What is SpareHire?
SpareHire is an online marketplace that connects a screened and vetted pool of finance and consulting Professionals with a variety of Organizations for project-based work.
Where do the Professionals come from?
Our Professionals all have at least two years of professional work experience in investment banking, management consulting, private equity, venture capital, corporate development, or related fields. You can see where some of our Professionals have worked on our Homepage. Most importantly, every Professional in the SpareHire network has worked closely with a company on a core finance, strategy, and/or business development initiative.
What type of work happens through SpareHire?
A few examples of projects that appear on the SpareHire platform include:
- Evaluation of a new market opportunity for a small business.
- Research and presentation work for a consulting firm.
- Financial modeling and analytical support for a private equity investment.
- Preparation of an annual budget for medium-sized business.
- Analysis of new investment ideas for a hedge fund.
- Creation of a business plan and fundraising materials for a start-up.
Organizations that post projects on SpareHire include:
- Small-to-medium sized businesses
- Investment banks / brokers
- Consulting firms
- Private equity firms
- Family offices
- Hedge funds
Why does SpareHire focus on short-term projects instead of full-time hires?
Finance and consulting work tends to be episodic by nature: whether it be an investment opportunity, a consulting study, a business plan, a budgeting exercise or a strategic review. While some larger institutions can afford to hire full-time Professionals or engage expensive service firms for these services, the vast majority cannot. SpareHire affords these organizations access to top-tier talent at affordable rates.
At the same time, talented finance and consulting Professionals are seeking new, flexible ways to utilize their skills, earn income and grow their personal networks. Thousands of talented investment bankers, management consultants and investment Professionals have left their large service firms in search of a better work-life balance, to raise families, or to pursue other interests. SpareHire offers these Professionals a more flexible and efficient way to work and utilize their hard-earned skills while meeting new Organizations.
Why don’t you allow traditional bidding for projects?
In our experience, traditional bidding systems often leads to “price-first, quality-second” outcomes for skill-based projects like those posted on the SpareHire network. We ask Organizations to provide a non-binding budget estimate when posting a project so that they can quickly attract the right Professionals who can deliver high-quality work product. Organizations have full control to set the price of their projects, whether hourly or fixed, and can negotiate final terms after identifying potential Professional matches.
What happens in the event of a dispute over work product or pay?
In these rare cases, SpareHire will attempt to assist in resolving the dispute. Both the Professional and Organization should send the executed consulting agreement and work product to firstname.lastname@example.org and we will do our best to help resolve the dispute.
We encourage Professionals and Organizations to follow our best practices to minimize the chance of a dispute.
How does your feedback system work?
We allow both Organizations and Professionals to rate each other upon completion of a project, and this feedback is compiled and made viewable for future projects. If an Organization or Professional receives aggregate feedback ratings below a certain level, we will consider removing that user from the SpareHire platform.
How does SpareHire make money?
SpareHire charges a service fee equal to 25% of the total project value. When an Organization initiates a payment through our system, the 25% service fee is automatically deducted, and the remainder is transferred to the Professional’s bank account.
The service fee is used to fund operational expenses, payment processing fees, and web development. You can find out more about this in our How it Works section.
Does SpareHire employ its Professionals?
No. Our Professionals are typically employed as contractors by Organizations posting projects. SpareHire manages the technology platform that enables Professionals and Organizations to find one another and work together.
I am employed full-time and only looking for full-time employment. Should I still join SpareHire?
Absolutely. Many of our projects can be done on the side (for example, spending 10 hours building a financial model over a weekend) even if you currently are employed full-time. Furthermore, many SpareHire projects have the potential to lead to full-time positions, and we believe SpareHire is an excellent way for Professionals and Organizations to work with each other before committing to full–time employment.
Regardless of your current employment status, SpareHire is a great way for you to broaden your network and gain access to an exciting and diverse array of projects and Organizations.
I run a boutique firm and I want to find work through SpareHire. Is this allowed?
How do I apply for a project?
First, you must register as a Professional. Once your application has been approved, search for projects and apply to ones you like.
How do pricing and timing of payments work?
The pricing referenced in the project posting is indicative. You should finalize key terms with the Organization, including pay rate, payment scheduling, and project scope, as well as having the Organization officially 'select' you via the SpareHire platform, before commencing any work.
You should invoice your client for all work performed using the invoicing template on our Resources page. For ongoing projects, invoices are typically sent on a weekly or bi-weekly basis. Be sure to invoice the client for the gross hourly rate (inclusive of the SpareHire fee), and the client will settle the invoice via the SpareHire site. Once the client initiates a payment, you'll receive an e-mail notification and your net fees will appear in your bank account within a few business days.
Be sure to link a bank account to your SpareHire account to avoid payment delays.
What legal documents are required to begin working on a project?
Before beginning work on any project, SpareHire strongly recommends that you complete the following documentation:
- Execute a Consulting Agreement with the Organization: This ensures confidential treatment of information and details the scope of work, compensation, and deliverables.
