Summary of Hiring Your First Employee? [Here's 5 rules]

00:00:00 - 00:20:00

The author suggests that, in order to successfully hire your first employee, you should follow five rules. First, make sure your business is stable and generating consistent revenue. Next, set a salary and pay yourself regularly. Third, create an employee handbook. Fourth, make sure your employee understands the company's goals and the job they are hired to do. Fifth, be prepared to test the employee's abilities and ensure they are compatible with the company's goals.

• 00:00:00 Prince Donnelly discusses the first rule of CEO behavior, which is to get into a "framework that there's going to be a point of time where you're going to have to do this yourself before you could begin bringing other people on and there's nothing wrong with that." He advises business owners to stretch themselves in order to be able to bring on employees, and reminds them that it is a privilege to have talented individuals work for them.
• 00:05:00 The author provides advice on how to hire your first employee, emphasizing the importance of having a consistent income and predictability. He also warns against being in a "red zone" of not being able to pay your employees.
• 00:10:00 The author suggests that, in order to successfully hire your first employee, you should follow five rules. First, make sure your business is stable and generating consistent revenue. Next, set a salary and pay yourself regularly. Third, create an employee handbook. Fourth, make sure your employee understands the company's goals and the job they are hired to do. Fifth, be prepared to test the employee's abilities and ensure they are compatible with the company's goals.
• 00:15:00 In order to hire the best employee, follow these five steps: write down your expectations for the employee, research the average salary for the position, save up three months of salary, create an operational handbook, and start paying yourself a small amount. In case of an emergency, you will have enough funds to keep your business running.
• 00:20:00 These five rules can make the process of hiring an employee smoother, and there are various legal and tax aspects to consider when hiring an employee.