A Guide for Entrepreneurs to Build and Grow Profitable Online Ventures
Done well, a simple online idea can grow into a durable asset that earns and holds value.
Read MoreThe freelance phenomenon has grown rapidly over the last decade, contributing an estimated $1.2 trillion annually to the U.S. economy. According to Zippia research, 36% of the American workforce reported doing freelance work during 2021.
What does this mean for your business? Freelancers are available to fill in the gaps when needed. They can help scale your business and boost your workforce during busier times.
One of the first things you'll need to do when hiring a freelancer is find one with the right skills and expertise. A simple way to do this is by using a freelance job market, like Upwork or Guru.
These platforms let you search for freelancers by skill, and they include reviews from past clients. This is a great way to get an idea of what previous clients thought of the freelancer's work and communication.
Another great way to find reliable freelancers is by networking with other entrepreneurs in your industry. You can find new freelancers this way, and you also might make some invaluable connections that could lead to future work opportunities for your team.
The best part is you’re not limited by geography, so you can hire freelancers from a country like Vietnam and save on overhead.
When you're working with freelancers, it's important to set up a contract between your business and the freelancer. The contract should outline the expectations of both parties and what work is to be completed.
To avoid any misunderstandings down the road, include the following:
To avoid personal liability, consider forming a limited liability company (LLC). This will also help with tax implications down the road. Do some research about your state's regulations and procedures for forming an LLC, or find an LLC formation service in your area.
An important factor to stipulate in your freelance contracts is payment processes. Some companies use a set payment system, like PayPal, Stripe, or wire transfers. However, these options might not work for freelancers from countries such as India, for example. Asking your freelancers to invoice you is one way to handle payments. Another is to use a secure money transfer system, like Remitly, which allows you to send Vietnamese Dong for as little as $1.99.
To better manage your team, you'll need to invest in the right tools. Here are some of our favorites.
Hooed.com has a more comprehensive list of essential business apps here.
To make managing your team as easy as possible, follow these best practices. Give your freelancers the freedom to complete tasks at their own pace, but remember that you may need to check in regularly to ensure they're on schedule.
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