Entrepreneurs and newly established business face the crisis of time management most often. As the number of team members is restricted to execute multiple tasks, there will come a time when the workload will demand more people to be distributed in. As the business grows, managing stuff takes specialized skills and resources to succeed. Outsourcing tasks can come to their aid in such cases. But the question arises here is should you outsource with freelancers or an in-House team?
Outsourcing with remote partners and companies is preferred over employing people full-time. The following reasons will help you understand the benefits of hiring freelancers to outsource.
As the business grows with time, the responsibility of prioritizing important chores with the lesser important ones and assigning them to outsourcers becomes essential. If you yourself supervise everything to be done, there is a possibility that you can goof up with certain tasks or may not close the deadline. Though it is advised that you assign the jobs to be done by the hired freelancers and let them do it by themselves.
Money is the most endeavoring element of hiring freelancers. You save on resources utilities like Internet Services, Electronic Devices, Furniture along with the office space. You also get exempted from Health benefits, paid time leave, employment, and payroll taxes, insurance covers. Paying for their time, expertise and the service they provide you with are the only things you will pay them for.
The English saying, “Too many cooks spoil the broth” is perfect to define this reason. It’ll obviously take more money and time to manage a team, which ultimately will drive your focus away from the crucial tasks that are important for the business objectives.
You start your day with an ample amount of energy. Suppose you have to manage your whole business by yourself working all day out, you’ll quickly get drained. But with freelancers you get the freedom of only sticking to the most important tasks and thus saving that bonus amount of energy to focus on studying and implying new strategies to grow your venture.
5. RISK REDUCTION
Operating a Business is a risk involving task, why would you add more to it by involving employees to it. Freelancers not only cut the operating costs but also gives you enough flexibility and judicial protection enabling the growth of your business. You are free to hire people and fire them whenever you feel like. Also, you can alter their horizon of working and employ them on a short-term basis with absolute no legal complications.
6. SIMPLIFIED ACCOUNTING
Accounting, in general, is a tiring and frustrating task in small businesses. You have to make an accord with employment taxes, payroll taxes and social security taxes when you hire employees. Outsourcing will allow you to classify the freelancers as 1099 contractors. You can pay them using PayPal and avoid the 1099 contractor form, also you’ll be able to account the freelancer expenses as one single line item while filing your tax returns.