“I am On A Tight Budget, Shall I Hire Someone Else To Do The Work For Me?”Posted by Chris Diamond | 13 comments
Hiring others to do some of the work for us is necessary if we want to save a lot of time. However, if we are really tight on budget, it seems that we can’t afford hiring someone at the moment.
If you really have financial difficulties, but you do not have the time to do all the work, what should you do? Quit?
Quitting is easy, but if you are persistent enough the pay off is huge.
In fact, most successful people today endured a lot of failures to stood out from the crowd, in order to maintain their position and status, they had to fail even more…
What Options Do You Have?
1) Continuing doing it all by yourself, it often times does not matter how fast you are moving as long as you are getting things done or driving things to completion. It may be a slow process, but if you really enjoy what you are doing…
…you may want to stick with that option until you get some desirable cash-flow, by working on the money-making activities within your business and find someone to replace you along the way by outsourcing the tasks that consume most of your time.
That’s why it is critical to start a small project first, before you start the big project that might take months to complete, because you need IMMEDIATE CASH, and you can use that cash from the small project to finance the big project.
Today, with the power of Internet, we are fortunate to have the ability to run entire company all by ourselves, because the tools we have today create a lot of leverage and most of them automate the process in a way that make things easier for us.
There’s always a tipping point where we can’t handle it all, but I am talking about the first couple of months, even the first year. You may want to try doing it all by yourself, again, only if it is fun for you, and you love discovering and learning new things.
In fact, as you do all the work yourself, you’ll become familiar with all business operations and see which one are the critical ones, so when you hire someone, you know what to expect from them, because you already have certain frame of reference.
Example: most entrepreneurs haven’t done any technical stuff, they outsourced it. So they are completely ignorant on that area, and if they need somebody to handle the technical part within their projects, they wouldn’t know what to look for, because they have no frame of reference of what the particular job entitles in the first place.
Word of cation: when you are trying to do it yourself, you need to have a spare time. If you are busy all the time, putting off fires, and there’s no at least 2-4 hours per day that you can spend working on your business, then you should really consider outsourcing.
As long as you complete a task, if you are doing it all by yourself, this alone is going to motivate you to move forward. When we bring tasks to completion, our brain releases endorphins (the hormone of happiness) that gives us pleasure in completing a task or when overcoming major bottlenecks.
This is quite important as you work, and relying only on yourself to bring tasks to completion so that this alone to move you one step closer. It does not matter how fast you go, as long as you stick to it and get things complete.
Of course you want to move with a relatively good pace, but in general, quality is over speed.
2) Getting someone (at least 1-2 people or more) to do the biggest bottlenecks within your project. Things that take a lot of time for you to get done.
You want to bring people on your team who know what they are doing. You need people who have a lot more experience than you in every area of your business, so that as you hire them from day one, they can begin working on it, without training them or anything. In fact, those kind of people are actually paying themselves.
And the best of all, you pay only for results.
That’s why hiring appropriate people for the job is critical. If you do not hire good performers for the job, they are going to be an expense, and take money out of your pocket, because they are poor performers. Read my article on top 3 business owners mistakes in hiring people!
If you hire good performers, you do not even have to pay them out of your pocket, because what they produce is going to be at least 2-3 times more than what you actually pay them. Those are the kind of people you need as you are getting started. So the budget you have does not really matter, because those people are actually a profit, rather than an expense.
Let me give you analogy of this.
If you buy ads with Google Adwords for example, and the cost per lead is about $1 (when they land on your page and opt-in), but you have an offer to the “thank you” page selling an ebook for $19.97. If your conversion rate is 20%, that’s on every 100 leads you get 20 people who actually buy the ebook, you’ll get $399.4, but the cost for having those 100 leads is $100, so your net is $299.4.
The ads you are paying in Google Adwords are PAYING themselves, because you have an offer that converts on the back end.
Same with outsourcing, if you pay a person $40,00 a year, and they produce $120,000 for the entire year, based on their performance, you do not have to pay they $40,000 out of your pocket, because they already paid themselves $40,000 + giving you $80,000.
Now, The Question Is, “Where To Find High Performers?”
The video below is an 1 hour and 25 minute webinar with John Reese, who recently launched “Outsource Force” Program. You may watch this free webinar here for getting tips on hiring effective people that make the difference in your business, without worrying about tight budgets!
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