Are you a one person show? Do you wear the hat of marketer, bookkeeper, business developer/sales and administration across all hours of the day in your business?

I think you’d be lying as an entrepreneur if you said you really like to have control over everything within your business. You might wish you could have complete control and would like to feel assured knowing you have control over everything but realistically we have to admit… there is a much better use of your time.

Let’s put you’re personal time into perspective right from the get-go so YOU know where you stand moving forward…

Let’s say you are in sales, maybe a solo recruiter or solo real estate agent for example or you offer some other kind of service. These two businesses potentially offer high commissions for sales and when you are a soloprenuer in these markets your portions of the margins are generous. A typical commission rate on the sale of a property, at least in Sydney, Australia is around 2%. On a $650,000 residential sale that is $13,000 in commissions. If you hustle 5 of them a month you could be looking at a $700,000+ year in commissions. Even when taking into account overheads and expenses this is still a nice paycheck.

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With that being said, the amount of work required to hustle these types of sales means your hourly rate works out to be very handsome. Do the math for yourself. Think of the amount of hours that goes into putting together the “actual sale”. This includes all the time required to go through your CRM, contact clients, attend meetings, negotiate etc… Now divide the cost of your commission by the number of hours required that you calculated and you will have a reasonable idea of your true hourly rate.

Now think about the amount of hours you put in with all the other parts of the business, like administration, marketing, book keeping etc. How many hours do you spend on those areas? To get an idea of how much it is really costing you, multiply your calculated hourly rate by the number of hours in this area. A bit of a shock? How much would it cost you to outsource or hire someone for that work instead?

Now this is not even taking into consideration the burnout, stress and unnecessary worry that all this extra work leaves you with.

Some options are;

  • Outsourcing. There are many services out there for this. A google search of outsourcing gives you some of the most well known.
  • Temp staffing. A great option for quick recruiting. The fees are usually packaged into one bundle covering all the costs with having an employee but you just pay an invoice. The market is swamped with these services. Pay particular attention to your agreement to see what benefits you have such as try-before-you-buy and replacement guarantees.
  • Hiring a Virtual Assistant. This is fast becoming a favourited option with many countries jumping in on the VA train.

Let me know if you have tried any of these and what benefits you found. Do you have any other suggestions for the rest of the community here?

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Image linked courtesy of earlytorise.com.

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Disclaimer: The information presented above is intended for information purposes only. Before making any financial decisions it is recommended you seek the advice of an accredited financial representative within your country.

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