Save Money - Hire Interns!

Hiring interns can save you money on startup costs verses hiring family and friends or full time employees.

So, recently I was having a conversation with a friend about some changes she was making to her business plan (Every business should have a business plan) and she explained that she really was leaning towards hiring her sister and cousin to help with some clerical work and special events. My mind immediately began to cringe at the thought and I think she could tell because she followed her statement u with, "i'm not sure, though. That kind of sounds like a bad idea." I wasted no time in replying, "A very bad idea."

Although, I have seen some success in family owned companies and I do not have anything against family owned businesses, I have found that the most feasible avenue is partnering with colleges and finding interns to work in exchange for community service hours, college credits, and/or recommendation letters for future endeavors.

Having a team of interns allows you to have consistent help that is solely in place for you to direct on a "trial and error" basis and it ends of costing you next to nothing if the internship doesn't go well, but in the event that it does go well, you have grown your business recognition without having to pay out a large sum of money in payroll or other areas.

Another great outcome from using interns instead of hiring full time employees in the beginning stage of your business is because of the options that it gives as far as choosing your interns. When you partner with colleges and universities, they have individuals in leadership positions that oversee the internship programs, therefore; you have a higher chance of getting #1 interns that are qualified and #2 interns that fit the specific needs that you have.

In the past, I have worked with interns to help with special projects and the great thing about having interns is, there are so many ways that the contracts and agreements can be structured. Internships not only help business owners reach their goals and save on startup cost, but also can benefit the interns in so many different ways.

  1. College Credits - One of the most popular ways that interns can benefit from internships is the amount of college credits that an intern can gather and how impressive it looks on the resume.

  2. Commission + College Credits- Most times the reason companies hire interns ins because they want to cut down or can not afford to hire people full time, so having interns that can earn money and college credits while getting real world field experience is always a plus and depending on the intern's success, it could be amazingly lucrative.

  3. Hourly Pay- So, I participated in an internship program for Marketing and had the option to either choose college credits or take an hourly pay. I chose to take an hourly pay. It was lower than what a full time employee would be paid in the role, but it was definitely great to work and gain experience while earning an income.

  4. Intern4Hire- Most notably is when interns will work for companies in exchange for being hired full time after the internship program ends. This allows interns to learn and grow through the company in order to have some good foundational knowledge when they are hired on full time.

So, to all of the small business owners, startup business owners, and those businesses looking at making some changes to accommodate the future of your business, take a serious look at partnering with local colleges and universities to get some qualified interns. This not only help you build your rapport with colleges and students, but also help build awareness around your business throughout the community.

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