Are you considering hiring independent contractors to handle some of the workload at your business? If so, you’ll want to read on about these 5 key benefits.
Being a business owner isn’t for the faint of heart. It’s a position that requires you to wear many hats. Sometimes, you’re the lead salesperson, other times, you find yourself answering phones.
You do whatever you need to so you can get the job done and keep income rolling in. But if you want to grow or at least not burn yourself out, you’ll need some help.
We want you to succeed but we also want you to have a good work-life balance. With that in mind, keep reading. We’re sharing with you five benefits to hiring independent contractors.
1. Hiring Independent Contractors Can Save You Money
Why hire a freelancer? You won’t have to pay for any benefits. Many freelancers also work from home so you may be able to reduce overhead costs. And you save money by not being responsible for their employment taxes.
You also only pay for the work they deliver rather than hiring someone full-time when there’s not enough work for them.
2. Ability to Hire Specific Experts to Get the Job Done
There are many independent contractors vs employee pros and cons. One huge pro for hiring a freelancer is you can find the exact expert you need to handle specific jobs.
You can hire an expert like Drew Roberts who specializes in data analytics and digital marketing. Hire another freelancer as your virtual assistant to help lighten your load.
3. Hire Freelancers From Anywhere in the World
Welcome to the global market. It’s now possible to hire freelancers anywhere in the world. Which is a benefit to you because it can help you save money.
You also can access professionals who understand markets you’re trying to enter. They can help you easily transition into selling goods globally.
4. You’ll Save Time
Hiring a freelancer helps you save time. With new employee hires, there’s a training phase. You also have to ensure they’ll fit into your company’s culture.
With an independent contractor, they’re ready to do the job you hired them to do. And since most aren’t working in your office environment on a daily basis, making sure they fit in isn’t an issue.
5. Increased Productivity
You can’t do everything, no matter how small your business is. Partly because you deserve a life outside of your business. Partly because there’s no way you can become an expert in literally every aspect of the business.
Instead, you can hire freelancers who can perform certain tasks much better than you can. That means more time you can spend focused on tasks you do excel at, which will increase your productivity.
The Difference Between Contract Vs Full Time
The IRS is a stickler for making sure that you don’t consider a full-time employee an independent contractor. There are specific rules that separate these two groups.
Make sure you learn the difference and have them fill out the proper paperwork. An employee has far less flexibility than an independent contractor does in terms of how, when, and where their work is performed.
Whether you’re hiring independent contractors or figuring out how to save on your taxes, being a business owner takes a lot of work. One way to make things easier is to keep learning.
We can help. Keep coming back to read our small business articles.