The gig economy has gained popularity over the years, and in all probability, it will stay on. Freelancing is a viable option for most people, and to add more to their monthly income. They are also considering small businesses to accentuate their earnings. Going by recent research, by 2027, 86.5 million freelancers will comprise almost 51 percent of the entire workforce in the United States.

The situation is quite identical in India and elsewhere. However, people from several countries of the European Union prefer full-time employment. While such a huge portion of the world's population is opting for freelancing, it's time to explore whether you should hire freelancers for your startup.

Irregular Workload

During the period your company is experiencing growth, there might be times when the workload is huge. There are times, when there is no work at all. This is applicable for software outsourcing businesses or PR and marketing agencies.

Taking freelancers on board and teaming up with them from time to time would help you reduce the costs and accentuate the profit margins. The advantage is that freelancers are flexible, and you can hire them when the workload is maximum. Plus, they are versatile and add value to the workforce.

Rare Skills

If your business plans to implement an ERP system, you will require an individual who has requisite experience of the same under their belt. They also need to have industry experience. If the project's tenure is around six months, what options can you avail of? Should you give the responsibility of completing the project to a consulting entity or take a full-time employee on board? If you hire a full-time employee, you have to engage them somewhere else after completing the project?

The smartest thing you can do is hire a freelancer who has the skills and can help you complete the project within the stipulated period. Freelancing is a trend that has emerged with time. The talent is infinite, and you can get quality work done at rates that suit your budget.

No Training Required

When you hire a full-time employee, you have to train them on the required skill sets and then incorporate them into a team handling a project. This takes up a lot of your time, and there are certain costs associated as well.

If you want to avoid this, the best option you have is to appoint freelancers. Aside from bringing in creativity, they can look at a particular problem from a different angle. Digital marketing experts, skilled designers, and copywriters as well as fall into this group.

Different Thoughts

You can add value to your team when you appoint individuals who possess practical experiences and proper skill sets. Aside from that, they might belong from different backgrounds, which certainly puts you in an advantageous position. Freelancers working for more than one client are capable enough to give a fresh look and come up with solutions faster than you would usually see.

This comes from the vast experience they have gathered by working on a host of projects and facing similar challenges. They can think out of the box and introduce innovative ideas. Since they are aware of the 'tricks,' their capabilities and fluency have improved over the years.

Moreover, you don't burn your pockets. Stepping into a new market can be challenging, and during those times, you would need some extremely efficient people in your initial team who can cope with them. If you hire freelancers, things become a lot easy, and you save a lot of money.

Helps In Bootstrapping

And to refrain from facing dilution, there are business houses that opt for no funding from external sources. More so, because they want the decision-making process to be faster and more flexible.

In that case, a business would need proper cost control and optimum utilization of resources. Hiring underutilized people for the company might prove to be a disaster. The most practical approach here would be to appoint a freelancer.

In some instances, such as risks related to data privacy, violation of intellectual property rights, complex processes, appointing freelancers is not the right option. So, make sure to do your research and understand what works best for your business. A hiring decision, no matter how urgent, shouldn't be an impulsive one.