When you’re in the first few years of your business, it’s incredibly easy to fall into the trap of doing it all yourself. After all, it feels like a Catch-22: you need team members to do the day-to-day work so that you can earn more money, but you need more money to hire the team members you need.
So you keep trying to do it all yourself, figuring that this is the best that things are going to be until you magically increase your revenue.
But what you might not realize is that trying to do it all yourself is actually losing you money every. single. day.
If you’re not sure how, here are five ways that trying to do it all yourself is losing you money:
Working outside of your zone of genius
When you work outside of your zone of genius and try to do #allthethings, it means that you aren’t being efficient with your time. And that means that you aren’t spending the majority of your time on revenue-generating tasks.
One thing that’s stuck with me from working with a network marketing company is the conscious choice to do your IPA’s first -- put your Income Producing Activities first on your to-do list every day.
But as small business owners, we generally put the least income producing activities first. We prioritize perfecting our branding, trying to be on every social media platform, etc. ahead of things like working with our clients, connecting with our community, and developing new offerings.
And when you’re constantly working outside of your zone of genius, it gets much more difficult to know what those IPA’s are for your business. Because you’re stretching yourself so thin across your entire business, you’re out of touch with what actually brings in the revenue.
When you’re working around the clock, you’re not being compensated for all of the time you’re spending.
We look at 9-5 jobs that pay $10-$15 per hour and scoff, but what is YOUR hourly rate? If you calculated it (revenue in divided by how many hours you’re actually working, I’m willing to bet that it’s coming in under $15/hr.
But if you set strict work times around your business, your hourly rate will start to increase because you’re giving yourself limits around how long you’re going to do certain things for your business during the day.
Not tracking your time
Don’t know how much time you’re spending in your business to calculate your hourly rate? That’s a huge, yet common, thing that I’ve come across when working with online business owners.
When you don’t track your time you have no idea where your time is going. That means that you don’t know where the inefficiencies are, or how to stop time leaks in your business.
And time leaks (like spending 5 hours a day in your inbox, getting sucked into the endless Facebook or Instagram scroll) mean that you are losing out on revenue, and costing your business money.
Getting burned out
Something that we can (unfortunately) all relate to is the feeling of getting burned out. When you are trying to do everything yourself, you are not giving yourself the time or support to show up when you are feeling your best.
This means that you are burning the candle at both ends, and not giving yourself the time to rest so that you can continue to support your business.
And when you get burnt out as someone who is doing it all yourself, you have to take time away from your business without anyone there to support it.
That means that you are losing out on revenue, because nobody is there to do the IPA’s in your business. And unless you’ve preemptively set up a financial cushion, it could be more stressful to not be earning money as you recover from your burnout than it was working yourself into burnout.
Spending money on tools you don’t need
Here’s a hard truth: Most business owners spend thousands of dollars on software and tools that they simply don’t need.
By purchasing the latest fad software, or jumping into lifetime deals because it saves you money (only if you use that tool every day!), you are essentially just bleeding money that could be going to things like:
- Hiring a VA / copywriter / graphic designer / podcast editor / project manager
- Keeping cash in the bank so you always have working capital
- Paying yourself a salary
- Being able to take a vacation without your business collapsing
Are you doing any of these things right now? Let me know in the comments below!