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Make Money Online Outsource Everthing Mythe Buster

 

False, initially.

If you outsource everything, it’s going to take a long time to recoup your costs and to make a profit. Eventually, once your profits have reached a certain level, you may decide to outsource almost everything. However, until then you’ll need to take your hourly value and profit goals into consideration.

Text Box: Hourly Value Calculation    How much you make annually in profits (or your annual profit goal)  Divided by the number of hours you work (or plan to work on your home business)    The number is your hourly value or what you make per hour. In the corporate world this is your salary divided by 2080 (40 hours a week, five days a week, and 8 hours a day).    An example – If your first year’s goal is to earn $50,000 in profits and you have 20 hours a week to devote to your business then your equation would be:    $50,000  20 hours X 52 weeks or 1040    Or $48/hour

 

Knowing this number, you can then make an educated decision about what is worth outsourcing and what isn’t.

 

Consider how much time a task takes you to complete and your hourly value. Can you hire out the task at a lower rate than your hourly value? If the answer is yes, and it fits into your present budget, then outsource away!

If it doesn’t, consider creating an outsourcing strategy and adding it to your business plan. This way you’ll have goals and measurements so you know when you can afford to outsource something and what you’re going to outsource first.

Don’t forget technology. One of the wonderful things about being an internet business owner is you have access to a wealth of products and services all designed to make online business more efficient and profitable. Email responses can be automated, saving you hours each day. Shopping cart systems produce detailed reports that help you stay on top of inventory and sales trends.

If, for example you have a membership site, then a simple membership software program is the answer.  It can automate virtually everything you need; including billing. This saves you time and enhances your member’s experience.

Time management techniques will play a vital role in your life as you launch your business and it will play a vital role in your life as you grow it. Outsourcing can be an important solution if you plan well and approach it with an awareness of how much your time is worth.

 

 

Leon Edward is the blog owner and webmaster of  http://www.HomeBusinessIT.com where you'll find internet business ideas and home business management info , legitimate home internet business reviewed , home business management and marketing information where you can even get step by step  affiliate marketing training to start your own affiliate marketing online business

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