In the world of business, there's an undeniable truth: there's an overwhelming amount of work to be done, but not enough time to do it all. Around the one-year mark, if you've had even a modicum of success with your online business, you'll likely find yourself at capacity. At this juncture, you're faced with a decision: intentionally slow your business growth to maintain the status quo, or bring in additional resources to manage a business that continues to expand beyond the capabilities of a single person. This article explores the concept of seeking help when necessary, and how to do so in a cost-effective manner.
When I returned to full-time employment after running my online business full-time for two months, I quickly realized that if I continued as I was, my business wouldn't progress. The administrative side of the business was consuming all my time, leaving none for crucial business development activities. I wasn't considering hiring a full-time or part-time employee, but I knew I needed help. With some creative thinking, I found ways to get the assistance I needed without a significant upfront cash outlay.
Assuming you're still running your business on a tight budget, you likely can't afford to pay someone a wage before generating additional income. This means your assistant needs to be someone willing to work for a percentage of the business profits rather than a wage. This person is likely someone close to you, such as a family member, spouse, or close friend.
The proportion of profits you pay to your assistant is a matter of negotiation and will depend on several factors, including the types of tasks your assistant performs, the time they have available to work, and their overall contribution to the business. An assistant who takes an entrepreneurial interest in the business and contributes to its growth in addition to its maintenance should be rewarded accordingly.
Before starting your arrangement with your assistant, be sure to seek professional advice. You need to consider tax and other issues, such as whether your profit-sharing arrangement might create a partnership rather than an employer-employee relationship. Also, consider whether you want an employer-employee relationship or prefer your assistant to be an independent contractor. Each scenario has tax implications, so consult your accountant about your options.
It's crucial that the time you save with the help of your assistant is converted into income. If your business doesn't generate any more income as a result of you taking on an assistant, you'll be at a loss once you split your profits. Therefore, it's essential to spend your saved time wisely, focusing on projects that will increase your business income more than the cost of splitting your profits.
Consider who in your immediate circle has both the time and the ability to help you in your business. It could be a spouse, teenage child, parent, neighbor, sibling, close friend, or colleague. In my case, my first choice was my computer-savvy mother, but due to her retirement status, she wasn't a viable option. I then considered one of my sisters, but technical issues made that unfeasible. Eventually, my other sister suggested a creative solution: instead of paying my mother her share of the profits in cash, why not pay her in airline tickets from Australia to the US? This was a perfect solution for my specific circumstances.
Once you've chosen your assistant, consider the tasks you can delegate to them. As a general rule, delegate routine, repetitive tasks that maintain your business rather than grow it. Growing the business is your job. Tasks to delegate might include processing subscribe/unsubscribe requests, processing advertising orders, sending your ezine, submitting your articles, submitting your ezine, negotiating ad swaps, and simple website updates.
By delegating these routine administrative tasks, you can save several hours of work every week. Use this time wisely to overhaul your site, write articles for your ezine, respond to joint venture proposals, create an ebook, and most importantly, promote your business. Remember, you must convert your newfound time into dollars. If not, your business is just going backwards, the very circumstance you sought to avoid when hiring your assistant.
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