{"id":89207,"date":"2024-08-30T11:27:49","date_gmt":"2024-08-30T15:27:49","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=89207"},"modified":"2024-08-30T11:27:50","modified_gmt":"2024-08-30T15:27:50","slug":"from-solopreneur-to-your-first-hire-5-things-to-consider","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/from-solopreneur-to-your-first-hire-5-things-to-consider\/","title":{"rendered":"From Solopreneur to Your First Hire: 5 Things to Consider"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">From Solopreneur to Your First Hire: 5 Things to Consider<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/shutterstock_2150929627.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Cafe worker accepting payment from customer\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/shutterstock_2150929627.jpg 5760w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/shutterstock_2150929627.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/shutterstock_2150929627.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/shutterstock_2150929627.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/shutterstock_2150929627.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/shutterstock_2150929627.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=From Solopreneur to Your First Hire: 5 Things to Consider &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/from-solopreneur-to-your-first-hire-5-things-to-consider\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/from-solopreneur-to-your-first-hire-5-things-to-consider\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published August 30, 2024 \u2022 7 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>It&#8217;s best to hire someone who can make you money versus someone who will cost you money<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Paying an employee involves more than their salary &#8211; there are other factors to consider<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your role in the business may change from &#8220;doing&#8221; to &#8220;managing&#8221;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A strong onboarding process can build loyalty and engagement from the beginning<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>When you can\u2019t keep up with demand, are working without breaks or need to bring different skills or expertise in your business, it may be time to hire your first employee. Here are things to consider as you prepare to build a staff.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Identify the costs and opportunities that come with hiring<\/h2>\n\n\n\n<p>A guideline to consider when hiring your first employee is to hire someone who can help you make money versus someone who will cost you money.&nbsp; As Shelagh Cummins, founder and CEO of The Road to Seven says in a recent webinar, \u201cHire someone who is going to help you make money. Hire what I would call a revenue centre in your company.\u201d<\/p>\n\n\n\n<p>After all, with an employee to pay, you will no longer take home 100% of your profit. This is why, if your bottom line is tight, hiring a revenue-generating employee is a smart move \u2013 instead of an employee who might simply reduce your working hours like a virtual assistant.<\/p>\n\n\n\n<p>Hiring someone who can fill a crucial gap is a great place to start. For instance, if your strength lies in developing the product or performing the service you\u2019re providing, bringing in an employee who can sell your business could help you grow. Or if you\u2019re not strong in processes, an operations expert could help streamline your business and boost profits.<\/p>\n\n\n\n<p>It\u2019s a smart move at this stage to calculate how your new hire will impact your personal and business finances \u2013 in both the short-term and long-term \u2013 and how long it might take for your growing team to translate into growing revenue (See #3 for calculating the cost of a new employee).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Understand&nbsp;the legal side of hiring<\/h2>\n\n\n\n<p>There are several steps to take to hire an employee in Canada. Here are some of the main tasks you\u2019ll need to complete to onboard your first employee:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Draft an employment agreement<\/h3>\n\n\n\n<p>An employee agreement sets clear expectations for an employee around their role and responsibilities, work hours, compensation, vacation benefits and workplace policies. It should also have an explicit termination clause that indicates the amount of severance pay they\u2019re entitled to should they lose their job. If you\u2019re hiring an independent contractor for a specified time these dates should be included in the agreement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Provide and collect the appropriate tax forms<\/h3>\n\n\n\n<p>From a compliance standpoint, your employee should complete the federal TD1 form and the provincial equivalent (i.e., the TD1ON in Ontario, TD1AB in Alberta, TD1BC in British Columbia, TP-1015.3-V in Quebec) for the current year. These forms will provide you with the details you need to process your employee\u2019s payroll, such as their Social Insurance Number, date of birth, address and tax deduction information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Open a payroll account with the CRA<\/h3>\n\n\n\n<p>When you hire an employee and pay a salary, you need to register for a payroll account. If you already have a business number (BN), you just need to add a payroll program to your existing