Being an entrepreneur or small business owner usually means being a one-man band. Most of the time business owners are consistently balancing multiple spinning plates trying not to drop any of them. Wearing hats that include
- Sales and service
- Customer services
- Product development
- And More!
Trying to be all things to all people is exhausting and can cost time and resources. While you may be wonderful at some aspects of your business, there may be others where you are the least qualified for the job. That’s when outsourcing becomes a smart move that can make you money.
In the beginning, most business owners save money by taking on the various aspects of their business. Even when they aren’t an expert, it makes fiscal sense to keep expenses down and DIY as many aspects of your business as possible. At some point things shift and it becomes financially smarter to outsource some tasks or responsibilities.
Outsourcing is a smart business move
As your business grows so do the demands. At some point there aren’t enough hours in the day to do everything that needs to be done. Outsourcing becomes a smart business move when bringing someone on your team frees you up to-
- Complete money-making tasks
- Focus on activities you excel at
- Reduces stress or overwhelm
Outsource tasks that don’t make money- Your time is best used on money-making tasks. Many tasks take time and yield no income. It makes more sense for you to free up your time to create goods and services, deliver goods and services, or engage in other money-making tasks. Outsourcing tasks that don’t generate income is a smart business move.
Outsource tasks you aren’t qualified for- Many tasks take longer or cause stress because they aren’t your wheelhouse. It’s important to focus on the tasks you are naturally gifted at or that bring you great personal satisfaction. Outsourcing tasks where you don’t have aptitude, dread, or avoid is a smart business move.
Outsource tasks that cause stress and overwhelm- Similarly to being unqualified, tasks that cause stress or overwhelm can demotivate you or leave you running behind. Finding a support system that can relieve your stress and keep your business running timely and smoothly is a smart business move.
Outsourcing makes your business money
Many small business owner’s resist outsourcing out of guilt or fear of lost income. Feeling like you should be doing the work or fearful you’re creating unnecessary expenses is the wrong way to look at it. In the end, outsourcing can help your business make more money when you-
- Build expenses into your pricing
- Rely on the expertise of your partners
- Create passive sources of income
Outsourcing makes money when you set your prices- Running your business well includes setting pricing according to your profit margins. Knowing what expenses you have and how to recapture your investment helps set your pricing. Absorb the costs of your outsourcing by including your overhead in your pricing.
Outsourcing makes money when you rely on your partners- The people and services you use for outsourcing should be thought of as business partners. They are invested in the success of your business just like you are. Though they may be running their own business that supports yours, they are reliant on your success as much as you are. Their experience and expertise can help you save money or earn more. Rely on their experience or advice when it comes to their unique support for your business.
Outsourcing makes money when you have passive income- Any time you make money passively you generate income that offsets expenses. Having passive sources of income or multiple streams of income generates money that can be used for resources including outsourcing.
As your business grows there comes a time when outsourcing becomes a smart business move that will make you money. Be ready, willing, and able to outsource so you have the freedom and flexibility to create and expand your business.
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