overworked entrepreneur

Bootstrapped to the Max: When Should An Entrepreneur Consider Outsourcing?

overworked entrepreneur needs to outsourceEntrepreneurs tend to have a mindset that they can do it all. This is especially true when their business is in the start-up phase. While bootstrapping has benefits like keeping your business lean when money is tight, taking on too many tasks sidetracks business owners from the purpose of their business: growth and revenue.  But isn’t one saving money by doing everything themselves? After all, money not spent is money still in the business.

While this is a thought that many entrepreneurs have, the answer is simply, no.

There are many jobs that a business owner should outsource because it will save them money, especially when you consider that time is a finite resource. If you calculate how much time you are spending with sales, paying bills, meeting with clients, networking, marketing on social media channels, blogging, maintaining your website, answering emails and other administrative work, how much time do you have left to do what you actually do? When you calculate the potential revenue that could be made by performing more services or selling more products and compare it to the time spent doing all of the above tasks, your business is losing money!

In an article by “Entrepreneur“, Tonya Thomas, president of The Small Office Assistant, is a great example of how a business owner can generate more sales by relying on outsourcing work.

“At first I felt like I was the only person who could do the work efficiently; I wanted control over everything,” said Thomas. “But I wanted my business to grow, and in order to do that I had to let go and start delegating.” It paid off for Tonya. Within a year of outsourcing, she doubled her company’s revenue.

So what tasks and jobs should a business owner outsource to save them money?

1.  Accountant: Hiring a good CPA will not only save you time but will most likely save you money. They will know how to do your taxes and look for ways to save you money that you may not know of. They can also estimate how much your taxes should be in the future, taking one more worry out of the back of your mind. In the case of an audit, you will have an expert in finances to back you.

2.  Insurance agent: For businesses offering health insurance to their employees, hiring an insurance agent will not cost you any money since they generate their income from insurance companies. They will, however, save you time and money sorting through the array of available health plans.

3.  Marketing Assistant: Blogging, maintaining social media sites and developing email campaigns are time-consuming. If you are falling behind on any of these essential marketing channels, it may be time to outsource.

4.  Lawyer: According to FindLaw.com, hiring legal help saves the small business money in the short-term, but also brings protection and savings long-term. Consulting with a lawyer can help you with the legal do’s and don’ts of hiring and firing employees, creating a fair, discrimination-free workplace environment, and staying compliant with employment laws. Doing so will help prevent a potentially expensive lawsuit.

5.  Any type of work that takes you away from doing what you do best, your business. If you are still doing tasks out of your sphere of expertise, that you can’t do accurately or efficiently, you will save money by hiring someone else to do it, whether in house or out.

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