What Is the Cost To Do It Yourself?

thWe all look for cost saving ideas and creative resources to stretch our finances. One area of cost savings we often turn to is the do it yourself approach. But before plunging into the unknown maybe ask yourself, ‘Do I really know what I am doing?’ Have you ever wondered what the cost to do it yourself really is?

You have probably thought it is faster and more convenient to just take care of the task or situation yourself. Well is it really? Think again the amount invested in time and money being robbed in your day. Is it more of a juggling act prioritizing your task to be utilized and completed effectively?

If you don’t invest the time to do it correctly today, you will spend more time and money in repairing mistakes tomorrow

Don Paulllin

 Ask these questions before doing it yourself

Is this an area I am familiar with and know what I am doing?

Is my time more valuable and utilized effectively in other areas of my expertise?

Are the stakes too high and best to contact the professionals?

The best indicator to hire the expertise is when you recognize it is an investment rather than an expense. Small business owners and Entrepreneur need to recognize the value they bring in their own area expertise. Stick with what you are good at while keeping your clients happy and generating new avenues of income. Think how much you charge for your expert services; then consider the amount it cost to do the task yourself in lost time and income.

Do what you do best and hire out the rest

There are task I am always eager and thrilled to hire the expertise. One particular task is my taxes. I do my own accounts during the year but when it comes to tax season, I hire the expertise to make sure everything is correctly filed as well as find places to save me money. Tax Experts are knowledgeable and efficient at filing your taxes. I took a tax course in college and found the learning very painful.  Taxes are incredibly complicated with oodles of variables. Needless to say I struggled through the entire course and glad when it was all over. So each year I feel a great sight of relief handing over the task to my Tax Expert.

We are always looking for cost-saving measures but at the same time tasks need to be done correctly. The next time you are thinking of doing it yourself, first ask;

  1. How valuable is my time?
  2. Is it something I enjoy doing?
  3. Is it more economical to delegate it out to an expert?
  4. Are the stakes leaning towards error and best to call an expert?

Entrepreneurs and small business owners wear many hats and we are used to rolling up our sleeves to just get it done; however evaluate the cost to do it yourself versus hiring the experts. Consider the value of your time. If it interferes with progress in your day, maybe the best choice is to call in the experts. Besides your small business community is there to support you.

One thought on “What Is the Cost To Do It Yourself?

  1. Elizabeth, you have picked a wonderful topic here! I often encounter small business owners who think they can do it all themselves. Until they throw up their arms in frustration and hand over something that is by that time in a greater mess than it needed to be.
    And – I am guilty of the same – But I am learning. Over the last year I have outsourced more and more and I have been able to use the gained hours to develop and build business building relationships that ultimately will result in greater revenue. And of course I am doing the things I really like doing and I find somebody else to do the things I am not so keen on.
    Thanks for the great advice you are giving in this article.

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