Subcontracting is a simple but powerful concept. It can expand your business exponentially. How can you use it to double your available time, enlarge your skill set, and increase profits? Let’s consider an example of how easy and effective it can be.
Imagine your virtual assistant business focuses on event coordination. That’s your specialty, and currently the only service offered. A client then asks for a WordPress site. You know how to do this but don’t have the time for it. Now, this is an established relationship. They trust you and would prefer not to search for someone else for the job. Hence, finding a way to provide this service is key. What can you do?
This is where subcontracting comes in. Hire a candidate proficient with WordPress who can work under you. In addition to providing a regular 40-hour workweek for event planning, you’ve added 10 hours for WordPress management. The client’s satisfaction has greatly increased, and you’ve doubled your time!
Soon after, the client asks for website content as well. This isn’t your area of expertise, though, so normally you’d need to turn them away. Don’t do that! Add a subcontractor to your team who can create excellent copy. You now provide event planning, WordPress services, and content creation.
Look at how much your business has changed—each member of the team, including yourself, has a specialty. Everyone plays a role in a growing company that offers quality work. You couldn’t have accomplished this on your own. Current clients stay loyal and potential ones are drawn to you. Building a team with a variety of strengths allows you to triple your skill set.
You’ll have the capability to bring on more clients than you would’ve been able to alone. The fee you charge should factor in the percentage given to the subcontracting team. Your clients are busy, and are willing to pay more in order to get everything they need from one company. They won’t need to search for someone else to fill in—time and effort that most of them can’t spare. Depending on how many team members you bring on, your revenue can double or even triple.
Many small business owners, especially virtual assistants, gain new clients through referrals from current ones. Implementing the subcontracting concept greatly increases their satisfaction with you, making it very likely that they’ll recommend you to others. Making a business work isn’t about doing it solo—it’s about building success through collaboration.
So, when are you going to build your own team?