When it comes to entrepreneurship, I have realized that I can’t run a business by myself, and more so, I don’t want to do it all myself. Business is complex. It can be challenging, stressful, and time-consuming. Sometimes it costs me valuable time to learn how to do something myself than if I contract the task to someone skilled in that area. Like, when it comes to tax time, I’m outsourcing an accountant because I don’t have the time or desire to learn all about the tax credits that can apply to a small business. I’m going to spend the money to contract that out to someone who specializes in that area, knowing that their expertise will save me more money than I could have if I had done it myself. That just makes sense. 

But you might be wondering, “if I’m looking to expand my team, shouldn’t I just hire someone as an employee?” Well, the short answer is no. 

The long answer is…..

We started as a husband and wife partnership, and now we are a team of six! But, we haven’t hired them as our employees. Instead, each one of them is a self-employed contractor that we subcontract tasks to. They each run their own small business, which we proudly get to support. And, regardless of their title, they are part of the Kim & Co Team, the Kim & Co FAMILY. We strategize together, meet regularly, and discuss how we can best serve OUR clients. So here are some things to consider when you’re ready to expand your team:

Hiring contractors can save you money.

Hiring contractors can save a business money, and that matters when you’re a small business owner. When you hire a contractor, you are not required to provide employee insurance, training and development, benefits, severance, or take off any taxes. That is all up to the independent contractor to look after. 

Hiring contractors can offer more flexibility.

This can benefit both parties. As a contractor, they set their hours unless other arrangements are made between the business and the contractor. One of the things our team members love is that they can meet the needs of their families while still earning an income. They set their hours and adjust them to what works for their family. Sometimes it’s in the evening after the kids go to bed, sometimes on weekends, sometimes while the kids are at school, and sometimes it’s not at all because the kids are home sick. They know their deadlines and meet them every month, regardless of their work hours. 

Flexibility is vital for a business with fluctuating hours or seasonal work. Unless previously discussed, a contractor is typically hired for a specific task or role, which may or may not have an end date. Once that role or task is completed, the contractor isn’t guaranteed hours or a continuation of work. Therefore, you don’t have to continue to pay them if you don’t have work for them to complete. At Kim & Co, our team members have specific tasks they work on monthly and an indefinite time in their role, with no end date in sight! And the same can be said for our clients. Our clients are small business owners who outsource tasks to Kim & Co Online. We are hired to complete specific tasks monthly, with no end date in sight (at least in our sight). 

Hiring a contractor means you hire people with specific skill sets.

Of course, when hiring anyone, whether a contractor or an employee, you are hiring someone with a specific skill set. But, when you hire a contractor, you are even more specific in the skill set and the task you are looking to hire for. For example, if you want to create a website, you’re specifically looking for a web designer. If you are looking to show up on social media more consistently, you are looking for a content creator and social media manager. 

Kim & Co Online is a full-service Online Business Solutions partner. Meaning we do it all. We have a team of web designers, content creators, graphic designers, administration, and business strategists. Each of our team members brings their strengths, skills, and expertise to Kim & Co Online so we can work together to bring our clients to their final goal: success. 

So, if you’re looking to expand your team, we recommend starting off by hiring a contractor. Not only will it save you money, but their skill set and expertise can be a huge asset to you and your business.