Many company owners have a fear of hiring independent contractors, either because they’re afraid of the total cost of the project, or because they’re reluctant to put their trust in an outside person who may not truly understand their needs. Here are a few tips on hiring an independent contractor, which may help you overcome your fears, and will help you to achieve exactly what you set out to buy hiring a specialist.
Before you ever reach an agreement with an independent contractor, make sure that he/she is willing to be accountable to you for whatever deliverable you are planning. That means you’ll need contact information from them, as well as some kind of guarantee that the work they do for you will end up being what you wanted. You may also want to build into your agreement an option that requires the contractor to do maintenance on the product if it fails to deliver results.
It is absolutely essential that you establish milestones on any major project involving an independent contractor. This will allow you to make payments to the individual as sections of the work become complete and are verified. Both parties should agree to all milestones established along the pathway to completion, and then these milestones should be adhered to strictly.
Whenever you hire an independent contractor, you should build in a fallback plan in case the product they deliver to you fails at some point. Regardless of the reason for the failure, you should have some plan of action that you can adopt if the product suddenly stops working. It might very well be that your independent contractor can’t be contacted, and you’d be left holding the bag. Make sure this doesn’t happen by building in some redundancy and having a set plan of operation should the product fail at some point.
Is your company going through some kind of development?
Sometimes the cost of software development or some other kind of company enhancement is more than anticipated, and additional working capital is needed. If you find yourself in this situation, contact us at Integrity Financial Capital, so we can explore some options for providing you with the needed capital.