How Do I Figure Out What To Outsource?

May 21, 2013 in Investing In Real Estate, Outsourcing - Virtual Assistants

 

Outsoursing, VA, Virtual Assistants

Feel Like You Have Too Much to Juggle?

 

In the second part of our “Creating an Outsourcing Master Plan for Your Business” series, we are going to focus on the big question everyone has when they are first contemplating outsourcing. That question is “How do I figure out what to outsource”?

Figuring out what to outsource is one of the first things that real estate investors get hung up on, but I think the answer to this question is really pretty simple. I believe that it should be something that at least has the potential to generate income for your business. Since money is the number one reason we don’t outsource early in our businesses, it’s not unreasonable to want to outsource something that will bring us income or leads that have the potential to generate revenue.

 

First Steps

Sit down and write down every single thing that you do in your business.

Look at all of those tasks whether they are daily, weekly, monthly or even occasionally. You want to be sure everything gets on your list. Once you think you have everything written down, the next thing is to separate them into two lists; tasks that have the potential to generate leads or income, and those tasks that aren’t directly revenue producing activities.

Things like clerical work don’t generate income (unless this is your business). Those would go on the non-revenue generating list. We will talk about “boring or lower level tasks” later on, but for now concentrate on revenue and leads.

Once you have finished, you will probably have some of these things on your “revenue and lead generating” list:

-Most marketing activities

  • Direct Mail
  • Bandit Signs
  • Flyer Distribution
  • Cold Calling

-Putting “We Buy Houses Ads” on Craig’s List

-Social media posts (for business). These can be pre-scheduled by your VA using a free service like HooteSuite.

-Posting articles to article sites

-Video used for lead generation:

  • Video editing
  • Uploading your video’s and optimizing them on YouTube

There are so many more things that are perfect for outsourcing. You will need to make your own list but once you are thinking along the right lines, you will find this process comes pretty easily.

 

Second Tier Tasks; Planning For the Future

Once you have figured out what your income and lead generating activities are, you can begin making your second list. If you are brand new real estate investor, you will probably have to wait to implement the tasks on this list. But if you have been in business awhile, you might be able to outsource some of these secondary things now.

 

So what are those tasks?

They are things that you hate to do, things that are repetitive that don’t require a lot of skill or knowledge to do, or things that you really aren’t very good at that someone else would be better at doing. Once again, this list will be different for almost everyone.

Here are 3 things I would personally put on my list:

  • Bookkeeping. It’s not hard but I hate to do it.
  • Entering contacts into my database each month.
  • Regular updating of my database. This is a tedious job and I really hate toing it. It is also one of the things I put off doing.

Your long term plan should include any task (that should be done regularly) that you routinely put off doing should be outsourced. Let me know if you have any questions or comments. Just leave me a message in the comments section of the blog.

 

Next Week 

Next Tuesday we will go over the third piece of the puzzle; “Where do I find someone and how much will it cost”?  See you next Tuesday.

If you missed part one of this series you can find it here: Creating an Outsourcing Master Plan for Your Business

 

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