Hiring Employees for Your Business

Hiring Employees for Your Business

Hiring Employees for Your Business

There are many different types of businesses that a person can operate. Some businesses can be run by a single individual, while other businesses will require more than one employee. The truth is that, most business operations will eventually need employees if they want to remain competitive and profitable. While hiring employees is often necessary, it is not an easy process. Employers who hire people to work for them must understand and follow employment laws. They will also need to know how to choose the right type of people for their organization. Here are some basic hiring regulations and rules that can be used by businesses for hiring employees.

Decide on the Type of Employees You Want to Hire

There are two basic types of employees that can be hired by any business or organization.They are independent contractors and wage or salaried employees. Independent contractors must use a W-9 for tax purposes and wage or salaried employees must use a W-2. The W-2 and W-9 ratings are necessary for tax purposes. If a business hires an independent contractor, they will be responsible for paying their taxes. Employers who hire hourly or salaried employees are required to take their taxes out before they are paid. The IRS has created Publication 15 which is a pamphlet that tells employers how to classify their employees.

Employers Must Provide Specific Tax Forms for Their Workers

There are certain tax forms that employers must use before and during the time they hire an employee. Form W-4 is necessary for employee withholding exemptions and a W-2 form which is necessary for reporting employee earnings and taxes within a given year. Form 941 is an employer’s quarterly tax return which has to be filled out every three months. Form 940 is used for reporting an Employer’s Annual Federal Unemployment Tax Return. This is filled out whenever an employer pays at least $1,500 in wages during a single calendar quarter or if they had at least one employee that has been employed for 20 or more weeks within a given year.

Employees will also need an employee ID number so that the government can track their earnings and they must fill out an Employer Tax ID or form SS-4. They will also need to fill out an I-9 form to ensure that employees are legally able to work in the U.S. Employers must also report their employees to the state.

Quick Tips for Hiring Employees

Here are some quick tips that can be used for hiring employees.

Hire a person with the attitude and desire for a position over a person that is qualified for the role. Chances are, the person with the desire is going to stick around a lot longer than the other type.

1. Hire Fast and Get Rid of Them Quickly

If an employee is not performing their duties or is not living up to a business’s expectation ,he should be immediately fired. Also, an employer should fill positions as quickly as possible because if he does not,he will end up losing money and time trying to fill it.

2. Evaluate the Vacant Position

Roles change as companies grow and change. So, if a person is being selected for a specific role, the hiring personnel should make sure that the role is still going to be around in the future. A potential candidate should also be flexible enough to change with the role he is being hired for.

Employers should also evaluate a candidate’s personality and his ability to get along with others.
These simple guidelines can help an employer to get the most out of the hiring process.

How to Fund and Open Your Restaurant Business

There are many different types of businesses anyone can try and open. One of the most popular businesses is a restaurant. Opening and owning this type of business is not easy to accomplish but if you put your all into it, it will definitely be rewarding to you in the end. Here are a few good tips to keep in mind when opening a restaurant.

The first and most important thing is determining a good business plan. Having a very precise and comprehensive business plan is a very critical component to have before you open your restaurant. In your business plan you should include your concept, your target customers, the menu, and possible pricing of each dish. You will want to include as much financial information as you can provide such as where your start up fund is coming from, and what your potential expenditures in the long run will be.

If you are applying for a business loan, you’ll need to consider many factors like, how is your credit score? If it’s poor, there are lenders that offer business loans for bad credit, such as Halo Capital that may be able to help you.  But make sure to research rates and terms until you come to a decision about which lender to work with. You can also find restaurant & bar loans from a variety of lenders as well.

Also, include how you are going to hire and train employees, as well as how you will be able to cope with the normal problems that can occur when owning a restaurant? All of these questions must be considered in your overall plan.

You can’t open a restaurant without knowing what kind of food you want to sell. Having a food concept will allow some potential customers an insight as to what they can expect from your restaurant. Once you got the concept down, you can start making your menu. After that, you need to consider the type of atmosphere you are looking for. Some of the factors that you need to take into consideration include music, furniture, the outfit of your servers, the kind of dishes you will be using, and so forth. Again, this will all cost extra money, so you may need to take out a loan. Turning to banks for financing is not recommended if you need quick capital. Instead, go with alternative lending companies.

