The gig economy is hotter than ever because more and more people want to escape the 9-to-5 grind. Freelancers give themselves the freedom to work for who they want when they want. Instead of logging 40 hours of work each week, they can make their own schedules and work with as many or as few clients as they want.
The workers aren’t the only ones benefiting from changes in employment. Businesses are now outsourcing projects to freelancers instead of hiring permanent employees because it’s easier to find qualified candidates when your candidate pool is around the entire world. Still, you can’t guarantee that you’re always working with a quality freelancer.
In this article, we’ll discuss the pros and cons of working with freelancers so that you can determine if it’s the right option for your business.
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Pros of Hiring a Freelancer
Saves Your Business Money
Hiring a freelancer is typically more cost-efficient than hiring a full-time worker. Independent contractors don’t require health insurance or benefits, and they don’t make overtime. No matter how long they work on a project each week, they make a flat rate or hourly rate depending on your contract with them.
Because freelancers are in charge of deducting their own taxes and paying them to the IRS on a quarterly and annual basis, you only need to provide them with a 1099, and you won’t have to pay any taxes on them. In most cases, you will be able to deduct the cost of freelancers from your business expenses.
You can hire a freelancer to work in-house or remotely. In fact, you may find that your business can operate on remote freelancers alone, depending on your industry. According to ShareAble for Hires, “Shifting to a remote work business model may also translate to big savings. Businesses can save an average of $11,000 annually per half-time telecommuter.”
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Access to More Talent
You can search through a freelance marketplace, post a listing on a job site, or even use craigslist to find a pool of talented freelancers for almost any project. For example, if you need website content for a personal loans website, you don’t have to hire a full marketing agency. Instead, you can hire an experienced copywriter and ask for their portfolio to ensure that they have experience writing for your industry. With more access to talent, you’ll find more qualified candidates and won’t be stuck with a local pool that might not be right for you.
More Efficiency
Your freelancers only get paid when they complete the work, so they want to complete projects quickly and efficiently. When you know that you have someone who isn’t taking excessive breaks or stopping to chat with coworkers in the hallway, you’ll know that the projects are actually getting done. When you pay a freelancer well, they’re going to work quickly, but they’ll also want to do everything right, so there’s less back and forth between you and them for edits and changes.
No Supervision Needed
Freelancers don’t require you to look over their shoulders to get work done. They’re used to working on multiple projects at once and know how to manage their time. Instead of micromanaging, you can free up your time to focus on more important tasks for your business.
Cons of Hiring Freelancers
Too Much Talent
It can be overwhelming to find the right candidates because there are so many out there. Once you post an ad, you’ll get tons of freelancers emailing you, some more experienced than others. Because of this, it’s best to be as specific as possible in your job posting. If you want your freelancers to have previous experience working in your industry, make sure that you add that to the job posting to weed out anyone who might not be a good fit.
Can Be Unreliable
When you find a good freelancer, you can expect a good working relationship for as long as you want. However, some freelancers could disappear on you just like a potential match on an online dating site. You might end up finding someone who is difficult to communicate with and doesn’t let you know about any progress they’re making on the project.
You could also have a great interview with them, give them an assignment, and then never hear from them again, forcing you to have to wait or spend more time looking for another freelancer, which means the deadline for your project will need to be pushed back.
You can easily vet your freelancers and hire people with a good work history. When initially interviewing freelancers, ask for a list of references along with samples and their resumes so that you can get a better sense of the type of worker they are.
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They Might Not be As Loyal As Full-Time Employees
This isn’t true for all freelancers. Many freelancers are very loyal to their clients because they understand that a good relationship means more work and higher pay. However, some freelancers are not as loyal as your full-time employees. These individuals typically juggle several projects at once, and they aren’t getting any perks from you other than payment. Because of this, they might look for new opportunities without giving you notice.
You can prevent this from happening by treating your freelancers well and paying them fairly. Look at the rates that freelancers make for specific tasks to determine whether or not your payments will be worthwhile for a freelancer so that you can begin building valuable relationships.
Should You Hire a Freelancer?
You can hire a freelancer for a number of projects from SEO to web design, copywriting, and more. It can be beneficial for your business to work with these individuals, but it’s important that you form a good working relationship with them to ensure that they stay loyal and happy working with your organization.
You won’t know if hiring a freelancer is right for your business until you start working with them. Try looking for one on a job site like Indeed, and you can begin sifting through resumes to find the right fit for your business. From there, make sure that you have a solid contract in place, so your freelancer knows what’s expected of them.
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