20 Reasons your business will fail and 10 why it may not. Reason #2: Trying to do everything yourself.

Reason #2 Your small business will fail: Trying to do everything yourself.

What can you do about it?

Leverage your time: Sure you can do it all, but what are your opportunity costs? Let’s say you are spending 5 hours a week maintaining your website and social media, but if you hired someone they could do it in less time. This would free you up for those 5 hours a week to make MORE money. You might actually make money by hiring someone to do this for you.

For instance, let’s say you would pay $50 an hour for web maintenance and that person (being an expert) could do it in 3 hours week. In addition, they keep up on all the new technology that you now don’t have to worry about. Then, you take those 5 hours a week and generate $500 in income. Now, you’ve made $350 by hiring someone! Or look at it this way, you’re spending $350 to do something you aren’t very good at and don’t love!

Make a list of those tasks which actually may be costing you money and work on outsourcing them or finding a way to get them done in much less time. Time is so precious, as an entrepreneur, you have to guard it and use it wisely.

Admit it, you are not an expert in everything! Do what you do best and hire out the rest! I always tell my clients, you do what you are good at and let me do what I am good at. Together we’ll make a good team!