Launching a million (or billion!) dollar idea takes serious time and effort. Years, usually. And that whole time you’re thinking about your product or service, refining its delivery, cultivating relationships to make it happen…
… and when you actually start up, you get slammed with the realities of running a business. How will you handle payroll? What about health insurance? How will you attract and retain the talent your business needs to survive and grow? What happens if you make a mistake?
Maybe you’re there now; maybe you’re considering how to avoid all that. Either way, you aren’t excited about the possibility of tacking on another gigantic set of responsibilities and liabilities to the 80-hour workweek so many entrepreneurs embrace.
Entrepreneurs consumed by their businesses -- and let’s face it, all successful entrepreneurs are -- have a tremendous resource in partnerships with professional employer organizations who can solve these problems before they start.
Your Most Valuable Asset Is Time
Time is everything, and the more you have to devote to your business’s core functions, the better. A traditional 40-hour week isn’t a realistic option at the beginning, so every second counts. The last thing you need is to spend your time on research, paperwork, compliance, payroll, workers compensation, health insurance… it’s not a short list.
Offloading those responsibilities onto a PEO allows you to focus on your business, its people, and its growth. PEOs position startups to devote their time, energy and resources to actually starting up.
Attract the Best People
You’re amazing -- I know it and you know it -- but you can’t do it all. Every startup needs help, and you’ll want the best for both you and your business. Working with a PEO can offer early hires the stability, professionalism, and great benefits that promote buy-in to your company from the most talented people available.
You’re not the only one taking a big risk on your startup. Great talent who can find a high-paying job elsewhere in the sector also take a risk when they sign on with you. They might love the challenge, excitement, and potential rewards of a startup climate, but they also want to know they’ll get paid reliably and have solid health insurance.
PEOs give startups all the appeal of the big corporations while retaining the unique features of a startup culture -- and that’s a serious draw to the talent you need to realize your goals.
Sound workplace policies will also help draw important lines around intellectual property, compensation arrangements, and details that protect both your business and its new, energetic employees.
It’s Best to Avoid Mistakes
Imagine this: it’s all going well. Clients or orders are rolling in, you’ve got more work than you can handle, and you can’t hire fast enough. You’re not a startup anymore; you’re a real presence, and you’re not going away.
Do you really want to risk derailing your success with a burdensome and expensive compliance issue? Do you want to trip up on payroll and face the time-consuming, resource-draining process of sorting it out? Is it worth crossing your fingers and trying your best to avoid a benefits issue that can trickle dissatisfaction down through your employee ranks?
Any of those -- and a host of other common mistakes -- at best stall your business or sour the workplace. At worst, you hit a problem you can’t recover from.
And it’s all preventable by working with a PEO committed to staying on top of regulations and making sure you fall in line with them. Your startup faces enough challenges. Restrictions on time, having a tough time finding talent, and jumping over hurdles don’t have to be on the list.