As an entrepreneur, you wear several hats. Some of them might even look good on you.

But there will inevitably be some parts of starting and running a business that fall outside your expertise.

On top of that, you’re one person: You’ve only got 2 hands and 24 hours in a day.

Just because you carry the weight of your business on your shoulders, doesn’t mean you need to shoulder all the responsibility alone.

Delegating responsibilities to other capable hands frees you up to focus on your vision and the things only you can do, whether it’s growing your business or even spending more time with your family.

When it comes to creating time and finding talent, ‘outsourcing’ is an essential practice for efficient entrepreneurs.

The Pros and Cons of Outsourcing

Contrary to some definitions, outsourcing doesn’t necessarily mean contracting work out to someone in another country. Instead, look at it as handing off or “farming out” work to a third party that specializes in its execution.

It’s easy to become a  control freak (in a good way) when you care deeply about your business, but that can make it hard to let go of aspects of your business in fear that someone else won’t do as good a job as you or won’t execute your vision exactly as you see it.

On the flip side, delegating too much or for the wrong price can increase your operating costs unnecessarily.

Effective outsourcing gives you back the time and energy you need to focus on higher impact things and maintain a good balance between life and work.

When contracting out a role or task you’ll need to consider:

• Essential vs. nonessential tasks: Perhaps the most important thing to consider is whether what you’re outsourcing demands your attention and if that attention could be better spent on more essential tasks elsewhere (e.g. business development activities like creating strategic partnerships)
• Long-term relationships vs. one-time needs: Outsourcing a process in the long-term requires that you build a good relationship with the contractor or agency you’re working with, so that they know your business enough to work better with you over time.
• Your personal expertise and workflow: Look at outsourcing essential tasks where you don’t have the expertise to ensure quality work and find ways to offload nonessential tasks that consume a big chunk of your workday.
• Look at automation and “botsourcing” first: Some things are far cheaper and more efficient to automate than to outsource (more on that later).
• Costs: In many cases, you’ll choose outsourcing because it’s a cheaper alternative to hiring an employee full or part time. But consider whether you have the cash flow to support outsourcing costs and the potential return on investment (more revenue or time to focus on other things) that justifies it.

When in doubt, ask yourself how much your time is really worth. The simplest way to calculate the value of your time is based on the total number of hours you dedicate to work divided by the income you generate per hour you work. Then ask yourself if it’s worth paying someone to have that time back and what you would invest it on instead.