People rarely start a business that is not within their circle of passion. After all, the popular saying goes: “Do what you love and the money will follow.” It has served as an inspiration for many individuals to go from employee to solopreneur. People embark on what they love, what they’re good at, and expect it to go ridiculously well, and the money to follow.
Reality often hits them within the year. Business isn’t just made of passion. It involves accounting, design, creating a website, talking to angry clients who you just refuse to be agreeable, and more things they aren’t so passionate about.
The once happy, hopeful solopreneur eventually ends up a miserable businessman who only spends 10% of his time on passion, and 90% on admin, support, accounting and technical stuff. The business transforms from an exciting, promising venture to that dismal attempt at a business that is moving at half the pace they were planning.
If you’ve seen yourself in this picture, you have a good idea of why it’s happening. In your business, you had to learn to do everything to cover every single aspect of your business. Because of this, all the plans you intended to implement just went up in the air.
The revenue your business generates is relative to its growth. And you’re the one that’s keeping it from growing.
So pause for a moment and read that line again. After you’ve calmed down, imagine…
If you stopped and got a VA to help on your accounting, that would free up 10% of your time leaving you with that 10% to manage your business.
Allow your VA to create and manage your website, and you get 10 more percent of your time. Now, let your VA do the social media promotion, SEO, and customer support to make calls for you.
These may not be the exact numbers. You may be spending more time for SEO or on accounting, but I think you get the idea. For every task you outsource you get more time; time to stop, think of your business, plan, and implement.
I can’t afford the financial risk.
Starting a business requires some monetary investment, and getting help from a virtual assistant will entail some costs, but not as much as you may have imagined.
A regular Filipino Virtual Assistant has a monthly rate of $375. This VA already has the basic skills you are looking for in someone who can help you with your business. They will already have:
- Basic wordpress knowledge
- Basic SEO knowledge
- Social media management skills
- Email and chat support skills
They will also be committed to you and your business, and will thus, learn what they are required to. You can train them in any skills they do not have. There are many tools that can assist you with training, but that will be for another article.
If you want specific services, however, you will want to hire someone with specialized skills. Here are the commonly hired specialized virtual assistants and their rates:
|Virtual Assistant||Filipino VA Monthly Rate|
|Virtual Assistant||Filipino VA Monthly Rate|
You’re paying yourself horribly by trying to do everything.
Have you heard of the 10,000 hour rule? That’s how much time you need to spend to be good at something. You’ve already spent 25 hours trying to make that new website. Newsflash: you’ve ONLY spent 25 hours on that new website. You’re far from being good at it, and you’re far from the efficiency and quality a WordPress expert would produce.
How much are you supposed to pay yourself?
You should have two options, pay yourself based on your needs (bills, food, etc.) and the other is to pay yourself based on your basic worth.
- Pay based on your living requirements- This is totally dependent on how you live. You should have a balance sheet that lists down your living expenses, and total that up. Be sure to factor in not only your monthly, but also your quarterly, semiannual and annual expenses. Be as accurate as possible. This balance sheet will be your lifeline.
- Pay based on your basic worth. In order to determine your worth, start with your previous hourly wage. That’s your market worth. To get your basic worth, you need to identify the rate of inflation.
The inflation rate is the value you put in for the increased responsibilities of running your business, and your value to its success.
To put it simply, follow this equation:
The typical inflation rate is 4%. Do everything yourself and you’ll have to recalculate. Doing the writing alone will take:
- Articles (700-1k words) – depending on the amount of research needed or if a video needs to be transcribed to create the article. It would take anywhere between 3 to 5 hours
- Blog posts (500-1k words) – for most topics, 1 to 2 hours
including research; highly technical or detailed posts would take 5 hours or more
- Newsletters (300-500 words) an hour
- Ebooks – 1 per month
- Sales pages/landing pages – 2 days including revision time
Let’s say you’re only doing blog posts, articles, and newsletter. This means doing a blog post per weekday for a month could take as much as 25 hours. An article per week could take as much as 12 hours a month. A newsletter per week would take up 4 hours a month. All in all that’s 41 hours or roughly 1 week’s worth of work.
So, do the math. Are you paying yourself fairly? Did you make money or did it end you more?
Building on a team of strengths is ten times more powerful than building only on your strengths.
All successful entrepreneurs can agree that one of their best skills is delegation. Find someone who can do the task well, and give them the job. Trying to pretend you can do everything, even though you’re just a beginner, will not only delay success but jeopardize your company.
Listen to those who made it:
“Focus on ONE NICHE! And become the expert guru in that niche with your brand. Don’t get greedy! It’s the reason most quit by spreading themselves too thin.”
– George Shepherd
“I tried to do everything, and ended up not doing anything. Since then, I’ve learned how to focus much better, and I’ve built up a team around me that allows me to do just that, so let’s see if I’ve learned anything.”
– Gary Vaynerchuk