Do The Work Yourself or Hire It Out? Which One Is Right For YOU? (#23)

Building It Online Podcast
Do The Work Yourself or Hire It Out? Which One Is Right For YOU? (#23)
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You wake with only so much mental bandwidth before you run out and you want to make sure that you’re using your mental bandwidth on the most high leverage activities.”  Brice Gump

Should you spend your time doing the work yourself in your company or should you hire someone to do it for you?

Answering this can be very difficult sometimes!

Like most things in life, answering this question depends on some important metrics. Brice and Mike unpack these things in this episode.

A few things they consider in this episode to determine if you should do the work or hire it out in this episode are:

  • What is the cost of hiring it out?
  • Does it cost more or less what you can earn in an hour?
  • Do you need to understand the work involved in doing it yourself?
  • Can you easily explain to someone else how to do it?
  • Is there something else that you can outsource for cheaper?

With this framework, you will be able to make your time more efficient and more valuable so you can focus on the real work that levels up your business.

Check out the show notes below to follow along.

SHOW NOTES

  • The “dollar per hour” model for assessing hiring someone or doing it yourself   (1:27)
  • How trying to do it all yourself often lacks quality and expertise   (3:50)
  • Knowing the value of your own time   (5:32)
  • How investing your time in your business offers you the greatest financial returns   (7:21)
  • The advantage of doing it yourself first and then hiring it out   (8:37)
  • Avoiding the trap of overpaying when hiring   (10:11)

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Episode 23