A business worth $1000. Should it hire up to 5 staff?

[King Belieal]

Relative to minimum wage, is it possible for a business that it's operational working capital to have a staff strength of 5 staff members. What is the minimum wage in your country?

Can a business that has $1000 be able to have 5 staff?

 

[Augusta]

Yeah if you are able to make the money that can pay them and pick up other business expenses. I think we need to focus more on the ability to pay not the money invested in the business.

 

[magnus2022]

Relative to minimum wage, is it possible for a business that it's operational working capital to have a staff strength of 5 staff members. What is the minimum wage in your country?

Can a business that has $1000 be able to have 5 staff?

It is absolutely possible but only in third tier countries where labour is cheap. In Nigeria, $1000 is roughly 1.6 million naira. You can afford to pay staff 30,000 naira relative to minimum wage. But what will 30,000 naira buy for someone in Nigeria now.

 

[Augusta]

It is absolutely possible but only in third tier countries where labour is cheap. In Nigeria, $1000 is roughly 1.6 million naira. You can afford to pay staff 30,000 naira relative to minimum wage. But what will 30,000 naira buy for someone in Nigeria now.

That's right you can start and hire staff in Nigeria and other cheap countries with cheap labour. This can't happen in developed countries

 

[magnus2022]

That's right you can start and hire staff in Nigeria and other cheap countries with cheap labour. This can't happen in developed countries

Even the minimum wage of 30,000 naira, some state government have not been able to pay. What a ridiculous country!

 

[Augusta]

Even the minimum wage of 30,000 naira, some state government have not been able to pay. What a ridiculous country!

It is really appalling that with the resources at our disposal some people are paid peanut as wage. We need to fight this as a people

 

[Fidelia]

I think a business that is worth that amount shouldn't hire more than 2 staff and should be projecting to pay a minimum of $70 as salary for the start which they would increase as the business expands.

 

[freelancermaria]

It seems unlikely that a business worth $1000 can hire five staff members. It might be better to hire two individuals who possess impressive multitasking skills. This would enable the business to run efficiently while controlling staffing costs.

 

[Kirubel]

I think its hard to have 5 staffs with a business that runes $1000, even if you pay them with minimum wage you can't afford to run your business, so i prefer you should work the business by your self till you have good fund.

 

[King Belieal]

I think its hard to have 5 staffs with a business that runes $1000, even if you pay them with minimum wage you can't afford to run your business, so i prefer you should work the business by your self till you have good fund.

For a business that has $1000 net worth, they are operating at a capacity that is above struggling. It is not possible for the owner to run the business himself, else there would be so much inefficiency. At least, one staff is needed.

 

[Stardom22]

Of course yes. That amount of business capitation is more than enough for that amount of labour for sure. That business is capable for paying that amount of money for sure.

 

[Augusta]

But again you need to look at your profit margin and know if you need to hire more staff or not

 

[eLdavis]

When it comes to the number of staffs, it also depends on the kind of business and the number of persons needed to run the business.

 

[King Belieal]

It depends on the minimum wage of your country and the qualifications of the staff you want to employ.

 

[Springtime]

The minimum wage in my city is HKD40 (about US$6) per hour. So, if you only have $1000, you may not be able to afford hiring 5 staff.

 

[Min George]

For my country, you can comfortably pay a staff $100 as monthly pay. I think the highest number of staff that a business worth $1k can take is 3.

 

[King Belieal]

That amount can still hire five workers. But it would all be casual workers that don't demand a standard salary.