You startup should be hiring freelancers. Several things are on the line. Perseverance, agility, and mental toughness are necessary for building a company. High-growth firms must especially understand how to scale efficiently. Human capital is one of the major expenses for new businesses, and it is one of the biggest difficulties startups may face as they are trying to stay afloat. These are several methods for finding freelancers for your startup.
In this article, we will take you through how hiring freelancers can lift your business growth.
What is bootstrapping in business?
Bootstrapping is a simple business concept. It relies on stretching personal capital and skills to get the job done. These companies do not seek external investments in their early stages. So, they are mindful of their expenses. The concept of bootstrapping has been around for years and many entrepreneurs dub it “the way of the future.”
According to Small Business Trends, over 69% of American startup companies have started as home businesses. This is due to the facilities bootstrapping methods can provide.
There are various factors as to why many young entrepreneurs resort to bootstrapping. They want to maintain a self-sustained business where they have control over its entire operations and financing. This forms easy pivoting, where having executive power over your operations becomes hassle-free. At a late stage, however, many flourishing startups, like UAE’s Melltoo, opt for funds as part of their expansion efforts in their region.
Besides, bootstrapping is an affordable method for young business minds. It integrates a collection of operational costs, personal financing, and sweat equity. One of the best ways for how startups can bootstrap successfully and save costs is by hiring freelancers.
The competition in the global startup ecosystem is fierce. According to Failory.com, 90% of startups fail within 10 years. The biggest reason falls under unavailable market presence (42%). Next in line is running out of cash with 24%. If these numbers are any indicators to startup owners, they showcase the need for a creative team and a solid business structure to make it through the cut.
How can outsourcing key business processes help rising, independent startups?
Savvy companies are moving towards the quiet hiring of in-demand talents. Inspired by the current global economic practice (Harvard Business Review, 2023). Through this practice, companies acquire new skills and capabilities on flexible terms.
Companies are on the look for ways to improve their processes. Unlike big corporations or funded startups, bootstrapping companies cannot keep any financial discrepancies, or use unsure shortcuts and practices. They are often led to affordable, concise services with little or no surprises.
Here is why startups should be hiring freelancers:
1. Freelancers are cost-efficient
Bootstrapping startups have limited financial resources that they cannot afford to waste. You will rarely find bootstrappers hiring full-time or part-time employees. This falls out of their simple business approach.
On the other hand, hiring a freelancers is cost-efficient for your startup. This allows companies to acquire the best talents needed to get a particular job done. And without having to bear any commitment, equity shares, or employee benefits.
Moreover, outsourcing vital business processes give existing members more room to focus. Thus, granting them a healthier, more balanced work environment.
2. Hiring freelancers for you startup will save you time:
The process of hiring a full-time or a part-time employee is equally irksome. However, hiring a freelancer can be a one-day mission. The contract terms can be as flexible as needed. You can choose to compensate the freelancer per project or on an hourly base. Also, you can skip the orientation phase and legal paperwork altogether.
On another note, you do not have to fully understand the task you are about to assign the professional freelancer. If this is already their area of expertise, they can comfortably take on the project and fill you in when you have the time. The result is better time management for you and fewer hassles to encounter.
3. Hiring freelancers can be key attributes to a startup growth strategy
Whether a company is in its early stages or completely developed, growth strategies are always part of the discussion. One of startup founders’ and entrepreneurs’ best practices is to outsource talents. Especially when it comes to financing or business modeling. This ensures sustained growth and proper scaling.
For first-time entrepreneurs, this step is all the more significant. Bringing on a freelance business consultant can help in facilitating your company’s growth plan. It increases the effectiveness of your bootstrapping approach.
Moreover, your startup hiring freelancers that are financial modelers allows you to get the expertise of corporate and startup financial modules at a fraction of the cost.
While there are many cloud-based financial solutions targeting SMEs’ needs. Hiring a professional freelancer brings its own merits to the table. Freelancers bring a fresh perspective to startups’ objectives. Rising companies can benefit from top-rated designers, developers, financial modelers, and consultants.
4. Some operations are best outsourced
There is a variety of freelance profiles to consider to bootstrap a startup. Companies usually consider outsourcing business planning, finance, UX, and web design, as well as project management roles.
Hiring freelancers for your startup holds a great amount of discretion. For one-time projects, it is often important to place them in the hands of professional consultants and top-rated designers. In today’s market, there are many verified platforms to access these talents. Freelancers integrate their dynamic expertise into your projects’ scopes.
All in all, there is no ceiling to how beneficial freelancers can be to your bootstrapping business. Hiring a freelancer is an affordable, flexible, and risk-free option for your business.
How to identify the right talent for your business?
Finding the right talent is no walk in the park. You should start by outlining the project’s description and preferred time frames. Upon receiving proposals, you should pay close attention to the freelancers’ offers and profiles on Worxmart. The perfect proposal should state the freelancer’s motive and relevant experience. In other orders, it should answer why they are a good fit for this particular project.
The freelancers’ profiles on Worxmart showcase the talent’s services, packages, and overall rating on the platform. Making your hunt for the right talent much easier!
At Worxmart, we take pride in bridging the gap between professional freelancers and hiring businesses. Our platform provides a seamless user experience. This allows clients to verify and test freelancers in our talent pool. Join us now and hire the best freelancers for your startup.