How Business Owners Can Better Utilize Freelance Work

28 May 2020

Small businesses don’t always have a ton of cash or room to make costly mistakes, so every penny, every asset, every minute, counts.

Often, small businesses will turn to freelancers for certain projects where they need expert help, but that can also take a hit on your bank account, so ensuring the freelancer does good work is crucial.

Sometimes though, the freelance work falls short, leaving the small business low on funds with a deliverable that is unusable. So how do you avoid that? Let’s talk about a better way of finding freelance workers for your business.

Contents

1 Revenue Sharing Model
2 Develop a Relationship
3 Good Luck!

Revenue Sharing Model

Each freelancer can be paid differently. Some are paid upfront or given equity, others are paid a percentage of the final revenue, and some are paid when the job gets done.

Here’s the best thing a small business that is low on upstart funds can do when it comes to hiring a freelancer:

Adopt a revenue-sharing model.

What that means is the freelancer gets paid when you do. They’ll complete the project, deliver all final assets to the business owner, but they’ll only get paid if and when you start making money. There will be a percentage that is agreed upon by both parties before the project begins, and if your business starts bringing in revenue, you’ll then pay off the percentage owed to the freelancer. If your business never makes money, you do not have to pay the freelancer a dime.

Why is this a good idea?

First of all, it decreases the risk for the business by waiting to pay the freelancer until there is secure revenue coming in.

Second, with this idea in mind, freelancers can do some of their best work. They aren’t just getting paid to finish a job, there’s a higher expectation of their work. They understand that if their work is mediocre, there’s a lower chance of them getting paid. It’s in their best interest to do the best work they can, not only to help you as a business owner but to help themselves as well.

Develop a Relationship

Far too often, businesses pay freelancers for work only to be unsatisfied with the end product. Many times this is due to a lack of communication on one or both sides. To ensure that you are getting quality service delivered from a freelance worker, it’s important to have an understanding relationship. Here are a few tips on how to accomplish that:

Describe Your Communication Style

Communication

If you’re not sure what your communication style is, it’s not a bad idea to find out or develop a system that works for you. Some people have very blunt ways of communicating while others are timider. Talking about your preferred communication style with the freelancer you hired will help to avoid conflict, assumptions, and hard feelings.

Explain Your Needs

Don’t be afraid to express where there are gaps in understanding. The freelancer is there to be an expert in an area that you may not be familiar with. It’s okay to say things like, “I’m not sure I understand that, could you explain how that works?” The more you can understand the process, the better you’ll be able to communicate and get an end product you’re happy with.

Do Your Part

If you feel there are gaps in understanding, take a step back, and see if there is anything you might have left out in communication with the freelancer. Sometimes we get in our own bubble and assume other people understand what we are talking about when in reality we need to explain certain things in more depth.

Good Luck!

Freelance Work

Some of these tips may seem like a no-brainer, but you’d be surprised how often business owners fail to communicate well with the freelancers they hire. If you can adopt these practices into your business model, your freelancers’ work will improve significantly and you won’t have to worry about an unfortunate loss of precious funds.

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Platform Companies: What They Are And How They’re Used

