What Do You Love About Running Your Business? (And why aren’t you doing more of it?)

There are usually two reasons entrepreneurs start a business: necessity or love. (No, not THAT kind of love.) If you truly love running your business, it’s unlikely you got started out of the basic need to earn a living or because you simply hated your old job.

But, no matter the reason you went to work for yourself, there will always be things you dislike (hate?) about being “The Boss”. The question then becomes, “Why are you doing them instead of the things you enjoy?”

Maybe this quotation from world-famous, serial entrepreneur Sir Richard Branson will help us make it clearer:

“I believe that drudgery and clock-watching are a terrible betrayal of that universal, inborn entrepreneurial spirit.”

Admin tasks, payroll, bills, and so many other things can interfere with doing what you love about being a designer, designing! Or, if you're a furnishings dealer, selling! So, why do you let all that stuff take up 40%-60% of your time, energy, and focus?

If You Don’t, Who Will?

If You Don’t, Who Will?

The almost ubiquitous answer from busy entrepreneurs is, “Well, somebody has to do it!” Right… But the solution is in your answer: SOMEBODY. And, that somebody does not always have to be you!

Back in June, we shared some thoughts on Outsourcing Admin Tasks. Since a few of you have yet to turn over all of that work to a virtual support team, we thought we’d remind you of a few salient points.

1.      As a small business owner, your time is your most precious commodity. It’s an asset even more valuable than your expertise as a designer or furniture dealer.

2.      And yet, your time is also your greatest restraint; the ultimate factor that limits your ability to put your energy, talents, and creativity to their most effective use in the service of your clients.

3.      By delegating mundane business tasks to a virtual team or other sub, you free up more of your time and energy to service existing clients and acquiring new ones. This is what generates revenue, after all – and this is where your focus must be!

We don’t want to belabor the point, but running your business does not have to include more of doing the drudgery you hate than the creativity you love. In fact, if you hated your old job enough to take the leap and start your own business, it makes no sense at all to struggle with tasks you can’t stand.

Looking for Help?

If you're having trouble deciding which parts of your business you should outsource, and which to spend more time on, Ted is available for business consulting and coaching. His more than two-and-a-half decades of experience in the industry, along with running his own business, make him a wonderful foil for your ideas, limitations, and challenges.

Just… Get in touch with TD Fall today.

Outsourcing Admin Tasks – Do You or Don’t You? (And if not, why not?)

There are so many things for which we can be grateful about living and working in the online world of today. We were able to stay connected, virtually, during a worldwide health crisis, despite onerous restrictions placed on most of us. For small business owners, both selling and ordering just about anything is easier than ever. And, especially for entrepreneurs and solopreneurs, outsourcing admin tasks to a virtual support team has become a time and money-saving necessity for many.

And so, we ask the question: Do you or don’t you outsource the daily, mundane business tasks that sap your energy, steal your focus from client work, and wreak havoc on your creativity?

If not, it's time you started.

Can You Delegate Admin Tasks?

As an interior designer, you already work with assorted subcontractors like carpenters, plumbers, finishers, carpet installers, and undoubtedly many more. Obviously, you understand the value to be had in outsourcing such specialized work. So, why not try outsourcing the daily paperwork and other stuff you hate?

(We feel the need to add “probably” to that sentence. Because, against all possible logic and reason, some people actually ENJOY doing admin work for their business! We have no idea where such creatures come from but we’re told they exist.)

Of course, most of the subs you work with perform tasks that are outside your skillset. After all, you're a designer, not a tile installer. And yet, if you're like so many entrepreneurs who are proud of their ability to multi-task, there is something about delegating administrative business tasks to a subcontractor that truly bothers you and prevents you from taking that step.

What is it Costing You?

Here’s another question for you: As a business owner, what is your greatest asset?

Even above your skills, talent, and creativity, your time is your most precious commodity. It’s an asset even more valuable than your expertise. It’s also your greatest restraint – the ultimate factor that limits your ability to put your energy, talents, and skills to their best possible use in the service of your clients.

As the face and voice of your business, your time has inestimable value but it is possible to at least estimate what it can cost you to spend time on those mundane tasks.

• According to the financial education website, MoneyCrashers.com, research done by Microsoft found that workers used only about 60% of their available work time. (Yeah, that always connected online thing can be a massive distraction!)

• The average owner of a service-based small business spends about one day a week servicing existing clients and four hours acquiring new ones. The rest of their 40-hour week (if they don’t spend twice that running their business), is spent on tasks that do NOT generate revenue!

• Looking at this another way, whatever you charge clients for your services (maybe $200 an hour?), is reduced by at least 60% by the time-suck of admin tasks you're doing. That means, in a minimal 40-hour week, what might have been $8000 of revenue generated from client work is reduced to $3200. It also means you're now working for just $80 per hour.

• Your hourly rate just plunged by more than half! And you're the owner!

Remember, when you delegate everyday business tasks to a virtual support team, your goal is to free more of your time to service existing clients and acquiring new clients – both of which will enable you to boost revenue and grow your business!

Does this at least make you think about outsourcing admin tasks for your design business?

We sure hope so. And, if you have questions about how or whom to work with, Ted is available for consultation and guidance whenever you need it. Just… Get in touch with TD Fall today.