BN. The&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/payroll\/open-manage-payroll-account.html\" target=\"_blank\" data-dig-id=\"LP-89207-82cae41c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Government of Canada website\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Government of Canada website<\/a>&nbsp;has complete information on what you need to open and manage a payroll account, including what is required around remitting timelines and payroll deductions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Understand Employment Standards Act, health and safety policies<\/h3>\n\n\n\n<p>Each Canadian province and territory has an Employment Standards Act (ESA), which outlines the rights and obligations of employers and employees. It sets the standard for payment, compensation and working conditions in most workplaces. Hours of work, breaks, minimum wage, vacation time, holidays and leaves (i.e., parental, sick, bereavement) are covered in the ESA.<\/p>\n\n\n\n<p>There are also certain workplace health and safety practices required by law in Canada, such as controlling workplace hazards, providing necessary employment training, supplying protective equipment and more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Understand insurance requirements<\/h3>\n\n\n\n<p>Depending on the type of business you run, you may need to register with a workers\u2019 compensation board. These organizations provide workplace insurance to employees in construction, hospitality, agriculture, transportation and domestic services \u2013 if your business is any of these sectors, workplace insurance is mandatory. It\u2019s a good idea to check with your provincial or territorial compensation board to understand what\u2019s required as an employer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Figure out how much to pay your new employee<\/h2>\n\n\n\n<p>The cost of an employee is more than their salary. Besides their wage, there are benefits, taxes and insurance premiums to consider. It will be important to balance what you can afford with what the industry and the role demands. Indeed has a&nbsp;<a href=\"https:\/\/ca.indeed.com\/career-advice\/career-development\/employee-cost?collectorID=rbc-partner&amp;kw=&amp;sid=ca_prtnr_ca_strategic_au_emp_cr_solopreneur-blog-cg-hiring-formula_pt_RBC\" target=\"_blank\" data-dig-id=\"LP-89207-ecbd16c1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"helpful formula\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">helpful formula<\/a>&nbsp;to determine the overall cost of an employee.<\/p>\n\n\n\n<p>As you establish your employee\u2019s wage, here are a few things to consider:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">Make sure you\u2019re compliant with minimum wage and hour laws<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Find out what others are paying for the same type of work. This may take some networking and reviewing similar job postings<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Determine how you\u2019re paying, such as an hourly wage, commission or annual salary, and whether the compensation will include any bonus for performance<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Keep in mind that you\u2019ll want to hire someone who fits your needs while also exhibiting qualities that align with your values and those of your business. Given the cost to hire and train, finding someone who you can retain for the long term (if that\u2019s your goal) is an important consideration.<\/p>\n\n\n\n<p class=\"has-light-grey-background-color has-background\">5 min read: <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/tips-to-attract-retain-and-engage-staff-hr-best-practices-in-turbulent-times-webinar-re-cap\/\" data-dig-id=\"LP-89207-e1e8564b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Tips to Attract, Retain and Engage Staff: HR Best Practices in Turbulent Times [webinar re-cap]\" class=\"rbc-link-format\">Tips to Attract, Retain and Engage Staff: HR Best Practices in Turbulent Times [webinar re-cap]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Recognize how your role might change<\/h2>\n\n\n\n<p>With the addition of a new hire, do your responsibilities change? Are you moving away from \u201cdoing\u201d and towards \u201cmanaging\u201d?<\/p>\n\n\n\n<p>As you consider hiring your first employee \u2013 and start establishing the roles and responsibilities they will take on \u2013 think about whether their presence might take away from what you love most about running your business. For instance, if baking bread is your passion, will you be moving away from baking and towards supervising?<\/p>\n\n\n\n<p>While expanding your business will often require owners to work \u201con\u201d their business more than \u201cin\u201d their business, it\u2019s smart to think hard about the direction your business is about to take, and what your role will be in the business going forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Engage them from the beginning<\/h2>\n\n\n\n<p>After running your business on your own, hiring your first employee might feel fairly personal \u2013 and that\u2019s not a bad thing. Studies show that employees who are properly onboarded (i.e., when expectations are clearly set, appropriate training and resources are provided and a strong sense of belonging is conveyed), employees are more likely to feel loyal and invested in the company.<\/p>\n\n\n\n<p>Following this up with an ongoing culture of recognition and support is just as vital to ensuring your employee is engaged and committed to the success of the business. Beyond hiring your first employee, understanding how to retain your first employee will be important as you grow your business.