Platform companies, also called platform acquisitions, are key steps in a private equity firm’s expansion into a new industry. The firm will first target a large, established business in the industry. From there, it will strategically acquire multiple smaller businesses, using them to expand its reach within the industry. Platform acquisitions don’t just benefit the private equity firm — they also have surprising benefits for owners of smaller companies. Here’s a quick primer on platform companies and how they work. How Does a Platform Acquisition Work? Breaking into a new industry can be tough, especially if you start by opening a new business. Private equity firms skip that step. Instead, a private equity firm will start by acquiring an established, successful business in the field. When selecting a company to purchase, private equity firms generally look for a few characteristics: Status as a Market Leader: For the best chance at success in the given industry, equity firms will typically target companies that stand out — even if it’s just within a certain geographical location or in a very specific market niche A Strong Management Team: When equity firms acquire platform companies, they typically want to keep the existing higher-level employees to ensure the company’s continued success and improve the business practices of new acquisitions Multiple Locations: A business with multiple locations has already expanded its reach, and equity firms can build on that with further acquisitions Established Standard Operating Procedures: When expanding the platform company, the equity firm can simply apply these operating procedures to new acquisitions After the purchase, the platform company serves as a kind of home base for the firm within the industry. The private equity firm will usually then expand that business through bolt-on purchases (also called roll-up purchases or roll-up acquisitions). Bolt-on purchases are different from another kind of acquisition called a tuck-in acquisition. With a bolt-on acquisition, the newly purchased smaller company will usually keep its name and identity. With a tuck-in acquisition, the smaller company is completely absorbed into the larger platform company. Why Would an Investment Firm Acquire a Platform Company? When private equity companies purchase a platform company and begin to expand into a new industry, they aren’t doing so with the intent of keeping the company forever. Instead, platform acquisition is a long-game investment strategy. It takes a significant amount of time, but it can generate a massive profit. In a nutshell, equity companies buy and expand platform companies in hopes of eventually selling the expanded company to an even larger investor. Selling the companies as a conglomerate is almost always more profitable than selling each one separately. For example, suppose that a private equity company wants to break into the fitness industry. The company might start by purchasing a regional chain of gyms. As it purchases other, smaller gyms, it will use the management expertise and existing operating procedures of the first acquisition to improve each of the smaller gyms. It will also invest money in smaller gyms to increase their value. When the company finally sells the expanded network of gyms, it will have created a profitable business venture that runs smoothly. This type of purchase is an attractive one for larger investors, so the equity company will be able to turn a significant profit. How Platform Companies Can Impact Business Owners At first, the idea of a larger company buying up smaller companies might not sound that advantageous to owners of small businesses. However, as a platform expands and acquires multiple smaller companies, those companies can see some surprising benefits. For one, platform companies will usually invest significant capital in the new company soon after purchase. After all, the whole point of the acquisition is to increase the total platform’s valuation. But money isn’t the only investment that platform companies put into smaller companies. After the acquisition, the equity firm will continue to focus on growing the newly acquired business. The newly purchased business will reap several benefits from the platform: Experience in sales and marketing Experienced professional management Financial acumen Standardized, organized operational procedures In many cases, these smaller acquisitions retain their company name. That makes the acquisition more appealing to many small business owners, especially those who have built their businesses from the ground up. In many cases, an acquisition ends up as a win-win situation: The platform company expands its reach and total value, and the smaller business receives valuable funding and mentorship. Platform Companies Add Value Being acquired by a platform company can transform a smaller business for the better. And for the platform company, each new acquisition has the potential to bring in new customers, expand the company’s market reach, and increase the value of the platform as a whole. On its own, the acquisition of a single small business might not seem like much. But when a firm repeats that process many times over, the result is an expansive, highly organized company that multiplies its value over time. Read Also: A Beginners Guide to Listed Investment Companies 6 Steps to Starting a Business in Michigan How to Start Business Like Swiggy

4 Things That You Must Be Aware Of In Your Car

Lights are one of the most important parts of the car. Lights keep us safe on dark roads, they also help us be sure of where the path is. Hence installing good lights is very important for various purposes discussed below. There are various lights available in the market but you have to be careful while buying them as some of them may be illegal or some of them may also not be good for the eyes of fellow drivers. Check out LED lights for cars for good quality lights at reasonable rates. For more tips, visit Vehicle Freak for more tips on buying a car. In This Article, You Will Know About 4 Things That You Must Be Aware Of, In Your Car. 1. Importance Of Good Quality Headlights In Car: Car headlights are important because they help you see the road clearly as you drive at night. Without good headlights, you can drive into oncoming traffic, crash into parked cars, be unable to see a vehicle ahead of you, or run into a pole or tree. However, some people are concerned that car headlights have been getting worse as time goes by. This is because the headlights may not be of good quality. 2. Different Lights Of Cars: There are various colors of car headlights available in the market, and it is a good idea to know about them before you decide to purchase one for your car. The headlights play an important role in the safety and security of your car and its passengers. There are various types of headlights available in the market, you need to be careful while purchasing the same. Plenty of research is currently being conducted on the benefits of having different types of headlights on a car. These research results have proven that it is much better to have more than one type of headlight so your car can see better in different conditions. 3. You Should Not Compromise On Safety: When it comes to safety, one must be determined and a firm believer of safety being the number one priority. You should never compromise on the safety aspect of things. When we talk about headlights, it is really important to have good headlights installed in your car. They are a source of light in the dark areas where danger can be present at any moment or step of the road. Hence, do not try to save money or try to install cheap headlights with little to zero visibility. Put in some money and try to get premium quality lights installed in your vehicle. 4. Do Not Spend A Lot Of Money Too: As important it is to not try to save money, it is also important to not overspend the money. If a similar kind of product with the same quality and looks is available cheaper but with different branding, consider buying it and saving a few bucks for something else. You can spend the money by investing it for your future or just save it so it may help you later. Read Also: Perfect ways to Earn from your Wonderful Car

