Nowadays, it is easy to hire freelancers. With so many websites that host freelancers and job market websites, looking for qualified freelancers is not a tough process for business owners and project managers who are looking for extra help to manage their projects for them and help grow their business. This is much more helpful for startup businesses that don’t have enough budget in operating their business. Even though hiring freelancers can take a toll on their budget, it is much more affordable to hire freelancers compared to hiring full-time employees since they don’t have to spend much on overhead and benefits costs. If you’re looking for freelancers to help you with your projects and tasks, you need to set up a budget for them first. This article will guide you on how to make a budget for your small freelance team.
5+ Small Freelance Team Budget Samples
1. Free Small Freelance Team Budget Template
2. Small Freelance Independent Team Budget
3. Small Freelance Large Team Budget
4. Small Freelance Team Penalty Budget
5. Small Freelance Team Job Requirements and Budget
6. Small Freelance Team Mangement Budget
What is a Freelance?
A freelance is a person working for different companies at different times rather than being permanently employed by a single company. They can do various types of jobs or focus on one specialization. They work in more flexible hours and days compared to employees working in offices.
How to Manage a Budget For Freelancers
1. Know Your Budget First
Before you plot out the budget you will have for your freelancers, know first the exact amount of your existing budget and all the expenses that will come along with hiring them. You need to have a separate budget for your freelancers so your budget for other expenses won’t be touched.
2. Decide The Amount You Will Use as the Budget
As early as now, plan how much money you will spend on your freelancers. Figure out what expenses will go where. Decide what you want to spend your money on and categorize them from most important to least important. You can then calculate how much each expense will cost and adjust to figure out what you can afford.
3. Get Quotes From Freelancers
If you have trouble coming up with the right budget for your freelancers, it doesn’t hurt to ask for help from others. Approach some well-established freelancers in your area and ask for a quote. Provide them details about the project (is it a small and simple project? Or is it a large and complex one?) you will be giving to your freelancers so they can estimate the quote more accurately.
5. Figure Out a Way on How to Pay the Freelancers
Invest in tools to help you with the payment process to your freelancers especially if you’re handling a team. If they already have an invoice system for their services, you can use it to define their rates and payment schedule.
What are the rates of freelancers?
The rates of freelancers vary from the location, the type of business hiring them, and the amount of work a freelancer has to do. Below is just one of the estimations of every freelancing job’s rate:
- Copywriter and content writers: Freelance writers and bloggers typically charge a per-article fee ranging from $30 to $150, depending on article length, content type, and the writer’s experience level. Copywriters charge by project or by the hour.
- Developers: An estimated rate of an average freelance web developer is around $36 and $43 per hour but it can go up depending on the developer’s experience.
- Designers: Designers or illustrators who have lots of experience can increase their rate from $100 to $125 per hour.
- Social media specialists: Their rate is around $15 and $75 per hour, depending on the level of experience.
- IT maintenance: They have the most expensive rate. If they only work sporadically for a specific company, they will ask for a rate of around $200 to $500 per month. If their work is more extensive, they will ask for a rate of around a thousand dollars.
What are the benefits of hiring a freelance team?
- Hiring freelancers save employers money because they only pay freelancers by the hour when they’re doing the job assigned to them. They also don’t need to provide the benefits and spend on other overhead costs.
- The size of a freelance team can scale up or down depending on how where a business is currently financially and the seasonal demand of their business.
- A freelance team is flexible because it can change depending on the nature and current position of your business.
Can a beginner do freelancing?
Yes, beginners who have no previous experience in freelancing can do freelancing. The most common jobs they will be doing are data entry, transcription jobs, and translation jobs.
What are some examples of freelancing jobs?
Examples of freelancing jobs that are common in the job market are:
- Graphic design
- Photography or videography
- Social media manager
- Virtual assistant
- Website design
- Website development
- Software engineering
- Copywriting and content marketing
Working with a small team of freelancers, especially for startup business help the business owners make their lives easier since the freelancers will act as though they are employees but minus the commitment that regular employees have for their employers. As early as now, plan and budget for freelancers so you can organize your projects well and obtain the budget needed for you to afford the freelancers. To help you get started making the budget, download our free sample templates above to use as your guide!
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