If your answer is yes, you’re probably one of the entrepreneurs who is trying to do everything in your business thinking this is the right way to do. After all, building a business you’re passionate about is all about hard work, hustle, and grind, right?
Working hard is good. Working smarter is better. In fact, the benefits of outsourcing outweigh the cost.
If you think you need to outsource just to free up some time so you can get a breather from all the side hustling, think again.
Outsourcing can give way more than just extra time
1. Done right, outsourcing is an investment, not an expense
Most entrepreneurs don’t focus on outsourcing thinking this is just an added expense. And when you’re building a business from the ground up, it’s important to be wary of costs.
But it’s also important to look at outsourcing as an investment rather than an expense.
An expense is a cash outflow required to do or gain something.
An investment is a cash outflow that will bring in more cash inflows for the business.
So how does outsourcing become an investment?
Like I said, when done right, outsourcing is a good investment. Start by outsourcing tasks that slow you down from producing business assets that actually bring in money.
For example, if you hate bookkeeping and no background or experience in this particular field, there’s no point in trying to learn it when you can hire a bookkeeper. Hire someone good and focus on money generating activities like pitching to investors. The amount of an investment to fund your startup far outweighs the cost of a bookkeeper.
2. Outsourcing saves you money
Time is money. When you spend time on daunting tasks you could have outsourced, it’s your money you’re wasting.
Imagine this: You’re currently earning $50 per hour. You need to create a Pinterest image for your blog post so even if this isn’t your specialty, you spend an hour to create a Pinterest worthy image. That’s $50 down the drain.
Compare that to this situation: You hire a VA to create that image for $5 an hour. Now you have one whole hour to work and earn $50. You’d have a net income of $45. That’s money you would not have earned if you chose to spend your time creating the image yourself.
3. Outsourcing gives you more brain energy
As a business owner and decision maker, you need to direct your energy and creativity in areas that light you up and move the needle for your business. Having to worthy about everything even the minute details can drain you out. Learn to delegate and let other people worry about admin tasks.
As a business owner, you should do your best to manage mental and physical stress.
4. Outsourcing empowers you as a business owner
When you pay for someone’s services you’ll feel empowered. There’s a sense of dignity and validation when you pay for services you love.
5. Outsourcing teaches you to master the art of delegation
Through outsourcing, you’re multiplying yourself. Delegating lets you be in charge rather a slave to your own business. This, in turn, will make you fall in love with your business even more!
Delegation gives you the power to become the captain of your ship.
6. Outsourcing teaches you to budget
This is especially true when you’re building a business from scratch. Every dollar counts. When you outsource, you learn to budget your time and money. In the end, you become business savvy.
7. Outsourcing motivates you to work harder
When you know someone depends on you, you’ll be more inspired to work hard so that you can pay their salaries.
If you don’t work hard and your business doesn’t earn an income, what will happen to your employees? To your employee’s families? Believe it or not, every business owner I know who sold or closed their business has these thoughts in their minds.
You’re building a business to provide jobs and make an impact on the world.
So next time you think outsourcing is just an expense you can forego, think again. You might be overlooking a great opportunity to grow your business.
Track All Your Accounts With Personal CapitalPersonal Capital lets you see all of your accounts in one convenient place. Sign up now for free.
More from my site
Latest posts by Joy (see all)
- Stay Motivated While Working From Home? Here’s How! - March 15, 2021
- How To Be An Effective New Normal Leader - February 15, 2021
- How to Successfully Handle Your Finances as a Newly Married Couple - January 17, 2021