Pros and Cons of Hiring an Intern for Your Business | Fora Financial Blog
Pros and Cons of Hiring an Intern for Your Business
February 22, 2017

Pros and Cons of Hiring an Intern for Your Business

Believe it or not, summer will be here before we know it! That means that school is out, and many students will be on the hunt for an internship.

Hiring an intern can benefit your small business in numerous ways, and can be a great way to take a future entrepreneur under your wing. With that being said, if your business doesn’t have enough work for the intern to do, it may be a waste of your time and theirs. In this post, we’ll provide a pros and cons list that will help you determine whether or not hiring an intern is right for your small business.

Should You Hire an Intern for Your Business?

Pro: Have extra assistance during summer months

Is summer your business’s busiest season? If so, then it could be a huge help to have an extra person to complete the tasks that you and your employees don’t have time to attend to. Hiring interns for your small business means having someone available multiple days a week to complete tasks that you put off. With this being said, you’ll want to make sure that interns aren’t simply delegated errands and coffee delivery. Chances are, they want to gain experience in your industry, so try to provide them with insightful training sessions and challenging projects.

Con: You’ll need to conduct interviews

If you’re interested in figuring out how to hire an intern for your small business, you’ll need to start with conducting interviews. This can be very time consuming, especially if you’re looking for a candidate with previous experience or specific skills. If you don’t have time to hold interviews, this may mean that you won’t have time for training and mentoring this intern later on. Think about the time it will take to go through this process, and decide if it is right for your business.

Pro: You may recruit future employees

Interns could turn into employees down the road! If your small business is growing, it can be valuable to consider hiring an intern that is approaching college graduation. That way, if they are a suitable addition to your team, you can hire them full-time once they finish their degree.

Con: You’ll need to compensate them

Unless they can complete their internship for college credits, you’ll need to pay your interns for their time. Make sure that this is worth it for your business. As previously mentioned, if your intern isn’t going to be an asset for your small business, you’ll be better off not hiring one. Do research on how to hire an intern in a cost-effective way, so that both you and your interns will be satisfied with the arrangement.

Pro: Good way to give back to young aspiring entrepreneurs

Do you remember when you first entered the small business world? Chances are, you were overwhelmed, but appreciative of any help you could get. Now, you’re an established business owner, and you can make a difference in the life of an up-and-coming entrepreneur. By hiring an intern, you can help a future business owner foster their skills in your particular industry.

Con: You’ll need to train them like you would any other employee

After hiring an intern, you’ll need to determine what they’ll need to learn prior to starting their internship. You’ll need to take time to train them like full-time employees, especially if they will be interacting with your customers. Make sure that before you hire an intern, you consider how much time you and your employees will be able to dedicate to training sessions. If your time is limited, you may want to hold off on hiring an intern until next summer.

Conclusion: Consider Your Business’s Needs Prior to Hiring an Intern

Hiring interns for your small business could be a constructive way to get some extra help, and mentor a young person that is interested in your industry. It is important to weigh your options when it comes to hiring an intern; it should be an educational experience for the intern, and serve as a support role for your business. If you cannot find the right candidate, or don’t think there is enough work for an intern to take on, wait until it’s the right time for your business.

Has your small business had success with hiring interns? Let us know in the comment section below.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].