Just as there are several reasons to outsource your passive income, there are also a few reasons to not outsource that you want to consider before doing so. Outsourcing can give you a clear advantage over your competition and can accelerate your earnings potential. It also has the ability, if managed correctly, to free up an enormous amount of your time that can be used to focus on creating additional streams of income.
Outsourcing your work is not something that you should take lightly. You need to identify which tasks and jobs make sense to outsource and which ones should still be handled internally. Hiring contractors and outside help for your business must be planned and managed properly in order to be considered a success. It is not like you can just flip a switch and everything is automatically handled for you.
While outsourcing your work can help transform your business into more of a passive income stream – there is still some required work on your part. Here are 3 reasons to not outsource your passive income that you should think about.
- Losing Control – As soon as you outsource some of your work, you lose some of the control you once had. While this isn’t necessarily a bad thing, entrepreneurs are use to being completely in charge. Now you must rely on others to complete work for your business. You will also be required to manage the work of your outsourced help to ensure the contractors are completing their work on time and accurately.
- Lack of Business Skills – In my professional career, I have worked with many IT contractors who develop various software programs. Some of the hardest working and most dedicated employees I know are temporary or contract workers. While most of these IT contractors are some of the best computer programmers you would ever meet, they typically have one drawback in common – lack of business skills. Hiring outside your company to fill various temporary jobs brings in professionals with little understanding of how your business is run. Depending on the job, it could take some time to get them up to speed on understanding the business to allow them to complete their jobs.
- Cultural & Language Barrier – There are times when a contractor’s language or cultural background that is different than yours may cause a problem. For example, you probably wouldn’t want to hire a ghost writer to create articles for you who wasn’t fluent in English for use on an English speaking website. The internet has opened up the channels to hire contractors and freelancers from all around the world, which has helped to reduce costs for you the business owner. At the same time, it has also introduced potential barriers you must consider.
While the 3 reasons not to outsource your passive income listed above should always be factored into your decisions – there are ways to avoid them. Taking the time to interview each qualified candidate and checking their references is a must. If you do your due diligence on the resources you plan to hire, you should drastically reduce any negative impacts.
Another preventative measure that can be taken to avoid any conflicts with contract workers is to be an effective manager of your resources. Be sure to define your requirements and expectations with these resources before they begin work and set time lines they need to follow. Communication is the key and as long as you hired qualified and trustworthy candidates, it should make your job a lot easier!
What other reasons to not outsource your passive income can you think of?
Originally posted 2009-06-09 07:39:53. Republished by Blog Post Promoter
Related posts:
- 5 Reasons to Outsource Your Passive Income
- The One Thing you Should NEVER Outsource
- Why I May NEVER Outsource Again
- Green Business – A Passive Income Opportunity?
- Set Detailed Tasks with your Virtual Assistant
Related posts brought to you by Yet Another Related Posts Plugin.
{ 1 trackback }
{ 3 comments… read them below or add one }
But what if your virtual assistant ( outsourced employee) steals your ideas or method of working, and thus makes you less competitive in the marketplace?
For example, if you hire someone to do SEO for you, they could optimize your site to exclude the top 1 or 2 keywords in your niche , but only show the next 8-10 keywords by traffic on the first page of google. Then your “contractor” could easily create their own site and simply become bigger than you..
I think that most small business owners chose to open their business so that they won’t have to manage other people and would work for themselves on somethign they enjoy. Why would you want to grow your business to a point where you deal with incompetent people and try to manage them, when in fact that’s why you left the workforce in the first place to begin with?
I am not against outsourcing… But growing just so that you can grow at any price is pointless. I have seen so many business owners which could have been better off working on their own rather than employing people who could steal from you.
Blogging Banks’s last blog post..$75 PNC Bank Bonus Checking Deal
I have to say that I definitely think the pros outweight the cons! Even if it takes time to find people you can trust at first, it will so be worth it in the long run!
Web Career Girl’s last blog post..Thinking About the PEOPLE Online
I think for anyone to be looking at outsourcing you need to realize two things:
1. You will lose some control, but you will gain so much more time that you can use that wisely and earn more income or free time, whatever you require.
2. Outsourcing works best in a partner – type relationship, especially with a virtual assistant – type of outsourcing. Both parties have to be comfortable that they are in a trusting relationship or it will never work. Both parties have to understand the needs of others and when I work for a client I am always looking for ways to help them improve, if they improve so do I.
There are many impartial places to get information on hiring or outsourcing assistance for your business, many have free information to help you work through the process in a manner which helps you.
The worst thing I see about not outsourcing is people spending hours and hours trying to do a task that a virtual assistant can do in much less time. You will pay a VA much less per hour than you could be earning yourself when you are out generating revenue. Where is your time best spent? Doing tasks or earning revenue?
A few places to get some of the info I am talking about are: http://www.VAnetworking.com and http://www.CVAC.ca
Kathy Colaiacovo’s last blog post..FoVA was Fantastic!