A major trend in the biz world right now is using outsourcing, delegating and hiring as your one-stop shop for business success. And most of the time that is true, to grow you need to get uncomfortable and begin delegating and outsourcing
However the why, when and how you do that is different for every business.
There are two approaches when your business grows
1. Hire staff to duplicate income-producing activities.
2. Systemise and automate as much as possible, ie online store, automatic emails, CRM systems, online booking systems etc etc
Once you’ve decided which way works for you and your business and keep in mind you can do a combination of both, it’s time to talk about what you need to know BEFORE you make this leap
I’ve outsourced too early in the business
And I’ve outsourced too late in the business
Here’s what I figured out along the way
1. You need to know how much $$$ an hour of your time is worth,
2. You need to know where you are spending your time
The first step is knowing exactly how much $ you make per hour, once you know this you can make informed choices about whether your prices are correct, and also whether.
For example, I know it takes me 6 hours to deep clean my house, and my hourly rate in my business is $222 … so I lose $1222 of income-producing hours if I take that time and clean my home instead
So it makes sense to pay a cleaner a fraction of that to do the job instead, and I can use that time to create more $$
( see the aligned pricing module in the Elite Membership for more on this )
The second part of this equation is knowing where you spend your time. Every week we have 168 hours, how many of that are spent sleeping? How many of them are spent eating? How many are spent watching Netflix? Working out? Doing dishes? Making phone calls?
It’s time, to do … a time audit!
For one week grab a notepad and track EVERYTHING! How long you sleep, how much time spent driving, how much time working, how much time scrolling ig reels ( no judgment )
You don’t have to show this to anyone, but you need to be RaDICallY honest with YOURSELF !!!
Once you know your hourly rate, and where you’re expending your time … then and only then can you truly make an informed decision about delegating and outsourcing.
More to come on this !!!
But take the first step, track your time, and know your hourly profit!
Then we can make some moves