Outsourcing parts of your small business is both powerful and underutilized

  • One of the central ideas of Book - The 4 Hour Work WeekBook - The 4 Hour Work Week

    Metadata:

    author: Timothy Ferriss
    title: The 4 Hour Work WEEK - Escape the 9-5, live anywhere and join the new rich.




    is that you can save a huge amount of time and money by outsourcing repetitive tasks to offshore countries as a small business.
  • He argues that outsourcing a) has a huge amount of potential and b) should be considered as early as possible.
  • He specifies a couple of points to this, e.g.
    • Outsourcing is a learned skill, you need to learn how to give precise instructions quickly
    • Outsourcing companies are less of a hassle than freelancers
    • Your worktime is not free. Whenever you complete a task, you pay opportunity cost of whatever your hourly rate is. Looking at it like that, outsourcing becomes a lot more viable.
  • Is important to keep outsourcing in mind: Always be honest about which parts of your business are process-driven and which are founder drivenAlways be honest about which parts of your business are process-driven and which are founder driven

    The differentiation between founder-driven businesses and process-driven businesses is highlighted in [[Book - The 4 Hour Work Week]]. To achieve full freedom, Tim Ferris encourages you to trans...
  • Building businesses that can be automated with outsourcing is the main loop that Ferris proposes to gain financial freedom.