You never know when inspiration’s going to hit. I just keep mulling over and thinking about a question. I was asked last week about outsourcing and specifically the fear associated with outsourcing “How do you get over it?” was really the question. So, my answer is two fold:
- It comes from a mindset shift. To shifting to a place of abundance where we believe that the money we need to make is around us and the clients who need our services are going to come to us when we take power moves or make our power moves to bring them to us. So, that’s the first thing.
- How can we make it safer for you? One of the things I want you to think about is taking your income and breaking it into buckets. The first bucket is taking that dollar that comes in and putting a percentage away for taxes.
Not every penny that comes into your business is yours to keep. I tend to put 30% away knowing that the tax guy is going to come calling, and here in Canada we pay very high taxes, so 30% comes off the top, So that means for every dollar that comes in, you’re only keeping 70 cents. From there, think about breaking that 70 cents into other pots.
One is paying you, and another one would be operating expenses. You’ve got to decide what percentage is going to suit you and what works for you. What happens when you look at it that way is you shift from thinking, “Oh, well I made a dollar today” to thinking, “Wow! A dollar came in I get to keep 30 cents of it or 40 cents of it. Or translate that into bigger numbers “I sold 100 dollars today, so I get to keep 30 or 40 dollars of it”. Your outsourcing budget is that which is going to keep the lights on in your business. It’s going to pay for all of the monthly costs that you have associated with the pleasure of doing business. Things like your software.
Things like perhaps an accountant. Things like outsourcing. Once you can see on average how much money comes in and how much you have in your operating budget, you then have a better idea of how much you’re able to spend on outsourcing and on bringing people in. It’s a shift that has to happen. Knowing those numbers and managing your cash flow in a way that accounts for everything is going to be the difference between you being able to build your team and shaking your moneymaker and doing the work that you love and bringing in other people to help you build a stronger business.