<\/p>\n\n\n\n<p class=\"has-light-grey-background-color has-background\">5 min. read: <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/how-to-become-an-employer-of-choice-four-hr-trends-to-watch-in-2023\/\" data-dig-id=\"LP-89207-65411bbd\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How to Become an Employer of Choice\" class=\"rbc-link-format\">How to Become an Employer of Choice<\/a><\/p>\n\n\n\n<p>Bringing someone else into your business is a big move, and it\u2019s worth carefully considering the impacts to your finances and your role. And to stay compliant with federal and provincial\/ territorial governments, it\u2019s crucial to be up to speed on the laws and regulations that govern employee standards. With payroll and HR experts available and plenty of online resources, you can get the information you need to hire with confidence.<\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block section-cool-white pos-rel has-f-5-f-8-f-9-background-color has-background\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner mar-b-hlf\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<section class=\"wp-block-rbc-section-block  pos-rel pad-t-0 pad-b-0\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block inner-section-cool-white section-inner  pad-b-0 pad-t-0 has-f-5-f-8-f-9-background-color has-background\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns mar-b-0 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column mar-r mob-mar-r-0 is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large mar-b-0\"><img loading=\"lazy\" decoding=\"async\" width=\"713\" height=\"476\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Zz1hOTRjMDQ4NjVlMzAxMWVmOTQ5NDQyNmM1NjI2ZTc3Nw.jpg?quality=80&amp;w=713\" alt=\"\" class=\"wp-image-89211\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Zz1hOTRjMDQ4NjVlMzAxMWVmOTQ5NDQyNmM1NjI2ZTc3Nw.jpg 713w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Zz1hOTRjMDQ4NjVlMzAxMWVmOTQ5NDQyNmM1NjI2ZTc3Nw.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 713px) 100vw, 713px\" \/><\/figure>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-253d6e78-76c9-41ea-a2c7-9406d31aefaa\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n\n\n\n<div class=\"wp-block-column mar-r mob-mar-r-0 is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading mar-t-0 mar-b-0 pad-b mob-pad-b\" id=\"h-managing-payroll-and-human-resources-faster-smarter-easier-with-adp\">Managing Payroll and Human Resources: Faster, Smarter, Easier with ADP<\/h4>\n\n\n\n<p>As a business owner, you\u2019re managing more than ever. And, with limited time to get it all done \u2014 you can\u2019t afford mistakes. You need a trusted payroll and HR platform that can help you manage this important part of your business, freeing you up to focus on driving your business forward.<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-fba3e518-1e68-4b55-9521-93b42135a3b9\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p><a href=\"https:\/\/info.adp.com\/rbc-948734\" target=\"_blank\" data-dig-id=\"LP-58132-5a0e1eee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn more\" class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\" rel=\"noreferrer noopener\">Learn more<\/a><\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-e935fee5-93ea-4514-b825-f3ba5a17ba1f\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-dc0e0323-da57-4f04-8aa5-12d7879d5413\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=From Solopreneur to Your First Hire: 5 Things to Consider &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/from-solopreneur-to-your-first-hire-5-things-to-consider\/\">\n        <img decoding=\"async\" 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class=\"wp-block-tk-spacer id-606a8d2f-4d5f-4e90-a637-7ad5b2b7874e\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"540\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/5-Myths-Image.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Professional business woman reviewing inventory\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/5-Myths-Image.jpg 4096w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/5-Myths-Image.jpg?resize=300,158 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/5-Myths-Image.jpg?resize=768,405 768w, 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30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Bringing someone else into your business is a big move, and it\u2019s worth carefully considering the impacts on your finances and your role. <\/p>\n","protected":false},"author":80,"featured_media":89213,"parent":57339,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[157],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[35],"rbc_difficulty_level":[33],"rbc_mmm_category":[305,384,382,324,326,390,392],"class_list":["post-89207","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-entrepreneur","rbc_content_type-article","rbc_audience-business-owners","rbc_lob_group-business","rbc_difficulty_level-beginner","rbc_mmm_category-business","rbc_mmm_category-business-planning","rbc_mmm_category-grow-your-business","rbc_mmm_category-managing-your-business","rbc_mmm_category-right-sized-business-advice","rbc_mmm_category-small-business","rbc_mmm_category-solo-entrepreneur"],"acf":{"contently_publication_id":"322691","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Bringing someone else into your business is a big move, and it\u2019s worth carefully considering the impacts on your finances and your role.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/from-solopreneur-to-your-first-hire-5-things-to-consider\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Bringing 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