Guide to How a Pipeline Maintenance Company Operates

Transporting liquid and gaseous substances over several kilometers has been made easy and possible by the use of pipelines. They provide a quick, safe, and effective method for conveying substances like gas, crude oil, chemicals, water, raw materials across state lines. They are also cost-effective. Imagine having to drive any of these substances from a place like Texas to New York. While this is possible, it is expensive, dangerous, and will take days to arrive at its destination. Transporting these through pipelines helps to avoid all these. Pipelines as their name suggests are lines of pipes that are equipped with various kinds of devices like valves, pumps, etc. They are used for conveying chemical substances over long, medium, and even short distances. This is from the point of production to where these substances are needed. Pipelines are made of materials such as metals like aluminum, steel, or cast iron. They may also be made of concrete, plastics, or clay. They come in a variety of sizes and are designed to be sectional. These sections are then bolted or welded together. Although some pipelines are visible, most are typically buried underground and concealed from public view. This is oftentimes to ensure their safety and that of the environment. You may read more about pipeline transport here. Pipeline Maintenance The way they are designed means that they can withstand most weather conditions and have a long lifespan. Despite this, it is crucial to always inspect and carry out constant repairs and preventative maintenance work on them. This will ensure their integrity, reliability, and safety. It makes them safe for the environment and issues arriving from damages or failure can be avoided. Regular maintenance also helps to comply with government regulations and avoid unnecessary downtimes which may lead to further issues. This means that any damage must be repaired immediately. Regular monitoring and maintenance will help to discover any damages early and prevent them from becoming full-blown. While manufacturing and laying them, pipelines are checked for imperfections and they are cleared before they can be used. However, as with everything, they will go through degradation and begin to diminish gradually. They can also become corroded. Thankfully, there are various processes available to correct these flaws and to reduce degradation. Also, when it is damaged, there are processes to carry out repairs. This is important because damages to these lines can bring about potential risks especially when the substances they convey are combustible. Furthermore, it can affect the operations of the company, their bottom line, and the clients they serve. Therefore, it is expedient that companies that own and manage pipelines take preemptive steps to forestall any of these. They do not have to do this by themselves as it could require a lot of resources. There are pipeline maintenance and repair companies who are experienced in doing this. They also have the resources and know-how when it comes to handling pipeline repairs. Tips on Maintaining A Pipeline As mentioned earlier, maintaining pipelines involves ensuring their integrity and that of all their components. This is not a one-time thing but should be done regularly. It is also important that the process be as thorough as possible. All of these involve carefully inspecting, detecting leaks, and ensuring that the internal parts of the pipeline are clean. To this end, here are some of the ways to protect your pipeline. 1. Right of Way Clearing One crucial aspect of maintaining a pipeline is clearing the right of way. The pipes need a clear path to travel so that they operate optimally. Right-of-way clearing involves removing trees and roots so that the area surrounding the infrastructure is free from any threat. This is also important so that the pipeline can be accessible especially during an emergency. 2. Investing in Corrosion Protection Corrosion is one of the greatest enemies of pipelines and for this reason, it only makes sense to invest in its prevention. There are about 5 ways to do this. They include: Cleaning and protection. This involves pigging and using chemicals. It also includes clearing the area that is surrounding the facility. Cathodic protection Using Corrosion inhibitors Abrasive blasting Using coatings and linings 3. Hydrostatic Testing Before you begin to use a pipeline, it is recommended that you perform hydrostatic testing. This helps to ascertain its strength. This test is also useful for measuring the strength of pipelines while in use. Hydrostatic testing is a method where pipes to be used for a project are connected. These pipes are then filled with water at high pressure than is normal. This helps to reveal how well the pipes will perform when they are used heavily. 4. Keeping Accurate Records It is also key that you keep accurate records each time you maintain your pipeline infrastructure. Doing so allows others to know the accurate history of the line. Part of keeping these records is taking images of the pipeline. All of these will help in showing clearly the conditions of your infrastructure from installation. It also lets you see how fast it is corroding. Procedures Used in Pipeline Maintenance Pipeline repair companies have a range of procedures or methods to carry out their maintenance. They are often experienced and are able to provide you with emergency services at any time. Some of the common methods they use include: Hot taping Line stopping Freeze stops Leak repairs Pressure grouting, etc. You can check out rjstacey.com – Pipeline Repair service to learn more about maintaining your pipeline. Conclusion Maintaining a pipeline starts from the planning stage and continues throughout its life span which can be as long as possible. It involves regularly monitoring the structure and carrying out preventive works on it. Also, when there is any form of damage, it means responding quickly to resolve this. Experiencing downtime because of a damaged pipeline can cost a lot of money. Allowing unsafe conditions too is risky and can be debilitating to your operations in many respects. You should therefore take steps to prevent this. Start by calling in maintenance experts to help you evaluate your facility and prevent a shutdown. Read Also: Highlighting the Benefits of Horizontal Directional Drilling

How Business Owners Can Better Utilize Freelance Work

Revenue Sharing Model