Archive for the Joint Venture Category

Outsourcing 101

Outsourcing 101

JerryDRoss.com - Business Success Solutions

When it comes to starting your own business, you’ll likely eventually need other people to do work for you. Instead of hiring employees, you might consider finding contractors to outsource your work to. This will not only save you money, it has a lot of other benefits as well.

 

When you hire your own employees, you have to pay a lot more than just their salary. Employers have to pay employee benefits like health and accident insurance, paid vacation, social security, and other additional expenses. While most of these are small costs, over time they add up to quite a bit of money out of your pocket. If you hire contractors instead of employees, they pay for their own benefits, so you don’t have to worry about the expenses. The only downside is that, because they incur these expenses themselves, they generally add these expenses into their fees.

 

In addition to paying for benefits for your employees, you also pay for training. Even if someone comes into your business with experience, they still don’t usually know exactly how your business works and it takes time for you to get them up to speed. If there is a new program or style you want them to use, you need to train them on it. A contractor does their own training so you don’t have to worry about it. Plus, if you don’t like the quality of work you’re getting from a contractor, you can just get a new one. When you get a new employee, you have to go through the hassle and expense of training a whole new person.

 

Another financial benefit to hiring contractors is that you only pay them when they work, and they only work when you have business, and therefore profits. If you lose a client or have less work to go around, you can simply stop using a contractor. If someone is your employee, you either have to pay them even though they don’t have work to do, or lay them off, which is a financial drain as well.

 

Contracting out work decreases your overhead costs in addition to not having to pay salaries. Keeping employees also requires you to have a place for them to work. This includes the costs of owning or renting space, computers and other equipment for them to work on, office supplies, bathrooms, and a whole slew of other things required to run an office, all of which cost you money. You can avoid all these costs when you hire out work; however, remember that contractors factor this into their charges. At the same time, you avoid these costs altogether when work is slow.

 

While outsourcing is a great way to save money, it has other positives. Outsourcing helps your reduce your business risk. Since you’re not obligated to hire anyone when you don’t have business, you can procect yourself in case of hard times. It’s easy to lean down your business and survive until work picks up again. Outsourcing also adds a degree of flexibility to your business. If you decide to head in a different direction with your work, you can simply hire new contractors instead of retraining employees. This lets you be adaptable and makes you much more likely to survive and turn a profit.

 

Outsourcing can be a great way to expand your workforce without breaking the bank.

 

Here’s to your Success!

Jerry D Ross

 

Give us your thoughts and/or suggestions. Please leave your Comment below. Feel free to contact me with questions or suggestions.

Is Business Coaching Right for You?

Is Business Coaching Right for You?

JerryDRoss.com - Business Success Solutions

Often times we actually know the steps we need to take with our business, but systemizing those steps into “do-able” chunks can be a lot more difficult. There are also many “small” questions that come up as we build our business, and having someone to turn to can be a great help. Even just having a person to run your idea by for vetting can be a life saver. In these situations, one-to-one coaching can really help.

 

How do you decide if coaching can benefit you? Here are a few questions to ask yourself:

 

#1 – Could I use an impartial person to run my ideas by?

Your friends and family may be great to turn to for help, but remember they are slightly biased. It doesn’t help if they don’t specifically understand the inner dealings or your business or market.

 

Having an impartial person dissect your ideas and plans can be very beneficial, particularly if that person is in your field and has already achieved the success you hope to achieve.

 

#2 – Could I use help with the smaller picture and details of my business?

For many entrepreneurs the “big” picture is easy to see but it’s the smaller details that can tie them up in knots. What shopping cart to use? What pages to include on your website? How to start a PPC campaign?

 

In this instance an online coach can offer help and guidance – from helping you choose the right software to actually helping you plan your first pay-per-click marketing campaign.

 

#3 – Could I use motivation and guidance?

For many of us, this is the part of business that’s the most difficult. It’s easy to write down a to-do list and business plan, but much harder to actually do it. A good online business coach can help you overcome these hurdles. If you have someone that you’re accountable to, then you’re more likely to follow through and get things done.

 

This isn’t a situation that should make you feel bad or shameful; many, many people struggle with accountability and find that having a person they are accountable to or a deadline is the best way to achieve their tasks.

 

These three questions should help you decide whether coaching is right for you. If you do decide it’s something you’d like to try, it’s important to find the right coach – as not all are created equal.

 

Here’s what to look out for:

 

* Find someone that has already achieved what you aspire to. Make sure the person has a proven track record and can back up their talk with references, testimonials and REAL results.

 

* Find someone you can relate to. A coach with a harsh style or -bootcamp- mentality may not be right for you. Perhaps you’d respond more to someone that approaches things from a gentler aspect. Or maybe you really respond well to tight deadlines and someone who pushes you through the phases. Whatever the choice, it has to be right for YOU. And taking the time to find the right coach is really important.

 

* Ask any potential coach specific questions and read their answers carefully. This will help you choose the right person for your needs.

 

* Find someone who wants to see you succeed. It’s unfortunate, but there are some coaches who keep their students in a certain place. This ensures that the person doesn’t outgrow them and continues to use their services. This is not the right coach for you.

 

A good coach will push their students to succeed beyond their wildest dreams. A good coach accepts that at some point their student may outgrow them and need to move on. It’s important to look for this in a coach, as this way you can be sure that they will always advice you on what is ultimately best for you and your business.

 

Here’s to your Success!

Jerry D Ross

 

Give us your thoughts and/or suggestions. Please leave your Comment below. Feel free to contact me with questions or suggestions.