What is a Fractional Team? (better than a virtual assistant?)

A fractional team may be the answer to your online business overwhelm. If you’re a coach, course, or membership creator, you know how challenging it can be to build your online business by yourself.

You know that the influencers and the 7 or 8-figure online entrepreneurs leverage teams to achieve success but you don’t yet have the revenue to hire a 5, 10, or 20 person team.

You have probably seen the old advice to hire a virtual assistant to offload low priority tasks and maybe have considered or even tried using a virtual assistant.

But you may not be aware of an alternative model that exists for getting help in building your online business, the fractional team model.

What is a fractional team?

A fractional team or fractional hiring is where you leverage a group of skilled professionals who work part-time for your business, offering their expertise on a flexible basis. Instead of committing to long-term contracts or full-time hires, fractional teams provide you with access to their skills and knowledge when you need them the most. This can be especially advantageous for businesses looking to scale up quickly or adapt to ever-changing market conditions.

Solopreneurs, small, and medium-sized are examples of companies embracing fractional hiring.

Teams are composed of part-time talent who work together to provide services for your company. These teams can consist of experts or fractional hires in various fields, such as marketing, finance, product development, and even social media. They can be hired on a project-by-project basis or for a specific period, allowing you to access the expertise you need without the financial burden of a full-time employee.

The Benefits of Fractional Teams

Fractional staffing models have numerous advantages and they can bring major improvements to your business output and results.

1. Cost Savings: By hiring part-time talent, you can significantly reduce costs associated with full-time employees, such as salaries, benefits, and other expenses.
2. Access to High-Quality Talent: Fractional teams consist of independent workers and consultants who are experts in their fields, giving you access to exceptional talent without geographic constraints.
3. Flexible Commitment: Whether you need help for a specific project or a short period, fractional teams allow you to scale your resources as needed, without long-term contracts.
4. Expertise and Specialization: With a diverse range of skills and knowledge, fractional team members can fill gaps in your in-house team and contribute to your business’s overall success.

Fractional Team vs. Virtual Assistant

As an online entrepreneur or solopreneur, you may have heard of virtual assistants and fractional hiring. While both can help you manage your workload and grow your business, they are not the same thing. In this section, we will explore the pros and cons of each and why a fractional team may be a better choice for your business.

Pros and Cons of a Fractional Team

A virtual team is a group of people who work remotely and collaborate online. This can include freelancers, contractors, and employees who work from home or other locations. The main advantage of a virtual team is that you can access a wider pool of talent and reduce overhead costs such as rent and utilities.

However, fractional hiring and managing a virtual team can be challenging, especially if you have team members in different time zones or cultures. Communication can also be a challenge, and you may need to invest in tools and software to keep everyone connected.

This can be solved by ensuring that your team also includes an integrator / virtual COO / online business manager (OBS), which is a role the works between you and the rest of the team to manage all the day-to-day activities.

Pros and Cons of a Virtual Assistant

A virtual assistant is a remote worker who provides administrative support to entrepreneurs and businesses. They can help with tasks such as email management, scheduling, social media, and research. The main advantage of a virtual assistant is that you can delegate tasks and free up your time to focus on high-level activities.

However, virtual assistants are often limited in their skill set and availability. They may not be able to handle complex tasks or work outside of their set hours.

No individual person is an expert in all the areas an online business needs such as tech, design, editing, copywriting, ads, etc. Trying to find a single virtual assistant to take on all those roles is a recipe for disappointment and mediocre results at best.

Why a Fractional Team is Better for an Online Entrepreneur / Solopreneur

The main advantage of a fractional team is that you can access a diverse range of skills and expertise without committing to full-time hires.

This can be especially beneficial for online entrepreneurs and solopreneurs who need help with specific projects or tasks. A fractional team can also provide more flexibility and scalability than a virtual assistant or traditional full-time hires.

In addition, with a team you don’t have the single point of failure that you would be over-relying on an individual virtual assistant who may get sick, move to a different client, or become non-responsive.

Building and Managing an Effective Team

Once you’re ready to embrace fractional teams, it’s crucial to know how to build and manage one effectively. This can mean the difference between a major improvement in your online business or a major management hassle.

