Forget to Include Subcontracting As an Important Part of Your Business Plan

Earn money early by developing a means to perform more work than you can do alone. People don’t open businesses to work eighteen (18) hours a day; give up the benefits they had when working; or to earn less money than they made on a job. However, if you don’t plan on how you’ll make money, it’s easy to get stuck in a situation where you may be working alone and almost killing yourself trying to make something happen.

Even if you’re an accountant, you shouldn’t look forward to coming back to your home or office to do your own accounting, financial statement analysis, market research, and other administrative chores which must be done by all businesses. A great first step is to understand you can’t earn a lot of money on yourself. Once you understand that philosophy, you must plan on what you’re willing to do and what things make the most sense to hire a professional to do for you.

These facts must become critical parts of your business plan. Because as early as possible, ideally before you open for business, you must have an idea of what your work day will look like. Make no mistake, no matter how well you plan, you’ll run into surprises. In many cases addressing those surprises may add additional tasks to your day you hadn’t planned for. And, this might cause you have to do more work than you’d planned just to earn a living.
No matter what type of profession you choose to build a company around, it will require more than just practicing your profession to make the business work

It goes without saying, you’ll need to practice the profession around which you started your business. But in addition, all companies have administrative work that must be performed like accounting, strategy development, website maintenance, tax planning and compliance. None of these things earns you a dime, but must be done for your business to operate efficiently, or at all. And, that’s just the beginning. You must market to get new clients and You must take actions to stay in constant contact with any existing clients. None of these actions pay you anything and in situations where small amounts of money may be earned on promotions, they never pay what you could have earned on hourly fees for performing the work you established the business for. When you open any type of service business a good way to start may be to use sub-contractors

Leave a Reply

Your email address will not be published. Required fields are marked *