If you are in debt as a business owner, looking towards a remote working option can help reduce your debt significantly. And, if you are just getting started, you can start on time to avoid and cut back debt by embracing remote working — outsource tasks to overseas talents.
As a debtor, you should focus on how to pay off your debt and repair your credit history by so doing. Renting a physical office will only add to your debt. In fact, it’s a mere frivolous act to rent an office space when your debts are already mounting up. You are not in competition with anyone. Therefore, do not join those who are setting up comfy workspace – they probably have the wherewithal — you should learn to spend within your means and focus on growing your business.
See How You Can Avoid Debt with Remote Working
1: No Office Rental Expense
One of the huge savings that come with opting to outsource is that you are not incurring the heavy costs that come with renting and equipping a conventional office space. Your remote workers work from their own spaces. And often, they not even input the cost of using their own space and are not integrated into the service fee they are charging. This leaves you with more funds to invest in your business.
2: No Equipment Acquisition Costs
Renting an office space is one cost, equipping the office space with the necessary work tools and equipment is another massive cost. By using outsourcing to access remote workers from all over the world, you don’t have to spend on office equipment and tools. This is because your remote partner already has the tools to execute the assigned task. And, they may not even factor in types of equipment into the cost involved in providing their services.
3: No Physical Movements are involved
Since remote working is largely enabled by the internet and the world wide web, you don’t have to incur traveling expenses to go supervise the outsourced projects. With a click of the button (via emails, messaging apps, and phone calls), you can monitor the tasks that a remote worker is handling as though you’re transacting physically.
4: Hiring Local Talents is Usually Expensive
There are usually not many options when it comes to hiring local professionals for IT and similar tasks. Even when you eventually spot one, the fee or remuneration is usually on the very high side, especially for a start-up. You may end up spending only a small fraction of what you will pay to a local professional by sourcing for talents from all around the world. This will help you avoid unnecessary costs and possible debt.
Finally, by embracing outsourcing or remote working, you are able to create more time. This is because you are no longer spending hours on tasks that are not your areas of specialization, but focusing on your core competencies and spending less time in doing so — which also results in more productivity.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.