Following Your Passion- Is it Really Worth the Cost to Run Solo?

Following Your Passion- Is it Really Worth the Cost to Run Solo?

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 AssistantFilipino VA Monthly Rate
Virtual AssistantFilipino VA Monthly Rate
Accountant $375
Transcriptionist $312.5
Link Builder $330
Graphic Designer $375
SEO Specialist $400
Customer Support $400
Copywriter $400
Web Designer/Developer $412.5
Video Editor $450
Software/App Programmer $550

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.

  1. 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.
  2. 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:

(Annual Market Worth -12) - (Inflation (2)

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


About Jessica Madrazo
63533_472725171721_1827934_nJessica creates content and support for OnlineJobs.ph. She is also involved in different advocacies like climate revolution, local arts, internet freedom, women’s rights and more.

She dreams of a world where people are able to tap their inner heroism and work together for a better world.

She has a Dalek watching over her computer.

Comments

  1. Mady-Lynn Angeli S. Bermundo says

    Hi, May i join the online job? Iam interested on what job you preferred to give on those persons who access this sites..

    • says

      You can apply for any of the jobs posted here by signing up for an Onlinejobs.ph jobseeker account. It’s completely free and takes only minutes to apply. Having a jobseeker account also gives you access to thousands of new online jobs daily.

      To start the registration process, just follow this link ===> http://www.onlinejobs.ph/register

      Once you’ve completed your profile, you can start searching for the job that you want here ===>http://www.onlinejobs.ph/jobseekers/jobsearch/

      You can find a wide variety of jobs there, from data entry, design, writing, programming, and more!

      The job posts would contain all the information you need to apply for that position.

    • says

      You can apply for any of the jobs posted here by signing up for an Onlinejobs.ph jobseeker account. It’s completely free and takes only minutes to apply. Having a jobseeker account also gives you access to thousands of new online jobs daily.

      To start the registration process, just follow this link ===> http://www.onlinejobs.ph/register

      Once you’ve completed your profile, you can start searching for the job that you want here ===>http://www.onlinejobs.ph/jobseekers/jobsearch/

      You can find a wide variety of jobs there, from data entry, design, writing, programming, and more!

      The job posts would contain all the information you need to apply for that position.

    • Emir says

      If the employer doesn’t state their buegdt salary then the employer shouldn’t expect the applicant to say what he is earning in his current position. But what seems to happen in the real world is that the employer doesn’t state a buegdt, but then gets the hump if the applicant declines to say what he is earning at the very first stage of the application process. This has happened to me numerous times.My impression is that this is a power thing for a lot of employers and recruiters. They want docile drones who will blindly comply with every request rather than applicants with the nous and backbone to negotiate effectively. The exception is if the applicant has some hard-to-find skills or qualifications which are at a premium, in which case the employer has no choice but to concede that the applicant has some power in the negotiation.I am very skeptical about these supposed authentic posts which say salary isn’t a major issues; it’s all about the working environment, challenges etc. I think that jobstheword knows that undefined salaries put people off applying, and they are trying to create some kind of herd effect to kid applicants into thinking that they are in a minority if they are bothered by that.90% of open positions will have a buegdt salary range. Employers who are fair to deal with will post it. Employers who want to screw their employees for every last time will keep it quiet.This everyone’s salary is secret line is due an overhaul too. Why are they a secret? So that employers can get away with paying their staff as little as possible! It won’t be long before everyone knows each other’s salary the internet / wikileaks will see to that which will be good for quality people as they will be better able to negotiate what they are actually worth.

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