Chances are, if you are reading this blog post, you are one of the many life coaches and consultants out there trying to make it in the world financially while doing what you love to do at the same time, i.e., COACH. Chances are also good that you know you need help, and that you are overworked, underpaid, and are laboring under a big misconception, namely . . .
“Hiring an assistant is expensive.”
This idea is wrong-headed, and will actually cost you MORE in the months and years ahead! Making money is not just about working hard; its also about managing ALL the resources at your disposal to create enough wealth to support you and your loved ones. If you will permit me here, I will give you a simple Guide to outsourcing that just may change your mind about a few things, and show you how to start using virtual assistants and other independent contractors to help your coaching practice grow.
First, let me start off clarifying a few things . . .
For Coaches and Consultants Only
Understand You Work For Yourself
Unless you are actually employed by someone to coach, you are an Entrepreneur and work for yourself. That means you are classified as an Independent Contractor by the IRS, will be issued a 1099 at the end of the year, and must file your own returns and taxes, either as an individual, partnership, LLC, corporation. or one of the lesser-used entities like an LLP (this is NOT tax advise; I am merely giving general information here. Consult your tax adviser before making tax decisions).
As an Entrepreneur, you are in business to make a profit. All decisions you make must will be geared towards either making a profit, just breaking even, or losing money and eventually going OUT of business! The biggest business decision is about your TIME – time is the only thing you have, other than your expertise, that you can sell. If you don’t understand the main principles contained in this article guide to outsourcing, you will crash and burn . . . even quicker than if you had no expertise!
Time Management is Leverage
Use your time wisely and you make money. Use it poorly and you would do better to get a job and let someone else manage your time. Sorry to be so blunt, but that’s the way it is: either you call the shots, or your employer does. An employer leverages his time by hiring YOU. Why don’t you start doing this for your OWN business?! learn in this Guide to Outsourcing how more leverage means more profits.
Know Your Strengths and Weaknesses
Contrary to what you might HOPE is the case, you are not good at everything. The myth, however, is that “if you want something done right, do it yourself.” This strong Hero-centric mindset is a time killer and money drain. The fact is, if you do it all yourself, you severely limit your ability to do those things that you love – and that you are GOOD at doing!
I learned this lesson well. My father was a perfectionist, and taught his son (me) to carry this torch. The problem is – my father was always broke. And for decades I was right there with him – also broke – until I learned a simply but effective lesson: perfection does NOT usually make you money. What may seem like 65-70% perfect to you will often look like 90% perfect to your customer! This last piece was the eye opener for me . . . and allowed me to write and publish several books in less than 3 years . . . after laboring for over 20 years to write my first book!!
But how do you know what to delegate? Here’s how I determine which activities to farm out:
- Weaknesses: What do you HATE doing? This category is simple – farm it out immediately. For example, I hate bookkeeping. My friend Don loves it and is really good at it. So I pay Don to keep our books. He has fun complaining to my wife and I about how we do item entries in Quickbooks, and I enjoy doing what I do best without going crazy. Everybody wins.
- Strengths: Which activity makes you the most MONEY – and is one that only YOU can do? If you are coach, I would guess it would be coaching and speaking on your coaching specialty. Duh. No assistant can really do this for you (unless you train coaches like me). Your coaching time is your income time. Most everything else can be delegated: making appointments, social media, doing the books, website, and even marketing. That said, you need to be FAMILIAR with each process that you delegate, but once you have it down, teach it to someone else ASAP, then let them run with it.
Hiring other people – whether its a Virtual Assistant working in the Philippines, or a part-time worker who runs errands for you after school – will actually PAY you, rather than cost you money. When you understand that you make more money but focusing ALL your attention on your coach and promoting your coaching practice, you will be using the same tactics used by the most successful business people and entrepreneurs to amass a fortune.
Truly wealth people do not repair their own toilets, optimize their websites, or spend hours on Facebook. They hire others to do these things so they can focus on what they do best! Once you truly grasp this idea as well, you will be on your way to attracting some REAL money into your life.
Learn From The Best
One of the wealthiest – and most successful entrepreneurs I know is Jason Fladlien. Barely into his thirties, this self-styled marketing guru who hails from Iowa has mastered the art of outsourcing and making tons of money doing what he loves . . . and is best at. You can learn his secrets by getting a copy of his recently-released how-to book called Outsource Quest. In it, Jason covers all the lessons he learned from doing outsourcing WRONG for years, then discovering the RIGHT way to outsource. As a result, he has raked in millions.