- Submit a W-9 to the Organization: This is a tax form that alerts the Organization to generate a Form-1099, which is the form that is used to report independent contractor income to the IRS. SpareHire intends to help manage the tax process in the near future.
Once you have executed these forms, you should feel free to commence work on your project.
How do I report income earned through SpareHire projects to the IRS?
We hope to introduce several tools in the near future that will make filing your taxes a breeze, but for now you should keep track of all income earned through SpareHire. In most cases, income you earn through SpareHire will be subject to standard income taxes and a self-employment tax. For more information, visit the IRS website or speak with an accountant.
Is my SpareHire profile publicly accessible?
No. We take your privacy very seriously. Your profile will not be available to anyone unless you apply for a project. If you do apply for a project, the Organization that posted the project will have access to your profile, but no other SpareHire user will see your profile.
I just completed a project for an Organization. How and when will I get paid?
Simply Add A Bank Account to your Professional profile. Once you have marked the project as complete (via the Project Tracker) and the Organization has approved your work, you will receive payment directly into your bank account 1-5 business days after the Organization submits the payment.
What are some project best practices that you recommend for Professionals?
We have assembled a list of best practices for Professionals here. If you have additional suggestions, please let us know!
I have applied to several projects but have not been selected for one. Why?
Sorry to hear that you haven’t been matched for a project yet! Please be patient, as there are many qualified professionals applying to each project and it may take a few before you are selected. We've tried to make the application process very easy for this reason (no bidding or proposal, just a simple cover sentence). That said, there are a few things you can do to improve your odds:
- Ensure that your SpareHire profile is thorough. Include full work history, an uploaded resume, and relevant work samples.
- Highlight relevant past experience ("I've done this exact project before for a similar company") and interest in the specific project. For most projects, the professional with the most relevant experience is chosen.
- Last but not least, please be mindful of the project prerequisites. Apply to those projects that are the best fit for your background.
We will do our best to source many more projects in the near future, so please check back and thank you for your patience!
What types of Organizations use SpareHire?
SpareHire welcomes any Organization that needs support on a project basis. Our current customer base includes investment firms, consulting firms, investment banks, small businesses and startups.
Can I browse the network of Professionals?
Not at this time. The privacy of our Professionals is very important, and we therefore do not allow you to browse the network. Instead, we ask that you post a project and review the applicants.
If you would like to access a specific Professional without posting a project, please contact email@example.com.
Am I hiring SpareHire or am I hiring a freelance Professional?
You are hiring a Professional. Organizations directly employ Professionals they find through the SpareHire platform (typically as contractors). SpareHire provides the technology platform that enables Professionals and Organizations to find each other, work together, and process payment.
How do I post a project?
Should I price my project using an hourly rate or fixed price?
This is entirely up to you. If you have a budget in mind that you cannot exceed and very specific deliverables, we suggest you used a fixed price. If your needs are less defined and you simply need ongoing support, we suggest you use an hourly, daily, or weekly rate.
Keep in mind that in either case our Professionals will be looking to earn roughly $50-250/hour for their time, depending on the degree of difficulty and the experience required for the project.
Once I post a project, how long will it take to get matched?
SpareHire is intended to provide you with talent on demand. Our projects are typically matched within 1-5 days. If your project is very urgent, please make sure this is reflected in your start date.
Do Professionals bid on projects?
No. We ask Organizations estimate a non-binding, preliminary budget on a fixed or variable (hourly, daily, weekly) basis. We believe this is crucial to attracting the best Professional for your project, rather than focusing on price first and quality second. After the Organization has selected the Professional, the final budget can still be negotiated between the two parties.
Our experience is that bidding does not lead to high quality outcomes and delays the process of getting work started.
What materials do I have to provide my Professional with for my project?
You must provide your Professional with any and all materials required to complete the project, including providing or covering the costs of any third-party research, data, or specialized software. Professionals are expected to have access to basic resources, including a computer, Internet access, and commonly used software (Microsoft Office suite).
It is best to discuss this with your Professional to ensure a common understanding of what is needed and what will be provided before finalizing a consulting agreement.
How do I pay my Professional?
SpareHire has a secure payment processing system built into our platform. We accept bank-to-bank ACH payments as well as major credit cards. Simply login to your account and follow the payment instructions on the Project Tracker.
Upon executing a payment, a service fee of 25% of the total project value is deducted, and the balance is transferred directly into the Professional’s bank account. We recommend using bank-to-bank ACH payments to minimize your payment processing fees.
Can I pay my Professional outside of the SpareHire system?
What are some project best practices you recommend for Organizations?
We have assembled a list of best practices for Organizations here. If you have additional suggestions, please let us know!
I want to hire my SpareHire Professional full-time. What do I do?
Please feel free to contact SpareHire at firstname.lastname@example.org directly for help with this process.