Start to plan on what type of service style you are going for. There are three types of styles which include quick service, mid, and upscale. Quick services are fast foods having cheaper priced menu with really quick and easy prep. Mid services are places just above the fast foods. They offer a decent priced menu and can include buffets in this range of service. Upscale places will pride themselves with extraordinary foods and perfect services. These are more of the fine dining places which offer expensive but of great quality foods.
The statistics of owning a restaurant is that, it is more likely to fail within the first two years. Starting this type of business does involve a lot of risks but it can also be fun and rewarding at the same time. Follow these steps; cover the legal side of things, and you will be well off on a great adventure of owning your own restaurant.

You can also see Halo Capital on YouTube, where there are some really funny videos.

Commercial Property Mortgage

Commercial Property Mortgage

Commercial Property Mortgage

When a business is setting up, it needs an office and a physical location to operate in. This is true for many different types of businesses including food services and many others. When a person is looking for a place to open his business, he is going to need a commercial property. Many cannot buy this property outright. There are ways to get approved for a loan to purchase a commercial property.

Getting a mortgage on a commercial property is similar to getting a mortgage on a residential property. There are some other factors that play a role in the approval process for the loan. There are several things that will determine if a person will get approved for this type of mortgage.

The first thing that a lender will investigate is the value of the commercial property. They need to determine the fair market value of the building and any land that is included. The lender wants to make sure that he will not lose his money if the value of the property is low. The value of the commercial property will be based on the land that is included, the condition of the roof and plumbing systems, the size, location, the ease of accessibility, and the general conditions that the building and property is in.

The person who is looking to get a commercial loan must have a good credit history. A person with less than a perfect credit may still be approved, but the process is going to be harder. Commercial properties are usually more expensive than residential properties, and the lender wants to be sure that they will get their money back. Credit checks are used and a person must have a solid credit history. A lender will also look at the person’s income and the ability to make mortgage payments on their own home. The lender will need a proof that a person will be able to make the mortgage payments on the commercial property.

The size of a down payment will play a role in the approval process for a commercial mortgage. Lenders are facing a bigger risk and will often require a specific amount of money put down on the property. Some lenders will accept a 20 percent down payment while others may want as much as 30 to 45 percent of the total cost put down. The loan will be used to pay for the rest of the purchase price. A lender will determine how much money he will want as a down payment after he figures out the loan-to-value ratio of the property.
Opening a business contains a lot of work especially if a person has to invest in a commercial property. A person can make a lot of money if he finds the right property, and put the time and effort into making the business successful.

6 Surprising Time Zappers That Rob You of Personal Time

Surprising Time Zappers

6 Surprising Time Zappers That Rob You of Personal Time

Businesses worldwide lose money every year totalling billions of dollars. How does this happen? This happens when employees essentially steal from their employers by claiming time and pay for work that wasn’t actually carried out. Our customers tell us that they have saved at least 2% of their wage cost by implementing a state of the art, modern time and attendance system. That’s over 5,300 per ten employees a year at the UK average earnings for 2012! So if you have 50 employees, that is 26,500 a year. Our systems cost a fraction of that amount.
Time theft comes in many forms, from late arrival and early departure, unnecessary social interactions, utilising company time to perform tasks for other companies, long lunch and break times, purposely becoming unproductive to acquire additional overtime hours, and conducting personal business on company time.
Time theft is widespread and not limited to any trade or industry. Any organisation with payroll can, and usually is, subject to time theft. Statistics indicate that those employees in permanent positions are more likely to participate in time theft behavior than a temporary employee. Additionally, the more senior the employees are, the more likely they are to steal time from their employer. Office staff are the greatest offenders, while those in the manufacturing steal less time than anyone. Workers under thirty years of age are much more likely to steal time than older ones.
For one thing, loyal workers are quite proud of providing very good attendance to their employers. It is not unheard that the purchase and implementation of the new technology in employee time and attendance clocks was made to calm those loyal workers who see what their fellows are doing and have complained about other employee’s late arrivals and early departures. Furthermore, implementing state of the art devices for tracking employee attendance empowers employers to record, and keep accurate and unquestionable time records.
Businesses who have made the switch from the old ways to the new employee time and attendance clocks have reported and experienced a significant number of benefits, including increased productivity, considerably fewer disputes over payment of time worked, accurate and legible records in tracking employee attendance, significantly greater respect for the employer’s time, and streamlining of the payroll processes. All of these benefits save the business owners’ money, free up a lot of time formerly lost to processing payroll, and allow the business owners, supervisors, and management to get back to the business of doing business!
Put an end to the rampant time theft within your business or organisation before your workers begin to view this stolen time as something to which they are entitled.
If you aren’t using a state of the art time and attendance clock, NOW is the time to seriously consider making this change.