You’ve seen it everywhere, on TV, Magazines, Blogs, Pinterest, Home Depot…
… “3 Simple Steps To Tile Your Bathroom In Just 2 Days!”, “Stain Your Own Nightstands For Just $5!”, “Who Needs A Hairdresser? Trim Your Own Bangs Like A Pro In The Comfort Of Your Own Home!”.
The DIY (Do It Yourself) movement has gone viral in the past decade and sadly enough, it’s not going anywhere. It’s a mindset shift that’s created this belief that we can do it all and more importantly we can Do It All Ourselves.
That’s right! We can have the nice shiny new bath tile without paying thousands. We can create those look-a-like nightstands without remortgaging our home. We can cut our own bangs just like the top hairdressers in Manhattan without having to spend hundreds every six weeks.
This DIY mentality is amazing right? Wrong.
Especially if you’re a home business owner looking to grow a profitable business quickly. As a business owner, having a DIY mentality will cap your growth, keeping you stagnant and frustrated.
Plain and simple, especially if you’re currently building your business part time, the “DIY Method” will slow you down and basically create another job for you to tackle. The last thing I want for you is to create a home business that feels like a job that you despise. Having a home business is supposed to be about creating time freedom. By doing everything yourself, you aren’t creating more time to do the things you love…
…instead you’re spending even more time working even harder and taking up more of your precious time than ever before. Take the step to shift your mindset to start working smarter instead of harder. Figure out what your time is worth per hour, so you can become aware of where your time should be spent and what should be delegated to someone else.
Determining Your Hourly Rate
Have you ever asked yourself this question, “How much is my time truly worth?”. If not, it’s time to find that out right now. I found that when I determined my hourly rate, it helped me identify which tasks were worth my time and which tasks I needed to get someone else to do for me.
Here’s an example on how to determine your hourly rate. For example, let’s say you want to make a $100,000 income in the next 12 months. Obviously when owning your own business, you’re income and time you have available to focus on your business will fluctuate, but let’s keep it simple here.
Here’s how to determine your hourly rate for a $100,000 income:
- $100,000 divided by 12 months = Need to earn $8,333 per month
- $8,333 per month divided by 30 days = Need to earn $278 dollars per day
- $278 dollars per day divided by 4 hour work day = $69.50 per hour
If you want to make $100,000 in one year from now and you have 4 hours to spend each day on your business, then your hourly rate is $69.50 per hour. Now that you’ve determined your hourly rate, it’s time to define what tasks you should be taking action on and which tasks you should outsource.
Your job as a business owner is to identify all tasks that will help you produce more income for your business. I like to break down tasks into these three groups:
The highest level of profit producing tasks ($500 tasks)
The middle level of profit producing tasks ($75 tasks)
The lowest level of profit producing tasks ($10 tasks).
- Product Creation
- Traffic and Lead Generation
- Creating New Automated Funnels
- Creating Video Sales Letters
- Applying A Skill Set Learned From A Training Course
- Coaching Clients
- Team Building
- Hosting Sales Webinars
- Speaking At Events
- Creating A New Email Autoresponder Series
- Writing Copy For A New Sales Page
- Content Creation
- Taking A course To Learn A New Skill Set
- Blog Posts
- Closing New Clients
- Email Broadcast To Your List
- Calling Leads
- Setting Up Webinar Slides And Content
- Website Creation
- Creating Sales Pages
- Creating New Capture Pages
$10 dollar tasks
- Creating Cover Pages For PDFs
- Making ebooks
- Editing Videos
- Creating Social Media Images
- Sending Private One on One Prospecting Messages
- Editing Images For Facebook and Instagram Posts
- Responding To Posts on Facebook
- Posting on Facebook
- Answering Customer Service Emails
- Sending Out A Welcome Email To New Customers
- Uploading Videos to YouTube and Facebook
- Processing Refunds
- Canceling Memberships
- Sending Welcome Emails To New Teammates
If you look at these tasks above, where do you spend the majority of your time right now? I’d be willing to say that most get sucked into the $10 dollar tasks more often than they focus on the $75 and $500 tasks. Remember, it’s okay to admit that you can’t do it all yourself, especially if you want to scale your business to 6 Figures and beyond.
So how do you take some of those $10 tasks off your hands?
Repeat after me… Outsourcing.
Especially if you’re “technologically challenged” just like me, outsourcing will become your best friend. Focus on your strengths and gradually outsource the rest. Here are some of the sites we’ve had the best experiences with when it comes to handing off tasks that fall under our determined hourly rate.
- Upwork (Formerly oDesk) or Elance – Great for finding website developers, customer service reps, social media managers, video editors etc.
- Fiverr – For video editing, creating logos, creating professional looking cover photos, making ebooks, etc.
- 99Designs or DesignCrowd – For logos, cover pages for ebooks or PDFs, etc.
- Referrals – If you have business friends that are outsourcing, ask for recommendations on who they use! You’d be amazed how many are willing to help.
Words Of Wisdom From Falling Down The DIY Rabbit Hole Too Many Times
Everything is a process. Don’t expect to delegate and outsource everything tomorrow. I actually encourage you to do everything, especially the tasks you plan to outsource in the future, at least once. That way when you’re ready to outsource, you’ll have a good idea on the process and time it takes to complete that task.
No matter what, remind yourself every day that your time is precious. Your time is valuable. So focus on what you do best and gradually outsource the rest!
What do you think is one reason my most home business owners DON’T outsource? Comment below, I’d love to know your thoughts.
P.S. – Are you buying every course and joining all programs just to get some sort of hand holding on how to actually leverage the internet successfully to recruit more teammates and make more money in your business? Stop wasting your time. Instead, grab this free 5 Step Process… after I took action with this strategy we brought in 937 new people into our business in less than 9 months. Click here to learn how to actually use the internet to run a profitable home business quickly.