I’m going to say it and you’ll roll your eyes, but hear me out. You need to be spending money hiring a virtual team (you hire them as independent contractors) to make MORE money, to grow your business. There are two big reasons why this works, costs less and takes less time.
You have a limited amount of hours each day to market your business, handle the operations, the back office junk you probably hate, solve tech issues which you hate more, answer emails, pitch and deliver work for your clients, create new courses, plan your business strategy, set up new systems and the list goes on.
It doesn’t matter if you sleep less, there is still only 24 hours in a day. That’s it. That’s all you get.
Now, let’s break down what you must do for your business, your hours and how you make more money.
Must Do Activities multiplied by your hours busting ass to do them
= more business more money
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You’ve already determined the activities you do for your business are a must.
The only way then to get more business more money is to change the hours you spend doing them.
You need to free up your time to do the tasks only you can do. What only you can do (your expertise) is the secret sauce and reason people hire you.
Here’s why hiring a virtual team can make you more money:
Costs Less: Contractors can do the work for less than it costs you.
Your cost to do the work is your hourly rate. Even if you don’t charge by the hour, you know what an hour of your time is worth, if someone else paid for it. (If you don’t, read my post on how to figure out what you’re worth part 1 and part 2)
The numbers don’t lie.
Your time = $200 per hour based on what a client would pay you or your hourly rate for a course
Your contractor's time = $50 per hour
For a task you hire out, your contractor does it for $50 and takes an hour, you now have an hour freed up. You can use the hour to get new clients, get work done for clients or plan your business strategy that makes you $200, so you pocket $150 per hour. So you make 3x as much as you spend. Hell yes, this makes sense!
Takes Less time: Contractors can do the work in less time than you.
For example, it takes you 3 months to complete your website design since you’re fitting it around all the tasks you do wearing your million hats. This means you’re holding up sales coming from your new website that could be attracting more clients (because why else are you doing the website design)
Your website design contractor focuses only on website design so it takes them 1 month.
You just gained 2 months of making money sooner! Sweet rewards.
The big companies do this all the time calling it getting to market earlier. If you can shorten the amount of time to launch a new product, service or enticing new web design, you’ll have that much longer to make sales.
Truth telling numbers.
It takes you from January – March to launch your new thing. You’re making money from said new thing April-December at $10,000 a month, 90,000 for the year.
If you hired out the work, it's completed in 1 month, instead of your 3 months, you could bank and extra $20,000, or $110,000 for the year.
So yes, sign yourself up to make more money and hire a virtual team. You can start small or go big depending on what your business needs.