Leadership and Communication

Establish clear expectations and goals for your team and maintain open lines of communication. Schedule regular check-ins to ensure everyone is on the same page and address any concerns promptly.

Define Roles and Responsibilities

Clarify the scope of work for each team member and ensure they understand their role within the larger project. This helps prevent confusion or overlap and ensures everyone is working toward the same goal. This is crucial for effective fractional hiring.

Manage Workflow and Productivity

Utilize project management tools like Notion or ClickUp to keep track of tasks and deadlines, ensuring that everyone is working efficiently and effectively.

Build Company Culture

Foster a sense of community and collaboration through team meetings and social events, even if your team members are spread across different locations and countries.

Compensation and Retainers

Set fair payment terms and consider using retainers to secure team members’ commitment to your projects. Different roles and skill sets within your team will require different levels of compensation depending on how in demand those skills are and the going market rates.

The power of fractional teams

The power lies in their ability to provide you with specialized expertise and knowledge on a flexible basis. By opting for a fractional team, you can access a diverse range of skills without the financial commitment of hiring full-time employees.

As you consider implementing fractional teams into your business strategy, it’s essential to assess your needs and goals.

Determine which areas of your business could benefit from additional expertise and weigh the cost-benefit analysis of hiring a fractional team versus a full-time employee.

Make sure to thoroughly vet potential fractional team members to ensure they have the necessary experience and qualifications to contribute effectively to your business.

When managed effectively, fractional teams can be a valuable model for online coaches, course creators, and membership creators alike.

By leveraging the expertise and knowledge of fractional teams, you can drive faster growth, innovation, and success for your online business.

Furthermore, as your business grows, you may find that you need to expand your fractional team to accommodate new needs and projects. Don’t hesitate to bring on additional team members as needed, and always maintain open communication to ensure your fractional team remains aligned with your business goals.

How to find and hire a fractional team

As an online entrepreneur, you understand the importance of having a strong team behind you. But finding and hiring a fractional team can seem overwhelming, especially if you’re not sure where to start.

In this section, we’ll guide you through the process of finding and hiring the perfect fractional team for your business, and introduce you to the agency model provided by the Expert Business Agency.

Identify Your Business Needs

Before you start searching for a fractional team, it’s crucial to identify your business needs. Determine which areas of your business could benefit from additional expertise, and create a list of the specific skills and qualifications you’re looking for. This will help you narrow down your search and ensure you find a team that can truly contribute to your success.

Research Potential Fractional Teams

Once you have a clear understanding of your business needs, begin researching potential fractional teams. Look for teams that specialize in the areas you require assistance with and have a proven track record of success. You can search for teams online, ask for recommendations from your network, or attend industry events to find potential candidates.

Consider the Expert Business Agency

The Expert Business Agency offers an innovative model that provides online entrepreneurs with talented fractional teams. By working with us, you gain access to a carefully curated pool of skilled professionals who can help you build, launch, and scale your online business.

The agency model offers several advantages over traditional hiring methods. For one, the Expert Business Agency takes care of the hiring process for you, saving you time and effort. We also provide ongoing support and management, ensuring your fractional team remains aligned with your business goals and delivers top-notch results.

Interview Potential Candidates

Once you have a shortlist of team providers, schedule interview to get a better sense of their skills, experience, and working style. During the interview process, make sure to ask about their past projects, their approach to problem-solving, and how they handle communication and collaboration.

Review Contracts and Agreements

Before finalizing your decision, carefully review any contracts or agreements provided by the fractional team or agency. Make sure the terms align with your expectations and that you understand any fees, commitments, or potential liabilities.

Onboard Your Fractional Team

After selecting your fractional team, it’s time to onboard them and integrate them into your business. Provide them with any necessary resources, tools, or access they may need to begin their work. Establish clear expectations and communication channels to ensure a seamless working relationship.

Conclusion

By following these steps, you can find and hire a talented fractional team that meets your business needs and propels your online venture to new heights. And by working with the Expert Business Agency, you can take advantage of our unique agency model to access top-tier talent while enjoying ongoing support and management for your fractional team.