Day 24- Out-Sourcing Your Business
If you want to build a massive Home Business organisation, then at some point you will need to outsource some of your business. There is no way that you can do all the work by yourself, there’s just too much. And working all day and night kind of defeats the purpose of having a Home Business; most of us were attracted to the industry because we wanted the freedom to spend more of our time doing the things we love, whether it be spending time with the family, travelling, etc.
For todays lesson, much of what you’ll learn will dome directly from a book I picked up just a few days ago. It’s called “The 4- Hour Work Week,” by Timothy Ferriss, and is a must- read for any serious Home Business Entrepreneur. You can actually get a free copy of the book online…. just go to www.fourhourworkweek.com, and enter your email. The password is Liberty.
Before we begin, I want you to ask yourself how much your time is worth. There is always a cost to what we do…what’s called an opportunity cost. It’s the income we forgo by not putting our time into the most economically productive activity we have available. For example, if someone is making $30/ hour in a job, then they could say that their time is worth $30/ hour. Spending 2 hours watching a movie will have an opportunity cost of $60.
Knowing what your time is worth (or what you’d like it to be worth) is important, since you need to know how much you can pay someone else to do the work for you. If you think your time is worth $50/ hour, then you should be prepared to pay someone else $30/ hour to do those activities for you. You’ll be $20 better off ($50 – $30) and will be able to spend your time on those activities that can’t be outsourced; like doing follow-up calls with your prospects.
<H2>Some activities that you may want to consider Out-Sourcing</H2>
The list is endless. Many of these activities can be out-sourced for less than $15/ hour, and will leave you free to focus on the more important things in your business.
When it comes to a service provider, here are a few of the more common ones;
There are lots of them, you can find more by just doing a Google search for ‘Virtual Assistant.’
Many of them are based in India, where the average pay per day can be as low as $4 (although living expenses are also very low). So for $10 or $15 an hour, you can hire people who are very educated and good at what they do.
I have used Elance in the past to do a range of things. The best way to learn how it works is to go and post a job there. You can post jobs for designing new websites, managing your marketing … you can even find public speakers to promote your business to a live audience for you!
Here’s a list of 25 things you can Out- Source.