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Hiring PPC freelancers can potentially save money for an agency in several ways compared to hiring internal employees:
Lower overhead costs
Freelancers typically do not require benefits, office space, or equipment, which can save an agency from high overhead costs.
Lower salary costs
Freelancers typically charge by the hour or project rather than a salary, saving an agency money in the long run.
Flexibility
Freelancers can be hired on a project-by-project basis, allowing an agency to pay only for the specific skills and expertise needed for each project rather than for a full-time employee with a broad range of skills.
Lower training costs
Freelancers have typically experienced professionals and may require less training than internal employees, saving the agency money on training costs.
Examples of calculations: Let’s say a PPC agency wants to hire a full-time employee with a salary of $75,000 per year, including benefits and office space. On the other hand, a freelancer charges $50 per hour for their services.
- If the agency works with the freelancer for 20 hours per week, the cost would be $1,000 per week or $52,000 per year, which is $23,000 less than hiring a full-time employee.
- If the agency works with the freelancer for 40 hours per week, the cost would be $2,000 per week or $104,000 per year, which is $21,000 less than hiring a full-time employee.
It’s important to note that these calculations are just an example, and the actual savings will depend on the agency’s specific circumstances, including the freelancer’s hourly rate, the number of hours worked, and the cost of benefits and office space for internal employees.
Lower overhead costs
Freelancers typically do not require benefits, office space, or equipment, which can save an agency from high overhead costs. For example, if an agency offers its employees a benefits package that costs $10,000 per year and the agency rents office space at $20 per square foot, the total cost of benefits and office space would be around $15,000 per year. If the agency hires a freelancer who works 40 hours per week, the agency will save $15,000 per year in overhead costs.
Lower training costs
Freelancers have typically experienced professionals and may require less training than internal employees, saving the agency money on training costs. For example, if an agency spends $5,000 per year on employee training and hires a freelancer who is already trained and skilled in PPC, the agency would save $5,000 per year on training costs.
It’s important to keep in mind that these are just examples, and the actual savings will depend on the agency’s specific circumstances. It’s also worth considering that freelancers may require more management and supervision, which could lead to additional costs.
Lower training costs
Freelancers have typically experienced professionals and may require less training than internal employees, saving the agency money on training costs. For example, if an agency spends $5,000 per year on employee training and hires a freelancer who is already trained and skilled in PPC, the agency would save $5,000 per year on training costs. It’s important to note that these cost savings also include the time and resources spent on internal training, which is often not considered.
When an agency hires an internal employee, the employee must be trained in the agency’s processes, tools, and procedures. This process can take time and require additional resources such as training materials and trainers. On the other hand, a freelancer brings the skills and expertise the agency needs and doesn’t require the same level of internal training. This can save the agency time and resources that can be used on other projects.
It’s also worth mentioning that even if the freelancer needs some initial training on specific tools or processes, it will be much less extensive and time-consuming than training an internal employee from scratch.
Conclusion
Hiring PPC freelancers can be cost-effective for agencies, offering savings in overhead, salary, and training expenses. While the savings can vary, freelancers’ flexibility and expertise often outweigh these variables. However, accounting for potential management time and other indirect costs is important. All in all, freelancers present a compelling option for agencies aiming for fiscal efficiency and agility.
