BillBelew.com
Business Advice

How Much Do You Pay Yourself?2117

Forum Owner Belew private msg quote post Address this user
At some point you have to do the math ... is it cheaper to keeping 'paying' yourself or is it time to outsource?

How do you calculate when it is time to outsource?


Post 1 • IP   flag post
Member Summerbay private msg quote post Address this user
@Belew It depends what it costs to outsource. If I can get something done on Fiverr that will take me an hour, I'll pay for it.
Post 2 • IP   flag post
Member StressFree private msg quote post Address this user
I'm starting my business soon. (Waiting on doctors permission.) With my Lyme Disease in the way, the process is so slow, I plan to invest A LOT in outsourcing.
I do want a basic knowledge in all I outsource, to keep an eye on the professionality of the work done.
As far as payment goes, as long as I can survive the month, everything else will be invested in the company for at least 6 months.
I'm trying to figure out how much I need to live comfortably. That's all I want my company to pay me. Do any of you have any advice as in what to watch out for when applying that way of creating a low wage for myself?
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Member bdaoust private msg quote post Address this user
I spend time working on projects and only outsource when the number of hours gets too over the top for me to handle. I love the process of creating, then after that the repetitive stuff is where my outsourcing begins (as with @Summerbay, I look to Fiverr).
Post 4 • IP   flag post
Member niliz private msg quote post Address this user
For the first 6 months, I was surviving on unemployment checks and paid myself what was minimally viable until the business established roots. As we grew, I looked more towards outsourcing. Now that we're 3.5 years old, 18 employees, and doing well, I take market rate for the industry.
Post 5 • IP   flag post
Forum Owner Belew private msg quote post Address this user
@niliz

How do you decide to outsource smth that you yourself are doing so that you can devote yourself to more high-level stuff?
Post 6 • IP   flag post
Member Summerbay private msg quote post Address this user
@Belew When you're working too hard and not making enough money. It's not always an easy transition when you feel like you can't afford to hire someone, but that can be a sign that it's time to work on your business model, or raise your prices.
Post 7 • IP   flag post
Forum Owner Belew private msg quote post Address this user
@Summerbay

There's always a point where you can't grow unless you hire more people, but can't hire more people unless you grow.

How do you handle this?
Post 8 • IP   flag post
Member niliz private msg quote post Address this user
@Belew I chose to outsource things I could do but that took me a long time. Writing for instance, can take a long time so I outsource that and it opens me up to work on high level things and I can still write when inspiration hits.
Post 9 • IP   flag post
Member Summerbay private msg quote post Address this user
@Belew Prioritizing and streamlining are buzz words that get glossed over sometimes but in order to get past those choke points, you really have to decide what the most important things to do are. It's hard when you're up to your neck in alligators to remember that the job is to drain the swamp. I ask myself, do I really need to do this? Do I need to do it now? Can I get it done elsewhere for a cost I can live with?
Post 10 • IP   flag post
Teacher Rev private msg quote post Address this user
@Belew

Do you want to devote yourself to more high level stuff? Or are you happy doing what you are doing? If the former, why are you doing the low level stuff at all then?

Do what makes you happy and you'll never work a day in your life.

I'll let you know in a bit when I figure out what I want to work at. Right now I'm having too much fun.
Post 11 • IP   flag post
Forum Owner Belew private msg quote post Address this user
@Rev

There's always a point where you can't grow unless you hire more people, but can't hire more people unless you grow.

How do you handle this?
Post 12 • IP   flag post
Teacher Rev private msg quote post Address this user
@Belew

I guess it depends whether or not you are always on the hunt or you can find (have found) a place of contentment.

I use a different measuring stick these days than I did 25 years ago. I wish I'd found this one earlier. But, hey, I have it now.

Too bad I can't package it and sell it on eBay.

hmmmm...
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Member tienny private msg quote post Address this user
💨 this is always the issue. Now I have no choice except to restart as an intern. Because I know little bits of everything. It's time for me to focus in getting a job first. I feel bad about my website. I'm redoing the website. Just after I come out with a tagline, another job opportunity comes. Hope the company gives me the opportunity. I'm more than happy.
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