It takes a lot of guts and persistence to get a startup off the ground, and as a matter of fact, 10% of startups often fail within the first year.
One of the many reasons behind the failure of startups is poor marketing which often results from a lack of resources or specialized personnel for specific operations. But for startups, screening and hiring the right specialist may take up to six months, which means 40% of time spent on tasks that bring little to no income.
Here, a freelance marketplace is the best bet for startups to find capable individuals for specialized tasks while keeping the cost under the budget. If you are starting a new venture and short on experts, here’s how a freelance platform can help you take off successfully.
1. Saves Time and Cost
Codementor reports that you can easily save up to 50% by hiring freelancers instead of full-time employees. The freelancing economy is flourishing, and many companies are already taking advantage of the hot trend.
Where budget is the main point of concern, you should save cost by browsing a freelance platform to hire a freelancer for your project.
According to the Small Business Administration, the general rule of thumb is that the actual cost of a full-time employee is 1.25 to 1.4 times their salary. This is because hiring a full-time employee comes with a variety of expenses and tax obligations. If you want to stay out of this trouble, a freelancer would be a favorable option.
2. Gives Access to Global Talent
Did you know that there are about 1.1 billion freelancers in the world? This large number means that there is an inexhaustible pool of freelancers, and you will have many options to pick or drop individuals based on their experience, skills, and charges.
As a startup, you can quickly locate appropriate candidates for your projects by tapping into a worldwide pool of thousands of freelancers. One detailed job or project posting can draw a flood of attention from skilled freelancers from around the globe.
3. Provides Quick Turnaround
Freelancers work wherever and whenever they feel like. They do not follow a proper timetable and this level of flexibility can undoubtedly work in favor of a startup venture yearning to thrive.
Working from the comfort of home can improve performance by 13%. When there’s a boost in the performance of a freelancer, you will ultimately get your work done even before the expected timeframe.
On the flip side, if you go for hiring a full-time employee, you will have to follow through with your employee’s customary 8 hours’ schedule from Monday to Friday. They even won’t work extra or off their time to get your project done in the twinkling of an eye.
4. Gives Access to On-Demand Talent
As a start-up, you must be looking to hire very limited resources due to a scarce budget. Freelance marketplaces help you with that.
You may employ freelancers when required and terminate their contracts after the job is completed. What’s more is that if a freelancer fails to provide high-quality work, you can terminate the services of a freelancer anytime without the hassles that usually involve in the case of permanent employees.
5. Offers Direct Chain of Communication
Efficient communication would be the cornerstone of your startup. According to Coreworx, “Ineffective communication is the primary contributor to project failure one third of the time and has a negative impact on project success more than half the time.”
So, maintaining a direct chain of communication with your worker is crucial. Thanks to freelancing platforms for providing an uncluttered way of delivering project ideas and specifications directly and more clearly.
The Takeaway
Freelance marketplaces are continually developing and changing according to the current business trends. So, if you’re a startup, having growth plans would not necessitate the establishment of costly offices or the hiring of a large number of workers.
Freelance marketplaces will serve as an excellent base for whatever aspirations you have in mind, no matter how big or small.
