Who Should Who We Hire For Our Team?

SUMMARY:

• Be sure we understand the distinctions between an independent contractor and an employee before employing.

• Both choices offer advantages and disadvantages and should be carefully evaluated.

• Consult a certified public accountant to ensure that we are managing our independent contractors or employees appropriately to minimize all liability on our end.

Bonus: Find out 3 sales strategies to improve the bottom line of our business(es) at the end of the article.

One major decision to make if we are considering launching a business or have already done so is whether to use independent contractors or recruit staff. Both offer advantages that merit serious evaluation.

First and foremost, though, it's critical to understand that every state has different regulations pertaining to the classification of independent contractors. To ensure that we are correctly classifying both workers and contractors, we should consult a local expert. If they are misclassified, there are serious financial repercussions.

With that out of the way, let's examine the benefits and drawbacks of hiring contractors or employees in more detail.

The distinctions between independent contractors and employees

First, have a look at the following chart. This can assist you in comprehending the IRS's standards for determining whether an individual is an employee or an independent contractor:

Employee:

1. Works for us (the Employer or Business owner) 100% of their time, at leas during the length o time it takes to achieve a specific goal.

2. Hours and days of work are scheduled by us.

3. Is trained by us, and must perform work in a particular fashion, sequence or method.

4. Is provided with trolls and materials, and must work on our premises.

5. Must perform the work personally.

6. Is paid hourly, weekly, or monthly.

Self-employed/Independent Contractor:

1. Work for us (the Business owner) on a part-time basis, and may also be working for other companies or individuals at the same time.

2. Is given a goal and a deadline but no specific schedule is set.

3. Is responsible only for the attainment of a goal, without specific requirements on how the goal must be achieved.

4. Provides own tools and materials, and may work from home, own location, etc.

5. May hire assistants or sub0contractors to accomplish the goal.

6. Is paid on a per-project commission basis, or invoices us for time worked.

7. Hold their ow business licenses, permits, etc.

Now that we know how the two categories differ, let's examine the key factors that go into business ownership and which category would be most appropriate for us.

Pay and additional perks

An independent contractor bills us on a time-worked or per-project basis, if we recall our first litmus test. These employees are not eligible for traditional company benefits. Employee benefits include profit-sharing, pension plans, medical and dental insurance, stock allocations or options, and paid car allowances. If we are just starting out, these benefits may be quite costly to think about, but remember that they are benefits and are not necessary to provide.

Working hours

When it comes to employees, this is a very delicate subject; to ensure compliance, make sure we review our state's employment regulations. Considerations pertaining to employees include whether they are full-time or part-time, hourly or salaried, and whether they are exempt or non-exempt. These factors will impact payroll taxes, hourly tracking, and even required breaks. If we choose to use staff, proceed with extreme caution and consult a specialist on how to handle this delicate subject.

Termination

We will inevitably have to fire employees. Establishing a termination provision that specifies the conditions under which an employee may be let go, the amount of notice that must be given, or the suitable payment in lieu of notice is the greatest method to shield our business from future wrongful dismissal claims. Be advised that laws in several U.S. states permit employers to fire employees "at will." Before alerting an employee that they have been dismissed, make sure we are aware of the legislation in our state.

Make sure we are correctly classifying workers as either independent contractors or employees by consulting with our controller or certified public accountant. If we choose to hire staff, we may want to use an employment contract that includes clauses pertaining to non-competition or confidentiality.

Which is preferable, independent contractors or employees?

Payroll, taxes, workers' compensation, health care and benefits, pensions, salaries, and other internal operations must all be considered by employers. It goes without saying that this calls for a committed person, so we are either in the trenches ourselves or we are paying someone else to be there for you. Even though this hire may be beneficial, if we are just starting off, it may be an expensive solution.

The alternative, however, is to enter into a business relationship with an independent contractor. In this case, the contractor is someone who is contracted to perform services for our business under a written or oral agreement. By being “independent,” this means that we as a party to the Service Contract, pay the individual a flat fee based on our negotiated terms. The independent contractor is responsible for their own well-being (including all of those little details discussed above: taxes, health care, benefits, etc.).

By law, an independent contractor is specifically designated not to be an employee, meaning our business takes on none of the obligations, liabilities, or responsibilities attached to the employer/ employee relationship.

Independent contractor best practices

If we are looking to work with individuals on an independent contractor basis, be sure to, at the very minimum, enter into an Independent Contractor Service Agreement.

This contract should contain all of the key points mentioned in the above chart, and ensures you stand a better chance successfully arguing that we are not an employer.

Additionally, all independent contractors should submit invoices to our company to cover any work that we perform.

To learn more about these classifications and which will work best in our business, read our books written for the business owner and inside investor.

Here is today’s Bonus: What are the 3 strategies to improve our sales for our businesses?

Our ability to sell on autopilot with systems and smart marketing is the key to everything for our company, whether we succeed or fail. Even the most successful salespeople are terrified of being rejected, so don't let fear stop us. Recall that the revenue and our positive cash-flow is equivalent to sales.

Many people who want to be financially independent frequently "go to" masterinvestor for advice. It follows that when people are getting ready to launch a business, they invariably come to here to learn from our products and mentors. "What exactly should we do next to be successful?" is their key query. The same thing we often say in our money talks: Make sure we train ourselves in sales, specifically sales on autopilot with system and smart marketing.

