Can You Hire Contractors For Your Side Hustle?

Starting a side hustle is a common decision that many households take in order to boost their income. More often than not, the side hustle can be run during your free time. But there will come a moment when you get to the end of your abilities.

At first, you may choose to dedicate a few hours during the week. But, if your side business becomes successful, you’ll soon realise that you need to provide additional services and operative hours to your customers.

Unfortunately, until your side hustle becomes a viable business on its own, it’s never a good idea to give up your day-to-day job until you’re sure your side hustle is robust. However, it’s a never-ending dilemma.

You need to invest time to grow your hustle, but you can’t afford to quit your regular-income job. What is the best way forward? 

Many households choose to abandon their side hustle when they reach a critical point. However, there is another option that can prove helpful to you and allow you to grow your side hustle without taking uncalculated risks.

Everything successful entrepreneur has started in a modest environment. Google, Apple and Windows all started from a garage before they could outgrow their premises and hire their first employees.

Knowing that Bill Gates is one of the most celebrated millionaire philanthropists, it makes no doubt that with the right direction, any side hustle could potentially set you financially free – just like it did for Gates. However, before your side hustle turns into a full-size company, you need an extra pair of hands to set things ready.

Indeed, you can’t invest more of your time into growing your activities. However, you can pay someone to do it for you. If you’ve never considered hiring a freelance contractor, now’s the time to change your mind and explore the option.

As a side hustler, you are probably going to worry about a lot of different situations when it comes to relying on someone new. Here is a quick guideline of what you need to know about freelancers and why you should hire one – or more. 

Most businesses love contractors

More and more businesses have been relying on independent contractors for their company. Indeed, in a world where the work-life balance has become an obsessive quest, freelancers are taking over the work market. Their situation allows them to enjoy more flexibility.

They can choose to work when they need to, and they can schedule days, weeks or even months away from the workplace. Additionally, it’s not uncommon for freelancers to work remotely, which enables them to accumulate projects and clients. From a business perspective, contractors are a smart choice.

Ultimately, you only keep them until the project is over. In other words, you only pay for what you need when you need it. If you’re running a tight budget, you can set a relationship on a project-basis to make sure you don’t drag your budget in the red. 

How do you pick a contractor for your side hustle?

You have probably developed a strategy to accept or reject clients’ requests by now. Instinctively, you can tell when a client is going to be difficult, and, being a side hustler, you’re in a position to turn down the work offer – as you don’t rely on your side hustle to make ends meet.

You’ll find that your instinct will be just as helpful when it comes to finding the right freelancer for your project. If you’ve chosen to approach freelancers through dedicated platforms, such as Upwork or peopleperhour, you should check this handy article on how to choose the right person for you, https://www.upwork.com/hiring/startup/how-to-choose-and-interview-freelancer/.

Typically platforms have a rating system which lets you set the most recommended freelancers available for the set of skills you research. Additionally, you can also check their profile to get a feel of who they are and what they can do.

You can, however, find freelancers through different approaches. Indeed, many freelancers use social media networks such as LinkedIn to promote their skills, for instance. It’s a good platform to start your research. 

How do you pay a contractor?

money

When you hire a contractor for a one-time job through a freelancing platform, payment is going to be the last thing you’ll have to worry about. Indeed, most platforms have a payment system, which you can set to hours, days, or tasks, depending on your needs and preferences.

Typically, this is something that you will have to establish at the time of posting your job request. However, if you’re recruiting freelancers outside of those platforms, you will need to create a strict payment policy with your freelancer.

At the beginning of the project, the freelancer will have to confirm their hourly/daily rates, if you choose to use this system. You can then use a time management tool, such as https://getsling.com/employee-time-clock/ to clock in their time, which can be useful for long-term tasks. For one-time projects, it’s best to agree on the cost and payment terms before starting the work.

Some freelancers can have specific conditions, such as payments within 7 days or 15 days, for instance. 

How do you work with a contractor?

It’s not easy to work for yourself. But having someone working for you is a completely different kettle of fish! Ultimately, you need to change your habits to make sure someone else can work alongside without wasting your precious time.

Whatever you’re working on, remember that your freelancer is likely to work remotely. Therefore, you need to digitise everything you do and put it in a place that is manageable, accessible and editable for both of you.

Google Drive, for instance, offers a variety of tools for writing, reporting and building projects. It’s also recommended to stick to tools that are also mobile-friendly, as freelancers can work on the go.

In other words, the easier you make it to your freelancer to access information and work, the smoother your relationship will be. 

How do you pass information? 

Sharing documents is one thing, but it’s not quite the same as passing on information effectively.

You need to communicate effectively – if you’ve been running your side hustle alone until now, this is going to be a massive change. Your freelancing contractor may not live in the same time zone.

If you are planning on running catch-up calls or video conferences, you need to agree on a time that is suitable for both of you. Stating your availability clearly will make a big difference!

Communicating in writing is a life-saver. Writing instructions, decisions and necessary data ensures that you can trace back everything. Lastly, remember to be a good boss even if you’re only dealing with freelancers.

While it might be tempting to check on your contractor, don’t turn into a control freak: you’re only going to cost your side hustle precious time. 

How does it look like from a tax perspective?

If your side hustle doesn’t hit a taxable level every year, you may not even need to fill up a tax self-assessment form. However, even when your side hustle doesn’t deliver a high income, if you’re running an official business – a limited company, for instance –, you will need to fill up your corporate taxes.

Regardless of your tax choices – aka of whether you’ve formed a company or running a self-employed business –, hiring a freelancer will transform your tax return. Ultimately, the costs associated with the recruitment and payment processes need to figure on your tax return as they affect your overall profits.

