TBL Episode 162 - REPLAY: The pros and cons of hiring employees or contractors

The Bottom Line by Evolved Finance

We’re revisiting some of our most popular and helpful podcasts from the last year. For this week, we are replaying episode 122.

If you have any hopes of growing your online business, then you’re going to need other people to help you get there.

For most online entrepreneurs, contractors are a great starting point to get the support they need. But as their business grows and scales, hiring employees becomes a necessary next step. I think it’s fair to say that when building any sort of team—be it your first contractor, or your 13th employee (like we’re hiring for right now!)—the thought of bringing more people into your business can be scary.

And like most things about online businesses, there’s a lot of bad information and advice going around about building teams.

That’s why for this episode, we discuss:

• Why you need an accountant or lawyer to advise you on the best time to bring in employees as your online business grows
• Why employees are slightly more expensive than contractors and why the extra costs can be worth it
• Why certain contractors have the potential to be employees and why some do not
• Why you typically need your contractors to be online business experts but your employees don’t have to be
• Why you should strive to build a team of employees if you’re looking to grow your business
• Why employees and contractors are some of the most important expenses to track in your business