Sales: the initial phase of the process

When we decided to launch masterinvestor, we embrace such techniques to grow our infrastructure for longterm and short term success. A business needs to be build to raise capital from the front end (customers) through autopilot sales; and raise capital from the backend of the business such as private investors, banks, and other capital institutions.

This is why is critical that we establish the legalities and all the 8 integrates of a successful business. However, like most people, they detested sales; they are afraid of selling, just like everyone else, and they are afraid of being told "no." But when it comes to doing it on autopilot we do not have to feel such rejection because it is happening while we are not present. We have systems in places doing the selling and telling for us. In order to sale on autopilot, we have to understand about sales funnels which are simple but effective websites that convert visitors to real sales.

Mastering sales one autopilot is the best thing we could have done for ourselves.

Selling is a skill. Many people need years to become proficient. Additionally, a lot of people will never succeed at selling. However, we must become an expert at selling if we wish to run our own company and be successful at it. We must master the art of selling on autopilot with systems and smart marketing.

Greatness doesn't happen by chance, nor does it occur in a vacuum. Being passionate about what we do and having a clear idea of what we can and want to be the best at are the first two factors that lead to greatness. Discipline must follow with a strategic plan. Consistency and discipline will ensure long term greatness.

The top three sales strategies to master

As salespeople with decades of combined experience, Robert and Blair discovered three of the most important lessons:

1- Determine what the other person desires and assist them in obtaining it.

Even seasoned salesmen tend to concentrate solely on pitching a particular product or set of services. Few people make an effort to ascertain a lead's true desires before launching into a full-on sale.

In other words, when we try to sell someone something, they always say "no" for a reason. Even if they are the most qualified lead in the world, it is our responsibility to determine what is preventing them from moving forward once we hear that initial "no." And it entails improving our ability to listen.

Rather than asking ourselves, "Why are we being rejected by our lead?" "Why is my lead rejecting our approach?" ask ourselves.

We probably do have the ideal answer, but they require a little more persuasion.

There are instances when this occurs because the lead has a "hidden agenda" that we may not be aware of. In other cases, it can be because the package you're giving only fits 90% of the time, and the remaining 10% requires some little adjustments. In any event, pay close attention and make the appropriate inquiries.

2- Use questions to address objections.

"Why?" is the most crucial question we can pose to a hesitant lead. Because we are rephrasing the discourse when we say that one, straightforward word. We don't put pressure on ourselves; instead, we keep our prospect talking.

Give it a try. The next time a lead declines our offer of a discount or a different product, Simply ask, "What makes this not a good fit for us?" "They can't afford this right now" will be the response nine times out of ten. Even when the solution is flawless, this type of token resistance is all too typical. What do we do, then? Attempt asking "why?" once more, but in various situations. For instance, "why is it so costly? In contrast to what?

They may wind up responding to their own criticisms if we bring attention back to our lead. In the best situation, we can move closer to a transaction by asking "why?" At the very least, we will have a good explanation for why our offer isn't working, allowing us to make any necessary adjustments.

3- Get over our shyness and apprehension about approaching unknown people to us.

In terms of selling, we have discovered the following two differences between introverts and extroverts:

• Because they take the time to prepare, introverts are frequently significantly more effective marketers than they believe.

• Because they are afraid of being rejected, extroverts are frequently equally as cautious and hesitant when it comes to selling.

To put it another way, it's not always the case that extroverts make better marketers. Extroverts appear to be prevalent in the selling industry, but that doesn't mean they didn't face the same challenges as the rest of us.

In actuality, rejection is a fear shared by all. Everyone. Even if we are the most self-assured person in the world, we will always harbor a fear of rejection. However, using systems and smart marketing with a winning business plan then we will not experience such rejection on our face. It will be done without us feeling any of the rejections as the leads that do convert compared to the ones that rejects the offer will be far greater than the ones that do not.

Therefore, quit using justifications like "We are afraid of rejection" or “ We are just not good at selling." Everyone can make sales on autopilot as long as we put the systems in place with a a reduct and brand behind it. Every business is build to solve a problem in the world. Every day, the most wealthy entrepreneurs and inside investors face their fear, deal with it, and overcome it with systems and smart marketing.

Consider selling faster and on autopilot

If we currently earn six figures and more on positive cash flow, consider what our life would be like if we were able to increase our investment income with speed. Anyone today can quickly become a multimillionaires, billionaire, and even a trillionaire due to the power of the information age, technology and artificial intelligence. Consider the potential benefits of expanding our business, spending more time with our loved ones, and improving our quality of life.

Masterinvestor’s podcast, is worth listening to. We will impart to all partners the priceless techniques that will enable us to conquer our fear of selling, just as we did.

Our ability to sell is the key to success or failure in business. We must market our thoughts, Our message, our goods, and—above all—ourselves. Why wouldn't we want to become an expert seller if sales translate into more income for our businesses and positive cash-flow for us?

Start investing in high quality financial education, by reading our financial eBooks:

• What are the 10 New Rules Of Money?

• How to build cash flow with the internet? Turn Passive Income On

• How to Invest in Crypt to Build Wealth? Understanding Bitcoin and Blockchain

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