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Business owners often wonder how to optimize their bottom line while, at the same time, saving money on operational costs like payroll. As the economy continues to recover from the impact of the COVID-19 pandemic, it may be time to think about hiring freelance workers to help you reach your sales and marketing goals. Let’s take a look at how putting your payroll budget toward hiring contract workers can improve your bottom line:
Benefits of hiring freelancers
Freelancers or contract workers are a great option when you don’t want to hire full-time employees or deal with a full-time payroll structure. In fact, hiring contract workers can help you save money in the long run because you don’t have to go through the human resources process, nor do you have to provide benefits or pay payroll taxes.
Freelancers also bring other advantages to the table, not just money-saving benefits. These kinds of workers come with a specialized skill set. Many have spent years honing their craft. For instance, if you need design work done but don’t want to pay to have a full-time designer on retainer, a freelancer could do the job. You would pay them once, and then you wouldn’t have to keep them on the payroll.
Marketing freelance opportunities comprise a lion’s share of the contract work field. In fact, 45 percent of freelance workers provide skilled services like marketing and programming. So if you’re a small-business owner with marketing needs, these kinds of workers can help you take your company that extra mile.
If you don’t want to hire freelancers…
There are plenty of other options for off-the-shelf services that don’t require you to hire a contractor, as well. As you build your business, you can invest in ready-to-use applications and services. For instance, you can hire a virtual assistant to run your “front desk” operations without needing someone on-site. Instead, they are fully remote and provide administrative support from afar, including marketing and bookkeeping activities.
There are also a lot of online services that can help you improve your processes. For instance, if you’re running a business, you may want to consider forming a limited liability company (LLC). There are several benefits of forming an LLC, including passthrough taxes, personal asset protection, and more flexibility in your business. You can avoid lawyer fees —which can get quite hefty! — by filing yourself or using an online formation service like ZB (Zen Business). Make sure you check the rules in your state as locations vary in terms of regulations around forming an LLC.
Where do you find them?
Freelancers and contract workers often showcase their portfolios on online job search websites like LinkedIn or Upwork. These kinds of sites allow you to vet their qualifications, abilities, and sources, as well as check out their network — no doubt there are some freelancers in their immediate circles, as well. These kinds of jobs are becoming more common, so folks are flocking to the freelance industry more than ever.
Get more expertise when you want it
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