Most entrepreneurs are jacks-of-all-trades in the initial stages of starting a business. They work long hours completing everything from marketing and sales to accounting and administrative tasks.
Some entrepreneurs decide to do everything themselves to save money, while others don’t want the responsibilities of delegating tasks and managing employees.
While this concept can work wonders for a while, the do-it-yourself mentality can eventually hinder your company’s success. Below is a detailed look at how.
Long Hours Lead to Exhaustion
When you’re responsible for every aspect of your business, it often means you’re working long hours to get everything done.
Some entrepreneurs report working just 20-30 hours a week, while others work 60 or more. Depending on your business type, you may even feel like you’re always on the clock.
There are only 24 hours in a day. Spending most of your time working leaves little room for personal obligations and, more importantly,
sleep. Failure to get at least 7 to 9 hours of rest will lead to physical and emotional exhaustion. The more tired you are, the harder it is to continue running your business.
Exhaustion Leads to Low-Quality Work
Entrepreneurs that don’t get enough sleep will notice a decline in their quality of work. Sleepiness can impact the mind in many ways.
Scientists state that lack of sleep can slow your thought process, impair memory, and complicate learning. It’s also common to make careless mistakes, causing you to produce work that doesn’t meet client expectations.
Low-Quality Work Leads to Lost Business
Dissatisfied clients or customers, as you might imagine, cause problems for your business.
For starters, the consumer may no longer be interested in doing business with you. If they file an official complaint, write a negative review, or share their negative experience with others, it can also ruin your reputation.
When potential clients research your establishment and review these complaints or comments, chances are they will go elsewhere.
Ultimately, you miss out on the opportunity to get more business. While there are ways to improve your reputation and bounce back from this experience, it can take a lot of time, money, effort, and resources.
You Limit Your Company’s Growth Potential
You’re only one person. No matter your experience, your skills, and abilities are limited. Trying to do things yourself for too long can reduce your company’s growth potential.
You can only complete so many tasks in a day. Not to mention, working on assignments you’re not well-versed in limits your efficiency.
Take marketing, for instance. Although it’s necessary to generate sales, it’s a complex and ongoing process that can take hours out of your day.
Without the proper knowledge, you’re limited in your strategies and resources, causing you to miss opportunities to streamline processes and boost sales.
Read also: Your 1-Hour Business Audit (& How to Make More Course Sales)
You Waste a Lot of Money
If none of the above factors persuade you that being a DIY entrepreneur is detrimental to your business, perhaps losing money will convince you otherwise.
There are multiple ways you waste money. You invest in overpriced products you don’t need, lose business from dissatisfied customers, miss out on opportunities to acquire new customers, and can’t scale your business to earn more income.
Know When It’s Time to Get Help
Being a DIY entrepreneur may work in the beginning stages of your business, but eventually, it does more harm than good.
Entrepreneurs must recognize signs it’s time to get help and follow through with a resolution. Waiting too long could amount to pressures that are hard to overcome.
Fortunately, there are multiple ways to get help with your business. The first option is to hire a full or part-time employee. Some candidate sourcing platforms make it easy to advertise your needs and find the most qualified applicants for the job.
If you can’t afford or don’t need someone on a full or part-time basis, you can hire a contractor or outsource to an agency. Each of these options enables you to find assistance on a budget you can afford and on a schedule that works for you.
You have worked too hard to start and manage your business to let it crumble because you’re trying to do it yourself. Sure it saves money and is easier than managing and entrusting others, but being a DIY entrepreneur has physical, emotional, and financial impacts that can be difficult to overcome.
Recognize when it’s time to hire help and consider the above options to hire, contract, or outsource your business needs. It’s an investment you’ll thank yourself for later.