Should You Do It Yourself or Hire a Professional?
"It's just easier if I do it myself" may have crossed your mind.
As a contractor, you've presumably done multiple jobs. Your "do-it-all" attitude may make you feel useful, but it may be stealing your time, money, and growth.
Here are the main points and actionable steps to help you make the best choice for your business.
Key Points
1. Mindset Over Money
Many contractors have a scarcity mindset, believing there's only so much money in the world and that they must save every penny. This mindset often leads to poor business decisions, such as trying to build their own website or handle their own marketing, which can ultimately cost more in lost opportunities and inefficiencies.
2. The True Cost of DIY
While doing it yourself might seem like a cost-saving measure, it often results in lost time and missed opportunities. For example, spending 60 hours building a subpar website not only takes time away from your family and other business activities but also results in a less effective marketing tool. This can lead to lost business and a poor professional image.
3. Investing in Professionals
Hiring professionals for tasks like bookkeeping, marketing, and project management is an investment, not an expense. Professionals bring expertise and efficiency that can significantly enhance your business operations. For instance, a professionally designed website can attract more clients and generate more leads than a DIY version.
4. Opportunity Cost
Brad highlights the concept of opportunity cost, which is the potential gain lost when choosing one alternative over another. By spending time on tasks that could be outsourced, you miss out on opportunities to grow your business, make sales, or improve your services.
5. Specialization and Efficiency
Focusing on what you do best and outsourcing the rest can lead to greater efficiency and profitability. For example, if you're excellent at tile work but not at plumbing or electrical work, hiring specialists for those tasks can save time and ensure higher quality results.
Action Steps
1. Evaluate Your Mindset
Reflect on your current mindset regarding money and expenses. Are you operating from a place of scarcity? Challenge yourself to see investments in professional services as opportunities for growth rather than costs to be minimized.
2. Do the Math
Before deciding to do a task yourself, calculate the true cost, including your time and potential lost opportunities. Compare this with the cost of hiring a professional. For example, if building your own website takes 60 hours, consider what else you could achieve in that time and how much a professional website could enhance your business.
3. Hire Specialists
Identify areas of your business where you lack expertise or efficiency. Consider hiring professionals for these tasks. Look for specialists who have experience working with contractors to ensure they understand your specific needs. For instance, hire a bookkeeper who specializes in construction businesses or a marketing expert with a track record in your industry.
Making the decision to hire professionals rather than doing everything yourself can be a game-changer for your business. By shifting your mindset, understanding the true costs, and focusing on your strengths, you can create a more efficient, profitable, and scalable business. Remember, investing in professional services is not an expense but a strategic move to grow your business and achieve long-term success.
Resources
Grab Brad's tell-all book: The Contractor Profit Blueprint
