Why You’re Not Rich Enough to Be Cheap
One of my favorite quotes is: “You are not rich enough to be cheap.” ~ Author Unknown
This saying is particularly relevant for entrepreneurs. Why? It perfectly explains why trying to do everything yourself instead of hiring an expert can ultimately cost you more in time, money, and even your sanity.
When you invest in your business and pay industry-standard fees for professional help, you’ll save money in the long term—not to mention avoid unnecessary headaches and stress.
In my work with entrepreneurs, I’ve seen firsthand how skipping professional expertise can lead to costly mistakes. Let me share a few examples.
Building Your Website
Mistake: “I found this great deal! Mr. Obscure will build my website and host it for just $200!”
Yikes! Before you hand over your money, ask yourself a few critical questions:
Will this person or company still be around after the project is completed?
What kind of customer service will they provide if your site goes down?
Can you easily transfer your website and domain to another hosting company in the future?
These may seem like simple considerations, but neglecting them can lead to serious issues.
Case in Point:
Sarah jumped at a deal for a $200 website and $8/month hosting from ABC Web Hosting. It seemed like a steal—until it wasn’t. Over the years, her site went down several times without explanation. Since her email was tied to the site, she couldn’t even contact customer support effectively. When she finally decided to switch hosting providers, ABC Web Hosting made the process frustratingly difficult, delaying access to her files and being uncooperative.
In the end, Sarah had to pay for a newly designed, professional website and wasted countless hours trying to fix the situation.
Lesson Learned: Invest in a professionally built website and host it with a reliable, well-known company. The upfront cost will save you time, money, and stress in the long run.
Business Systems
Mistake: “My friend, who’s inexperienced, will set up my new CRM system.”
Business systems like CRM platforms, email marketing tools, and shopping carts are the backbone of a modern business. High-end systems often require specialized knowledge to install and maintain. If training is “highly recommended” by the provider, it’s a good indicator that DIY isn’t the best option.
Case in Point:
Janice invested over $2,500 in a premium CRM system, plus $200/month for maintenance. To save money, she hired a friend with no CRM experience to set it up for $20/hour. Five years and several thousand dollars later, her CRM still didn’t function as it should, costing her both time and opportunities.
Lesson Learned: Hire a trained professional to set up and manage your business systems. The upfront investment will ensure your business runs smoothly and effectively.
Virtual Assistants
Now, let’s talk about something close to my heart—Virtual Assistants (VAs).
Have you ever wondered why VA rates vary so much? The difference between a $10/hour VA and an experienced professional charging $40 – $70/hour is one word: experience.
An entry-level VA might be great for simple task-checking. But if you need a partner to guide you on email marketing, social media, content creation, or program management, you need someone with expertise.
Mistake: “I’ll hire the $10/hour VA I found online—it’s cheaper!”
Case in Point:
An entrepreneur once contacted me for help with customer management, webinars, and content marketing. After a productive consultation, she seemed ready to move forward—until she decided to go with a “cheaper” VA. Six months later, she was still spinning her wheels, with little progress made. She returned to me, realizing the value of working with an experienced VA.
Lesson Learned: Hire a VA who fits where your business is now and where you want it to be in the future. An experienced VA may cost more upfront but will boost your efficiency and productivity, saving you money over time.
The Bottom Line
Investing in your business by outsourcing to experts isn’t just a cost—it’s a strategy. When you prioritize expertise, you save yourself time, money, and the stress of fixing avoidable mistakes.
Got questions about outsourcing? Connect with me on Facebook or Instagram.