You have successfully incorporated your company and are ready to start running your company! You have embarked on the entrepreneurial journey! What comes next is debatable. As an entrepreneur starting out, you must feel overwhelmed by the sheer amount of things you have to do. You have to go out and get some sales. You have to get an office. You have to handle the distribution of your product. You have to hire people. You have to handle the day-to-day administrative tasks. It seems like work will never end, right?
Well, you are right. If you do everything yourself, you will be overwhelmed and fatigue will start to kick in. It’s tough. We know it’s tough. We have been there. So, the question is, what can be better done to alleviate all these mundane, repetitive, and tiring tasks off the entrepreneur’s shoulders? If we connect entrepreneurs to good corporate service providers, we can take a huge load off the entrepreneur who needs to go on day by day running his company without fail.
So, there are certain things that any new company needs to get settled. Things like website design, recruitment, marketing, accounting, legal services. These are the problems you would face when running your company. If you have the resources to outsource these tasks, we highly recommend you outsource them.
Why? You may ask. Well, you might think that it would cost you more money, and it would be right. Doing it yourself is cheaper, definitely. But you have to consider the costs. Specifically, opportunity cost. For this introduction, we will give some general benefits of outsourcing. In subsequent articles on the mentioned topics, we will go into further detail.
Is it actually more expensive?
This is a legitimate question to ask. Is it actually more expensive to outsource certain things? For example, would it be more expensive to hire a full-time marketing consultant, or outsource your marketing to a marketing company. If you own an online business, it would be much cheaper to outsource some of those kind of administrative work to India. Furthermore, it is not like the quality of work there is shoddy. The difference in cost is simply due to the difference in wages between here and India. So, do take this question into consideration before deciding if you should outsource.
When you outsource your business needs to an outsourcing partner, they bring years of experience in business practices and expertise. As an entrepreneur, it is highly unlikely you have the same amount of expertise in things like, let’s say, software development unless of course, you are a developer yourself. Thus, it is highly likely these professionals can do the job better with their knowledge and understanding of the domain. In terms of timeline, it would be far more likely that you will be able to decrease lead times and increase efficiency if you outsource.
By outsourcing your business processes, it would free your time and energy, allowing you to focus on the things that matter to you as an entrepreneur. You no longer need to divert so much of your time to these annoying tasks. You can focus on running your company and the core areas of your competency. Build your brand, research and development, improving your product. You save significant investment in infrastructure as your outsourcing partner takes the responsibility of the business processes and does all these for you.
These are just some of the reasons why you should outsource some of your business services. In subsequent articles of An Entrepreneur’s Journey, we will go into greater detail discussing the paths you can take to outsource your business processes, or not. Stay tuned!
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