Starting a new business is not as easy as you might think. And launching a startup can be even more challenging. It’s one thing to have a great idea – for instance – but we don’t all have the skills to make it successful.
So what should you do if there are gaps in your own knowledge or experience – as a new startup owner? Do you know enough about issues like recruitment, finance, your legal position and management, for example?
There’s also a basic manpower capacity question. How would you complete a big project if you were offered it, at short notice? You might struggle without enough staff on board – or worse still – lose the opportunity completely. That would be absolutely disastrous for your company – and it’s such a waste of potential revenue.
But how do you address these two issues?
Hire the right key people.
23% of startups fail due to lack of expertise, skills and motivation. So hiring the right people is really important.
So it’s good to get the right staff in key roles in your startup as soon as possible – and to retain them. Companies like https://www.mykeymaninsurance.com/ can advise you on policies that insure you against their loss too.
Have extra manpower at your fingertips.
Then you’ll need to have extra manpower at your fingertips – to provide specialisms and additional support.
But what are the options?
Hire agency staff.
You could contact employment agencies, of course, but this can prove very expensive, if you’re not careful. And it’s not always possible to source the right number of people with appropriate skills quickly. You could also try using hiring platforms – but they can also have significant disadvantages.
Subcontracting.
These days, a much more straightforward option for startups is to use subcontractors or freelancers. It’s an effective solution that also chimes with current thinking about business agility.
But what are the benefits?
Subcontracting has really gained traction recently – as many industries become increasingly competitive. That’s because this arrangement has significant merit – above and beyond other alternatives.
Modern IT solutions help keep you connected.
One of the reasons is that modern technology has made it increasingly possible to manage projects effectively this way. Staying connected is obviously a crucial part of any positive working relationship these days. Modern IT solutions provide real time data – so you can stay in control, and informed, at all times.
It also saves money.
If you decide to hire a subcontractor to help you with a project, it;s worth recognising the potential significant savings. That’s because you don’t have the hassle and expense of hiring your own full time employees – for one thing. Or the additional costs of tax and national insurance.
And you don’t need to supply equipment, additional office space or training – that’s all dealt with for you. Because they are experts in the field, all the focus will be on important aspects of the project too. Which is really important if more work comes your way.
Access to skilled workers.
In the same vein, it’s worth noting that subcontractors’ staff are likely to provide work of the highest standards. And they can offer additional technical expertise – that your full time employees might not have in their skill set.
Moderates risk for your business.
You remain in charge of a project overall – of course – but subcontracting also means others share responsibility.. Therefore, the risk is divided between the two of you, leaving you to focus on what you’re best at. And that mitigates your business’s risk.
Delays are reduced.
Because of the extra skills and experience subcontractors offer, and increased manpower – delays are usually reduced. Therefore turnaround times are faster – which is great news for your company’s overall capacity and reputation.
Is subcontracting right for you?
There are many benefits that can make subcontracting your best bet – in addition to having your own key people. It makes you responsive and agile, means you stay more competitive and helps meet fluctuating demand.
So if you’re about to launch your first startup operation, it’s worth considering – as part of your overall staffing strategy.
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