This is a quick tip for the solo entrepreneurs out there. As a sole proprietor myself, I understand how passionate and attached one can feel to a business. I can hear some of you now, “I came up with the idea. I wrote the business plan. I raised the capital. I have the passion to work this business until it’s profitable,” and most important, “no one knows my business like I do.” While all of this may be true, you must recognize that running a business includes everything from talking to potential customers to to creating marketing plans to bookkeeping, billing and payroll. While you may be passionate about speaking to potential customers about your product idea, it is unlikely that you also get excited by creating new invoice templates or figuring out how to build a web site. This is where outsourcing comes in.
Don’t think of outsourcing as turning over the keys to your business or even giving someone else voting rights. Instead, see it as a way to manage your time more efficiently and better serve your customers. Research virtual assistants or ask business colleagues for independent contractor recommendations to ensure you bring in a professional. If your business sells products, you seriously need to explore the possibilities of sourcing the manufacturing of the product to China (i.e. www.AsianProSource.com) or other developing countries. This would help you to get a higher profit margin and would have a positive impact to your business’ bottomline. You could even use outsourcing as a way to give back by taking on a high school or college intern who is interested in your field of expertise. Delegating some tasks frees you up to focus on the areas of your business where you find the most joy. For example, by handing off the bookkeeping to a bookkeeper and the web design to a web designer, your time is now available for serving customers or developing your next product or service. This will not only make your business more effective but also make you happier. It could even give you more time to spend with family and friends…remember them?