Quick question: on a daily basis, how long is your to-do list?

Next question: how much of this to do list can be done by someone you hire online?

Last question: how much is your time worth?

Today we’d like to talk about the concept of opportunity costs, and why it is costing you hundreds, if not thousands of euros as year if you’re still doing everything yourself.

Simply put, opportunity cost is the cost of not doing something. If you spend your days doing your accounting, checking your emails and cleaning your office, you are definitely not spending that time working on your business, providing value to your clients, learning more, and coming up with million dollar ideas.

Think of it like this: you can pay 15€ an hour to someone to check your emails and manage your socials for you. In that hour, you can create a marketing strategy that has the potential to generate hundreds, sometimes thousands in extra income for you.

Next to the argument of opportunity costs there is the fact that other people are better at all these tasks that you pay them for. They are much more efficient than you will be, so outsourcing these things will free up a lot of time to learn more, implement more, and make more money. If you can make 100 euros in an hour, and you pay someone 15 euros to do other tasks for you in that hour, you just made 85 euros.

The more tasks you can outsource, the fewer things you have to do yourself, the more you can focus on working on your business and providing the core product or service that your business runs on.

In conclusion: the more you pay other people to do non-value added tasks, the more money you can make.

If you were to outsource the two tasks that are taking up most of your time, which two would they be? What would you do with the time that came free?

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