If you are unsure about how to share the information from a tax perspective, you should work with a certified accountant to handle the matter safely. 

How about building a long-term relationship?

financial support

When you find a talented freelance contractor, you want to make sure you can keep them!

Most freelancers are experienced with long-term working relationships so that they will most likely shape their tasks into a recurring project if you both agree on a regular commitment.

However, there are a few things you can already do to encourage them to work for you again. Make sure to give your contractor a tour of your side hustle – virtually or physically, depending on the situation.

It’s the perfect way of introducing your goal, your skills and your resources. 

Good freelancers bring growth

You need freelancers to create growth, but you need growth to afford freelancers. Is there a way forward to solve the eternal outsourcing dilemma for small side hustlers? The answer is yes.

Tyically, you can work closely with dedicated marketing experts to drive more business. Indeed, content marketing freelancers are your best go-to contacts when you’re in the process of growing your business.

They can not only create appealing content, but they can also help you to reach out to new customers. From a blog post to an entire online course, published content drives new customers over time. In other words, you want to boost your online presence before you can take on contractors to do your job! 

In Conclusion..

The bottom line is that without someone to dedicate time to your side hustle, it can’t grow. Hiring a contractor and managing your work relationship can let you plan ahead without needing to give up your day-to-day job. Admittedly, it’s not going to be easy to find someone you can trust. But don’t give up! A reliable and trustworthy freelancer is your best ally to transform your side hustle into a small business.

7 Ways To Increase Your Business Profits This Year

Every business wants to be profitable as quickly as possible.  When you first start your business, it can take a lot longer than you expect to begin turning a profit.  This will test your mental toughness and your endurance.

Along the way, you should be researching all the possible ways that you can help to increase your profits each year.  If you just sit back and hope the money will come rolling in, you may be sitting back for a long, long time. And, by the time you do something about it, it may be too late.

Take the time to read other people’s success stories and what they did to increase their business profits.  There are also many financial blogs from people all over the world that can offer useful advice to bring in the money.

Below are some quick and easy ways to work on increasing your profit to make your company the dream company you have always imagined.

#1 Identify the Importance of Every Task

Time is money.  Things that you feel do not add value to your company should be eliminated.  

If it is just something extra that the customer could do without, you shouldn’t have that on your list of things that need to get done.  

You need to really center your focus on what brings in the money. Eliminate the needless tasks and put more manpower on the big, important tasks.

#2 Increase Your Prices

money

This can be easier said than done, but if you are not profiting as you may have anticipated, you will want to look at your pricing measures.  There is a good chance that when you started your business, you priced items on the low end to draw in business. On regular occasions, you should be really looking into your pricing points.  You may have to be a little strategic with deciding how you want to go about increasing your prices, but it is an avenue you want to explore. Could you rethink your marketing campaign and develop a crafty way of selling products at a higher price?  But, definitely one of the first avenues that you should take when trying to increase your profits is to increase your prices.

#3 Reviewing Your Staff Needs

It is a no brainer that you want to have the best staff available to you as possible.  But, one thing that you need to make sure is happening is that the entire time that they are working, they are being utilized properly.  If there are down times throughout the day, you should be cutting staff hours. You will want to especially look at your administrative team.  Could you have interns working for you instead of hiring someone? When you first start out, you want to try to have your revenues increase more than your staff.  

Hiring quality staff that can handle multiple tasks will also help you turn a profit.  You want to have people that you can count on that won’t make mistakes and cost the company money.  Really take time to do the research to get the best employees that you can. There are many job search engines out there as well identity verification products available to ensure that you are hiring who you think you are hiring!

#4 Reward Hard Working Staff

Take care of the employees who are helping to drive up your profits each month.  It is your money on the line, so don’t be shy about taking care of those who are getting the job done.  

This can serve as an incentive for those staff members who aren’t carrying their weight as much.

Those staff members who are working hard will continue to work even harder to reap the benefits of your rewards.  If new leads appear, don’t think about evenly dividing them up. Give them to who is making you a profit.

This should be something that you explicitly discuss with all employees that you hire.  If they want to earn the best income possible, they will do whatever it takes to get the added rewards.  

You will be amazed at how quickly the sales increase when your employees know they are vying for something that will benefit their pockets.

#5 Make Online Sales Easily Accessible

a woman with a credit card

If you are a company that can sell products online, you need to make that website as user friendly as you can.  

People who have a hard time navigating around your website or can get easily confused will just shut it down. The friendlier the website it, the more traffic you will draw to it.

Big ticket items that you are trying to promote should be prominently located on your website.  Make it an easy sell to your customers. It should be something that attracts their attention and maybe sways them into buying something they weren’t originally planning on buying.  

#6 Treat Customers with Respect

Customer service is key to keeping a business above water.  If the customer is happy, they will return and tell others about it.  You need to make them feel important and help them understand any questions that they may have.  Offer up customer surveys with incentives for completing the survey. Really take a hard look at their feedback and see where you can improve.  Your business goes nowhere without your loyal customers.

#7 Set Attainable Goals, But Push Higher

Obviously, if we set goals, we want to achieve them.  You want to set goals with your staff each month that they can strive towards accomplishing.  These goals should be rigid, but attainable.

Make sure that whatever goals you set will lead to you to making a profit at the end of the month.  You can use incentive programs once again to motivate your staff, but chances are, if the goals are attainable and they can profit from them, they will achieve them all.

There are so many strategies that you can implement to help your company turn a profit.  Just be sure you don’t overdo it with having too many plans in place.

Look at the suggestions of other companies and determine which ones would work best for your company.  Read other experts ideas on increasing your profits.  

Ultimately, your passion and motivation will trickle down to your whole staff.  And if motivation is high, profits will be high as well.