Well, there's no one solution fits all here as it depends on your particular circumstances, your needs, your available budget and your aims and goals.
Here's a summary of the main points that I think you should consider:
Hiring a Freelance New Business Developer
1. Cost Effective - Typically charge less than agencies or in-house staff.
2. Expertise - There are specialist freelancers for the creative, digital and marcoms industry (like me!) or freelancers that provide a more specific service such as lead generation only, email prospecting or contract and tendering support,etc.
3. Flexibility - Usually much more flexible and adaptable in terms of days and hours required.
1. Limited capacity - Freelancers have limited availability so scaling up would be a challenge and it may not always be possible to quickly increase days and hours when they're fully booked.
2. Tools & resources - Likely to have less tech add-ons, huge databases and other tools they can plug into.
3. Relying on one person - If they're ill or require a pause for a period of time there's no one else in place to cover.
Hiring a New Business Agency
1. Expertise - There are specialist agencies for the creative, digital and marcoms industry who will understand where to look for suitable opportunities.
2. Tools & resources - More likely to have access to tech add-ons, databases and other tools they can plug into.
3. Scalability - Capacity to scale up or down depending on your requirements and budget.
1. Costly - Agencies are usually expensive as they have greater overhead costs plus salaries and other expenses for multiple staff to cover.
2. Communications & personnel changes - Where there are a number of people involved, who may also change from time to time, there maybe communication challenges.
3. Attention & priority - Agencies are more likely to have numerous clients so may not provide the same level of attentiveness as other options.
Hiring someone in-house
1. Dedication - An employee will be fully focused on your business only so over time they can develop quite in-depth knowledge.
2. Control - You will have direct day-to-day control over an employee and their work activities.
3. Teamwork - If they are office or studio based they will have more face-to-face opportunity to easily discuss work or collaborate more closely with other members of staff.
1. Higher Overhead Costs - Hiring and retaining staff can be expensive especially for smaller agencies as you have to factor in studio or office space, equipment, benefits and other expenses.
2. Scalability - Increasing the size of your team can take time and be expensive which may not be feasible for short term requirements.
3. Training & commitment - You may need to invest in training and development if there are gaps in their knowledge and capabilities.
If it's flexibility, cost effectiveness, specialism and expertise in your area, then a freelance New Business Developer is a more suitable alternative especially for smaller agencies - just call or email me!
But if volume and scalability are important, a New Business agency is likely to be a better but expensive solution as they will have the capacity to have a number of people working on your account.
Or if you require one person dedicated full-time on site to your agency only and have direct daily control over their work, then an in-house person is the best option.
It may be a combination of these options is an effective solution e.g. hiring a freelancer to support an in-house person or team.
So there you have it. Each option has it’s fors and againsts. Hope that helps your decision process. Do get in touch if you'd like to discuss.
Wishing you a Merry Christmas and a Wonderful Prosperous New Year! 🎄🎁🥳