The COVID-19 pandemic has absolutely racked the business world. So many industries have been affected by the pandemic, and with second waves flaring up all across the globe, it’s likely the effects won’t be going away any time soon.
In the United States alone, thousands of small businesses have been forced to close – some for good.
Others are still trying to stay afloat, either by laying off workers, allowing some employees to work remotely, or finding other ways to reduce spending and cut down on budgets.
If you’re a business owner trying to figure out your next steps, one of the most effective ways to save money is to outsource some of your essential projects and needs. The gig economy has continued to grow throughout this pandemic, and you can take advantage of it.
Hiring experienced freelancers and contractors will not only allow you to complete tasks quickly, but you don’t have to break the bank to get it done. Let’s look at three ways you can save money by outsourcing some of your work.
- You Don’t Have to Train a New Employee
It can cost over $1,000 to train a new employee on a particular job or for a role. Even if they have experience, it’s likely your business does things a specific way. When you hire a contractor for a job or to fulfill a role, you simply need to give them a basic prompt and guidelines to follow.
You won’t have to spend extra time or money on “teaching” the contractor how to do the job. Instead, you can give them the information they need and let them get to work. In the end, you will only be paying for that completed work, and nothing more.
- You Don’t Have to Worry About Benefits
Whether you’re working with digital marketing agencies to boost your SEO or a freelance writer to work on your blog, one of the great things about outsourcing is that you can hire the same people over and over again as needed without having to take them on as a full-time employee.
Not only does that mean you don’t have to pay them a salary, but you don’t have to offer them a benefits package, either. Freelancers typically set their own rates. But, again, you’re only paying for the work received, not a salary that the contractor receives no matter what.
- You Can Save Space
Office space costs money. Whether you’re a small business just starting out or you’ve been established for a while and you’re still growing, just paying for a building can end up eating a lot of your budget.
Many businesses have gone to remote working in light of the pandemic. As a result, some employers are realizing how well the “work from home” option actually does. You can achieve similar results (while saving even more) by outsourcing projects that don’t require someone to be in your actual office.
When you use a combination of freelance workers and remote employees, you can drastically cut down on your office space, and may even be able to take your business fully remote. If you’re able to do that, you can completely eliminate the need and cost of a physical space.
Now, more than ever, it’s important for businesses to be creative with how they save money. Look into outsourcing whenever possible. You can be confident that your projects will get done faster, and you won’t be scrambling to keep your budget intact.