Among high-income economies, the United States has one of the highest rates of entrepreneurship. That’s according to the Global Entrepreneurship Monitor’s (GEM) 2019/2020 Global Report. Over 17% of the working age population — roughly 28 million Americans — are starting up or currently running a new small business. Unfortunately, only about 11% of that same population have managed to sustain their business long enough to be what the GEM classifies as Established Business Owners (EBOs).
The report explains that discrepancy “might indicate interest in starting businesses but difficulties in transitioning these into established businesses.” So what’s holding some businesses back? According to INC.com, it’s a cashflow problem for over a quarter of them. They offer a number of tips for entrepreneurs to avoid those problems, and one is to know the value of your time.
If your hourly rate is higher than that of a virtual assistant — who can likely complete those tasks in less time than it takes you — you’ve found a solution to free up more of your hours to generate revenue.
Time is money. I ask potential clients two questions: What is an hour of your time worth? Followed by How many hours each week do you spend on admin tasks that you could readily delegate?
Calculate how much revenue you generate for each hour devoted to business development. If your hourly rate is higher than that of a virtual assistant — who can likely complete those tasks in less time than it takes you — you’ve found a solution to free up more of your hours to generate revenue.
But all this isn’t just about making money. You should love what you do. In my years of office life, one quirk I identified in myself is an affinity for spreadsheets, lists, invoicing, file organization, CRM updates… I could go on! That love is why I started my own business. Did you start your business because you love admin tasks? If not, why are you not delegating them?
Your strongest abilities are likely the ones that drive your passion and success, which means delegating what you’re weakest at frees up time to focus on what you love.
According to The Balance, one of the six things successful entrepreneurs do differently is delegate. “Entrepreneurs who learn manageddelegation gain efficiency and have time to create new opportunities … to engage only their strongest abilities” — those that drive your passion and success. That is to say, delegating what you’re weakest at frees up time to focus on what you love. And that, of course, isn’t limited to your work; it’s also about work-life balance. How much is it worth to have more time with your hobbies, friends, and family?
Making more money, doing more of what you love, and an added bonus of feeling good knowing that, by adding an independent virtual assistant to your team, you support small businesses. As I’ve joined the ranks of American entrepreneurs, I’ve been deliberate about using other US-based small businesses to help establish and grow my own. This includes a coach who has been an incredible asset, as well as several apps and services to make my processes more efficient. This increases my productivity, which provides greater value to my clients.
“Choosing to support an independent business is an act of respect; it’s acknowledging the tremendous risk and challenges inherent to starting your own thing.” — Matt Kliegman
I’m not alone in this sentiment. Topping the list of Forbes’ 43 reasons you should support small and independent businesses is a quote from Matt Kliegman: “Choosing to support an independent business is an act of respect; it’s acknowledging the tremendous risk and challenges inherent to starting your own thing.”
We’re all in this together. You started a business based on a passion. So did I! But the administrative tasks I’m passionate about likely aren’t what you love, so delegate to an independent virtual admin. Doing so will free up your time to do what makes you money, allow you to focus on what you love, and you’ll be supporting other entrepreneurs in the process. That’s all pretty awesome of you!