Starting a new online business can be hard, it can require a lot of time and often a lot of money. Strange as it may sound, especially if you are short of spare cash, but paying people to do a lot of the work can – in the long run – be more economic for you.
If you are already working in a job and earning money then why not put some of those earnings aside to help build your online business? Especially if there is a chance of overtime, the extra money from doing a job you know inside out can really fund a business forward. I have a great example of how doing it yourself can cost you dearly.
A close friend of mine was once owner of a large building which he was converting it into apartments and shops. He was a very in demand electrician and had a lot of work that he could have done in the evenings and weekends. But instead he decided to spend his weekends and evenings working on his property. He would do all of the plumbing, a lot of the woodwork and decorating.
Partly to save money and partly because he wanted to do it. Maybe for the accomplishment or simply for the ego but he wanted to basically self build the whole project. Which is great but… even after fifteen years it never got finished! Eventually he had to sell the property to pay off debts the project had accrued. It sold for a loss and not all debts were paid off. So why am I telling you this?
As an in demand electrician, working for big factories and the farms in the area, he was charging more per hour than what the other trades were charging. He had a lot of work to catch up on with a lot of potential extra overtime work in the evenings and weekends.
Had he decided to really throw himself into the electrical work in the evenings and weekends as well as during the week instead of working on his project, he would have earned a lot more than what was needed to pay joiners, plumbers and decorators to do the work. Plus the work would have been done and finished a lot quicker. The whole project would have been finished in less than five years in my opinion.
As a joiner I did some of the work and watched as the project changed from one badly planned idea to another and then not getting finished. Not one of the tasks were fully finished, two flats in one part of the complex were finished but the stairway to them hadn’t been decorated or had the skirting boards and flooring finished. This was repeated across the whole building.
If you want to develop an old building or build a family home would you do all of the trades yourself such as the electrics, joinery, roofing, bricklaying, plastering and plumbing? Most people can just about manage the decorating but would you try and do everything yourself? If you were doing a day job and had very little building skills how long do you think it would take you to finish your project?
Property developers do the same thing, their business is to convert old buildings or build new ones but they generally use the skilled trades people to the work while they focused on the marketing and selling of the business.
Another story I want to share is the one about the pulp fiction writer Leslie Dent. If you have been reading our posts on this blog you will know that I have talked about pulp fiction writing before.
For the self published author or publishing company it has become very profitable. Lester Dent was the creator and main author of the series of novels about the superhuman scientist and adventurer, Doc Savage. The 159 novels written over 16 years were credited to the house name Kenneth Robeson.
The publishing company Street and Smith published 181 Doc Savage novels before it ceased publication in 1949. Dent wrote around 160 of the Doc Savage books and was paid around $500 per novel which is a huge amount of money back in the 1930s and 1940s. Today it has an equivalent spending power of over $6,800.
But here is the thing, Street and Smith banked on earning far more back because they would print the stories on cheap paper and then sell them for 10c originally to a mass market. Pulp fiction magazines and novels were huge back in the mid twentieth century. They would sell tens of thousands if not hundreds of thousands of the magazines. Of course this would add up to a substantial profit.
Smith and Street were the publishers, their business was publishing adventure stories for the masses but they themselves – Mr Street and Mr Smith – did not write the stories themselves nor did they design the cover art. They outsourced the whole thing and it was a very profitable business.
The internet is now a global concern, you have access to people all over the world with the skills that you need. There are web designers, article/ebook/ghost writers, video producers, content creators, WordPress developers, software developers, artists, ebook designers and social media managers to name a few available to use – and often at a great price.
For $10-15 dollars you could have a fairly good short article written while you get paid by work. Do this daily or weekly and you could be growing an online business fast.
So if you are thinking of building an online business, maybe a simple Cash Curator style website or maybe a bigger authority niche website I would recommend that you have a good think about whether you should outsource much of the main work like writing website content and social media management otherwise you may end up like my good friend… with an unfinished project that has cost you a lot of time and money and is worth less than when you started.