Many business owners think they cannot afford to hire someone to help them manage their business. They think that if they go it alone that they will actually be saving money. This could not be farther from the truth.
Let us say that you are a spiritual mentor (aka coach) who charges your clients $150 per hour.
Let us also say that since you are trying to go it alone, you are unable take weekends off, so your work week is now 66 hours versus the standard 40 hours. In a single week, you spent way more time than you should have trying to manage versus build your business, which cost you a whopping $9,900. In other words, that is revenue you did NOT receive.
But we are not done.
Let us say that you do this week after week. So, in a single month, you have now invested by way of your time and energy OVER $39,000.
In a single month!
This equates to over $475,000 a year.
No sick days.
No family time.
Doing it all by yourself.
Running yourself ragged.
Now, let us factor in that you are a business owner who wants to lease office space for whatever reason.
And your business is in Los Angeles, California.
Your office space costs $1,500 a month for 350 square feet. Total? $18,000 a year.
Almost forgot to factor in the must-haves.
Internet and Phone? $60 a month for a total of $720 a year.
Electricity? $90 a month for a total of $1,080 a year.
Office furniture rental? $125 a month for a total of $1,500 a year.
Coffee delivery service (like what Sparkletts Water offers)? $45 a month for a total of $540 a year
Business Insurance? $110 a month for a total of $1,320 a year.
We will stop there.
Your grand total? $498,160!
Now, that you have picked yourself off the floor, let us continue.
Why Outsourcing Matters
If you had outsourced your time, you would have discovered that the work performed did not take as long because you had access to a team of highly skilled professionals.
And instead of paying multiple salaries for said team, you only paid an affordable fixed rate for the entire month.
For example, if you were one of our amazing Tier One Admin Support clients, your monthly investment would only be $1,700, which equates to $20,400 for the ENTIRE year!
And guess what? You just saved, by way of your time and energy, over $400,000.
This is key.
Business owners fail to take into account the exact cost to themselves for managing their businesses solo.