The Benefits Freelancers Can Bring To Your Business- And How To Harness Them The Right Way
A large part of avoiding failure as a small business owner comes down to having the right resources for your business- including the right people at the right time and in the right capacities. While the freelance economy is booming and much has been said about the benefits that freelancers are providing for larger firms, there is a key proportion of the business landscape that stands to benefit even more: small businesses. According to LinkedIn’s May 2018 Workforce Report, approximately 70 percent of small businesses have hired a freelancer in the past. Additionally, 81 percent said they plan on hiring freelancers in the future. Along with the outstanding cost benefits that hiring a freelancer can bring, small businesses can enjoy a long list of perks to having them in their workforce- if used the right way.
Keeping Your Costs Low And Your Output Quality High
High at the top of the list of benefits that come with hiring freelancers is the heightened control of costs. Because you pay a freelancer for the time/project they are recruited for, you can end up paying significantly less in labor costs. Additionally, using a freelancer often means your business does not need to splurge on employee benefits and overhead costs such as workers’ compensation or private healthcare. You are also not liable to pay income tax for a hired freelancer. At the same time, some of the most outstanding talents are freelancing on platforms like Fiver, Upwork, and Toptal. All of this further reduces the cost borne by your business without compromising the quality of labor your business benefits from.
Benefit From An On-Demand Model Of High-Class Labour
Another great perk of using freelancers in your business is the access it provides to labor when you need it, without a long-winded recruitment process. Thanks to the ample amount of freelance platforms now available and the rapid growth in the popularity of freelancing, hiring a freelancer for your business can be done in as little as 5 minutes. However, don’t forget to take the time to run checks before recruiting a subcontractor to ensure you hire the right person for the job. Look out for red flags in your initial interviews like the preference for independent work instead of collaboration or a lack of current samples in their portfolio.
Strengthen Your Weakpoints With The Expertise Element
Last but certainly not least, utilizing freelancers in your business can be a great way to improve weaker areas in your business. As an entrepreneur, you are expected to wear many hats. However, that does not necessarily mean all those areas will be your strong points.
Hiring highly rated freelancers for important projects like marketing the launch of your business or designing your business website means you can focus on the areas you do well while being assured that someone with the right expertise is in the needed role.
Of course, you should also ask yourself the question of whether you would be better off hiring an employee or freelancer for your business. The decision between the 2 should be based on several considerations like the tenure of the work you would have for the person. Contracts and one-off projects are better suited to freelancers, while the need for regular hours and an ongoing commitment may signal that hiring an employee may be better.
There is no cookie-cutter solution for every business. Instead, focus on what your business needs, its dynamics, and the goals you are trying to achieve. Once you can identify these areas, you will be off to a great start in defining how a freelancer can benefit you and your business.