Do you have an online business?
Do you want more free time?
If you answered yes to both these questions then you’ll want to carefully read this post. That’s because I’m going to talk about a solution which gives me more free time and puts extra money in my pocket.
As you’ve probably heard, lots of website owners use outsourcing as a way to streamline their business. By delegating monotonous work to others they’re able to concentrate on the core tasks which produce revenue.
The question is should you outsource parts of your online business?
To answer this, I’m going to give you the five benefits I’ve personally experienced with outsourcing. Hopefully after reading this post, you’ll see why it should be a key ingredient to your online business.
Outsourcing Benefit #1- Your Time IS Money
It’s important to know how much you’re worth on a per hour basis. You can do this with a simple formula (Total earnings per year ÷ Total hours worked per year). This doesn’t have to precise. But you do want to get a rough estimate of how much income you produce each hour.
Why is this important? Well, this metric tells you how much your time is worth. By applying the 80/20 rule to your business you’ll discover you’re wasting your time on certain activities. These are tasks that could easily be given to someone else.
For instance, I recently figured out that my time is worth an average of $75 per hour. When I applied the 80/20 rule to my life, I’ve come to the conclusion that I’m wasting a lot of my time on tasks which could easily be delegated to someone in India for $5 an hour. By outsourcing certain items, I’m saving about $70 per hour.
Which brings us to my next point….
Outsourcing Benefit #2- You Focus On Your Core Genius
“Core Genius” is the skill (or set of skills) you possess which makes you stand out from the crowd.
This is what you bring to the business which can’t be delegate or outsourced. For some it’s writing. For others it’s building systems. No matter what, there has to be something you do which is the thing that propels your business forward.
By delegating a number of low value activities to someone else, you’ll have more time. This is time that can be spent doing the things which bring real value to your business.
As an example, let’s say you spend ten hours a week creating revenue producing items like autoresponders or affiliate review pages. Then you spend another 30 hours doing website promotion activities like blog commenting, link building, and search engine optimization.
You could easily pay an outsourcer to handle your web traffic. This gives you an extra 30 hours each week to concentrate on writing content that brings money in.
Focusing on your core genius is one of the best ways to apply the 80/20 rule and get more value out of each hour you spend on your online business.
Outsourcing Benefit #3- You’ll Find Expert Workers
At some point you have to admit to yourself that you can’t do everything.
There are some activities which are better off delegated to someone else. In fact, you might discover that your outsourcers will do a much better job than you’re capable of doing.
The Internet is full of outsourcers who have “niched” themselves. These are people who concentrate on being really good at one or two things. For a small price you can hire them and use their expertise for your gain.
For instance, I really hate doing the monotonous tasks that’s required for building links to a website. As a result, I’ve recently hired a girl in India to do a number of small tasks to drive web traffic to my affiliate sites.
At first, I won’t see the results of these activities. But I know this daily outsourced task will bring long term results for my online business.
Outsourcing Benefit #4- You Eliminate Wasteful Activity
One of my favorite expressions is “Work for Work’s Sake.” This is syndrome that many business owners have with their time. They think in order to be successful they have to put in a full day’s work.
The truth is there are probably a number of activities you’re currently doing which brings little value to your bottom line. The trick is to know which activities are the ones that create revenue and which ones are complete wastes of time. (This is why I emphasize the importance of building an affiliate system which you can test and track.)
I’ve found that it’s easy to fall in the trap of wasting your time on an activity when it’s your time. However when you start paying someone else to do it you’ll probably start to analyze each activity and see if they’re really that crucial.
Again, I highly recommend you examine each task you do on a regular basis and ask yourself ‘why is this important?’ Sometimes it’s better to eliminate an activity than to push it off on someone else.
Outsourcing Benefit #5- You Enjoy Life More
Free time means being able to enjoy your life.
With extra time you can focus on the things that really matter. Like spending time with your loved ones, or traveling, or learning a critical skill. Maybe you could plan the life you’ve always wanted.
Remember, the income you produce doesn’t have to be correlated to the time you spend on the business. You’re not breaking the law if you create a system where you work for ten hours a week and spend the remainder doing the things you’re passionate about.
Hopefully this article sold you on the benefits of outsourcing your business.
On a personal note, the main reason I pushed my affiliate business into the six-figure+ range is because I regularly use outsourcers to handle a number of repetitive, monotonous tasks.
Finally, I’m curious about what you have to say about outsourcing. If you’re currently doing this, leave a comment below and tell me about your experiences. What tasks are you delegating to others? Has this helped you business? What have you learned from this process?To Your "Internet Lifestyle",