As a small business owner, you have to wear many hats. But, typically a person who opens up a bricks-and-mortar business knows that they can’t physically do everything, so they hire people. They hire a cashier, perhaps a cook, a waitress; you know, the normal positions that they need to do the job so they can do their job – manage.
But, when people open up home businesses, they often think they are supposed to do everything themselves. However, nothing could be further from the truth. If you want to earn a CEO-level income, you need to think like a CEO. That means hiring the best and brightest to do certain parts of the work while you do other parts of the work.
Don’t worry, though; you don’t need to hire employees. You can use contractors, or in the USA known as 1099 workers. These are people who you pay their fee to, but you don’t have to worry about self-employment taxes or anything like that if you do it correctly. The bottom line is that if you want to make more money and have more freedom in your online business, you need to build a team with contractors.
Contractors are Inexpensive
When compared with hiring an employee, outsourcing to a contractor is a lot less expensive. Usually, you can pay a flat fee for a certain deliverable so that there are no surprises at billing time. But mostly, people who know what they’re doing can do it faster than you. If you can normally earn $30 an hour doing your main thing, and you can pay someone $15 an hour doing that extra thing, you’re up to $15 dollars.
Contractors Enable You to Find Talent
When you’re not impeded by time or place, you can find the best and brightest to work with you without any concern about where they live or how they’ll get to work. The internet enables you to find the right people for the task without any mind to location.
Contractors Are Experts
When you work with a contractor, they are the expert in their field. For example, if you hire someone to handle all your social media marketing, you simply agree on what should be done – the deliverables – and then you let it go and let the experts do their thing.
You Free Up Your Time
You have a particular expertise that should be used doing that thing you’re an expert at, not doing things you’re not good at. For example, if you’re an artist who wants to sell your work online, you need to create a lot of work to make it profitable. If you’re busy marketing, bookkeeping, organizing your store and doing all the technology that comes with it, you won’t get to create much.
Gain Talent You Don’t Have
A company can also outsource when they simply need talent they don’t have. For example, if you’re a marketing company and like to do the physical work of posting on social media for your clients, and one of your clients wants you to edit a video but it’s not in your wheelhouse, you can choose to outsource it instead of turning down the work.
You Can Double (or Quadruple) Yourself
If you’re very talented at something and that’s your main source of income and it requires one-on-one time, you will max out at a certain number of clients. But, if you can hire others who are also experts in the same field, you can double yourself and your business through outsourcing.
You Really Can’t (Shouldn’t) Do Everything
You don’t need to do everything in your business. You don’t have to be the cook, and the waitress, and the bookkeeper. Plus, it usually doesn’t work out very well because you’re not going to be efficient in everything.
Maximize Your Efficiencies
Whatever it is that you’re good at and like to do, should be what you do. The fact is, the people who build six-plus figure businesses don’t do everything themselves, because they know that they want to maximize their efficiencies.
To get started building your team of contractors, write down all the tasks you have to do during the day, week, quarter, and year. Then eliminate from your daily workload anything that isn’t within your wheelhouse by hiring contractors to do them.
If you have to read a manual and learn to do it, let it go to someone who really knows what they’re doing. Before you know it, it’ll pay off and you’ll build a bigger, better, stronger, and more profitable business.