To Outsource or Not

I've spoken about delegating before, but that assumes you already have someone on your team to delegate to. 

Every solopreneur comes to a point (hopefully) where it's too much for them to do everything. Or there are aspects of your business you hate and can't wait to hand them off to someone!

You've probably heard the saying "time is money." Well, that money lost is the opportunity cost associated with not spending your time wisely.

Here's a simple example. Let's say you're running a coaching business and you feel guilty hiring an EA to help you. Although coaching rates vary widely, to make the math easy, let's say you charge clients $100/hour and that you can hire a part-time EA for $20/hour. What this means is that for every hour you're doing admin work, the opportunity cost (ie, the loss) is the additional $80 you could have made coaching.

If your argument is that you don't have enough clients to fill up that time, my answer is to focus on that and not the admin work. Or if sales is not your thing, outsource that.

You need to focus your time and energy on your strengths and outsource the rest. "Outsourcing" can be anything from hiring a part-time employee or freelancer to finding a consultant that specializes in what you need. (Contact me for help in deciding what makes the most sense for your business.) 

You went into business to do the things you love and/or are good at, so do them and outsource the rest.

Takeaway: It's actually more economical to outsource what you don't want to do (or are not good at) and to instead focus on your strengths and the business.

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