From the course: Taxes for Small Business
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Optimizing your workforce
- So, you've started a business, proved that it can work, and now you need to grow your team to bring your vision to life. Great news, right? Well, for many business owners, managing people and the administrative load that comes with them is one of the biggest headaches, especially when the team is small and the managers have to do everything. While the temptation may be to go out and build a team with a vision of having these people become your work family and share the fruits of your collective labor, here's a few things to consider first. Hire versus contract. Payroll costs are often the biggest expense in a business. Unless you have predictable income or a big base of money to draw on, it doesn't make sense to hire too fast. See this course for more. The bottom line is that financially, using contractors and freelancers can be a much more cost-effective way to grow your workforce. Payroll and withholding taxes. Why are contractors more cost-effective? Well, for one, you don't…
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