Thursday May 23, 2024
Business Models: Outsourcing | The Ambition Show | Episode 31
What was once a misunderstood and looked down upon business practice has quickly become the standard. Outsourcing could be the operating model you need to start or grow your business.
Outsourcing describes when a business obtains a product or service from an outside provider, rather than handling it in-house. As a small business, outsourcing allows you to get more done and trust important tasks and processes to professionals, without having to actually grow your full-time team in a significant way.
The Pros and Cons of Outsourcing
-
PROS
- Keep Payroll low
- Easier Tax process
- Reduces operating expenses
-
CONS
- Brain Drain
- Increase Unemployment Rate
- Investopedia article: https://www.investopedia.com/financial-edge/0312/4-ways-outsourcing-damages-industry.aspx
How Outsourcing generates revenue
- Free up time for FTEs
- Outsourcing as a business
- Recruiting and Subcontracting
- Referrals
- Bring value to your network
- Earn income from affiliations
- I grew my team into an agency
- Outsourced SEO and Graphic Design services
WHAT TO READ “Idea to Execution: How to Optimize, Automate, and Outsource Everything in Your Business” by Ari Meisel and Nick Sonnenberg
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