your view online of your banking accounts, it can often be too easy to see extra money sitting there and want to use it. **

2. Cut back on expenses – now is a great time to do an audit of your expenses.  Run a report and compare it to a year ago, anything gone up tremendously?   Any new expenses that have been added?  Ask yourself do you really need them?  And watch out for those sneaky subscriptions that are on auto-pay.  Check your c/c bills for recurring purchases and your smartphone under settings and subscriptions.

3. Maximize what is working – this is a great strategy all the time but one we tend to implement when there is a sense of urgency.  What product or service is your number one seller, and really what I am asking, which one is the most profitable?  What can you do to focus on increasing your sales in that particular area? Set a goal, get your staff motivated, and celebrate your wins along the way. 

4. Apply for a Line of Credit and or a Credit Card – I know I know, Dave Ramsey just screamed NO Credit Card.  Here are my thoughts on both of these: they are good to have in your back pocket, and just because you have them doesn’t mean you have to use them.  A line of credit is a loan through your bank and you can access money when you need it. The upside is usually low-interest rates and low payments, the downside you have to have collateral against a home or business and there are closing costs.  When it comes to looking for a credit card, look for low-interest rates, no annual fees, points, or rewards back in something that interests you such as airline miles, and only use it when you absolutely need it.

5. Recessions can lead to innovation – Necessity is the mother of invention, and businesses may be forced to develop new products and services to survive during a recession.  In fact, that is my story. Back in 2008,  I was 10 years into my Cookies by Design business and our country experienced a recession, I soon was watching a lot of my corporate orders dry up and could see the fear in my employee’s eyes that they might be next to lose their jobs.   At about the same time as the recession, a show called Cupcake Wars was about to begin airing on the Food Network.  I decided to jump into the Cupcake Market. Fast forward and the cupcake business became a National Brand, Cupcake by Design, and today can be found in 56 stores across the country.  It grew my existing business by 300% and was a big factor in building a business that I was able to sell, which I did in the Fall of 2018.  I encourage you to look at your business, your market, and industry trends.  Is there something you can add without a huge investment that will add more revenue, value, profits, and renewed life to your business?

I can tell you now, the 2008 recession was the best thing that ever happened to my business, and with a little planning now, you will weather this storm just fine and come out stronger on the other side. If you want to have a free 30-minute call with me to fully understand how to prepare for a recession, you can book here. My clients are ready to take on any challenge after watching me speak or working with me one-on-one! I know with the right planning in making your business recession proof, you will come out strong on the other side.

**If you also want to learn more about Dave Ramsey, you can check out his website here!