Back3 Cost-Effective Ways to Hire While In An Accelerator

3 Cost-Effective Ways to Hire While In An Accelerator

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Startups don't have much time or money, but there are ways to stretch your budget to ensure you're building the right team to invest in the longevity of your company.

With limited time to accomplish your goals, hiring while in an accelerator can have a huge impact on your startup. Here’s how to hire your next co-founder, key hire, or freelancer without stressing your limited budget.

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Credit: GIPHY

Finding a co-founder

Flying solo as a founder can be tough, especially while navigating the turbulent skies of the accelerator world. Bringing on a co-founder now can help make sure you land safely on the other side with plenty of runway to play with. In addition to lightening your load, the right co-founder can help mitigate risk, offer emotional support, and strengthen the credibility of your business.

First, consider what your ideal co-founder looks like. Sure, you want someone who is trustworthy, reliable, and shares the same passion for your start-up as you do, but there are other important factors to consider. Seek out co-founder candidates with skills that complement yours. If you’re a marketing pro who crushes every sales call and feels at home in investor meetings, then you may want to consider a co-founder who is well versed in business ops or product development. It’s also key to find someone whose opinion you value that won’t shy away from expressing their ideas and challenging yours. 

Once you know who you’re looking for, it’s time to hit the virtual pavement. Y Combinator’s Start-Up School is one of many platforms designed to help you connect with potential co-founders. Oftentimes, co-founders are willing to take lower than usual pay rates in exchange for equity in the company, leaving you more budget to play with and giving them some skin in the game.

Making your next key hire

Accelerator season is a time to put the pedal to the metal and focus on growth, expand your network, and start gearing up for Demo Day. To maximize your accelerator experience, it is wise to bring on a key hire or two who can help accomplish your goals and allow you to focus on the big picture.

To start, it’s important to identify which areas of your start-up you are struggling to keep up with. If you’re a tech platform who has seen an influx of new users for example, it could be time to hire a Product Manager. If you’re struggling to keep up with your marketing and outreach efforts, a Chief Marketing Officer might be the way to go. 

After identifying the role you’re looking to hire for, it’s time to post a listing to LinkedIn, Indeed, or whichever hiring platform(s) you prefer. To attract the right candidates, be sure to talk yourselves up a bit! This is a super exciting time to be joining your team and there is potential for this key hire to both grow with and make a real impact on your business. These roles could be a great fit for a hungry recent grad who would be willing to take more entry-level rates.

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Credit: Ovation TV

Finding the right freelancers for you

Even with a solid team in place, your accelerator workload could still seem overwhelming. Anytime you need additional support, freelancers should be your go-to fallback. With how easy it is to work remotely these days, you basically have an endless supply of specialists on retainer who can hop in and help at a moment’s notice. 

From social media management and content creation to graphic design and web development, there are countless ways freelancers can impact your business. Whether you have a one-off project you need knocked out or need someone to join the team on a part-time basis, freelancers are a cost-effective and risk-free way of getting the help you need.

Freelancers are on-demand workers who are highly skilled and self-motivated. As needs arise, there are tons of freelancing platforms you can turn to for assistance. Not only do these platforms make it easy to connect with freelancers, they also track hours worked, allow you to pay invoices in-app, and even cover all the 1099’s so you don’t have to.

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