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04 Sep, 2024

EP 05 Delegating to Scale Your Business

Introduction:

  • Today’s episode focuses on the crucial role of delegation in business growth.

Main Points:

The Resistance to Delegation:

  • Addressing the common resistance entrepreneurs feel towards delegating tasks.
  • Understanding that the belief you must do everything yourself can limit business growth.

The Overwhelmed Entrepreneur:

  • Entrepreneurs doing everything themselves can hit capacity, making business expansion impossible.
  • New business owners can feel overwhelmed by the sheer volume of tasks, hindering their start.

The Delegation Formula:

  • How to determine which tasks to delegate using a simple formula:
  • Desired annual income / number of hours you want to work (using 2000 hours as a baseline) = hourly rate.
  • Delegate any task that can be done for less than your hourly rate.

Practical Example:

  • Example calculation: $60,000 annual income / 2000 hours = $30 per hour.
  • Emphasizing that tasks that can be hired out for less than $30 per hour should be delegated.

The Benefits of Delegation:

  • Delegation prevents burnout and allows for business expansion.
  • Hiring help can give you more freedom and time to focus on high-impact activities.

Delegation in Action:

  • Personal example: Hiring someone to manage ConvertKit and create templates for future ease.
  • Delegating allows you to support others and provide job opportunities.

Finding Help:

  • Recommended platforms for finding affordable help: Fiverr, Upwork, OnlineJobs.PH
  • Tips for hiring: Create an ad to attract applicants and streamline the process.

The Bigger Picture:

  • Delegation isn’t just about growing to a seven-figure business; it’s about finding the right balance for your goals.
  • Emphasizing the importance of focusing on tasks that drive 80% of your results.

Resources:

Conclusion:

  • Delegation is key to scaling your business and avoiding burnout.
  • Embrace the experiment of delegating tasks and focus on high-impact activities.

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Stay tuned for more insights and strategies in upcoming episodes.

Viktorija

Viktorija

Customer Success Manager

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