The Important Things To Delegate In Your Company

delegate

I watched an Olivier Roland’s video  and I learned good stuff.

Here are the most important things to delegate in your company

Accountability

accoutant

I often meet entrepreneurs who do their own accounting and they say it’s a nightmare. Here are the 2 reasons why I advise them to stop :

  1. Accounting requires a lot of time.

  2. It’s extremely easy to make a mistake. Even certified public accountants make mistakes. The problem when there is an error in your accounting is that all the numbers are wrong. And when all the numbers are wrong, you tax return is false and when your tax return is false, you are in a long-term nightmare.

It’s possible to find a good accountant for around $1 200 a year when you start a company. It’s always better to pay that than to be in a financial nightmare for 5 years because of a mistake in your tax return.

Technique

it provider

What’s cool is that with WordPress and its free plugins and themes, it’s easy to install and manage a blog / website. There are also other platforms that allow you to do the same thing.

On the other hand, when there is a major problem that exceeds your skills, it can be negative for your company. For example,your blog / website no longer responds. If you don’t know how to do, you can spend 2-3 days trying to understand the problem and it’s been 2-3 days since your audience no longer has access to your blog / website.

At that moment, you need an IT provider. This is not a person you will hire as an employee but it’s a person to whom you can entrust all the technical tasks that you don’t knew how to do.

Yes, it will cost money but ask yourself this question : « Is it better to spend 2-3 says repairing your blog / website is down or pay a IT provider who repairs it in 1 hour ? ».

I advise you to find a IT provider quickly when you start making money with your company before having a major problem. Maybe someone around you knows a good IT provider or maybe you need to find one on Upwork. Test this IT provider with a small task to find out if her is competent or not.

Customer support

customer service provider

It’s something to delegate but not as fast as the technique. At the beginning, it’s important to do customer support yourself to be in direct contact with the audience to see the problems in services or products, etc. But that doesn’t mean that customer support is the best added value task that the company’s founder can do.

With customer support, you will quickly see that there are often the same questions that are asked. To eliminate much of the customer support is to make a FAQ. A FAQ is the list of questions most frequently asked with a reply.

For other questions that are a little more complex that are are common, you can do a procedure to explain to the people who take care of your customer service how to solve the problem. And you can ask them to inform you when a question is frequently asked to have a permanent feedback. This allow you to stay in touch with reality.

Maybe someone around you knows a good customer support provider or maybe you need to find one on Upwork. Test this customer service provider with a small task to find out if her is competent or not.

Social media

social media provider

Since you have a blog or a website, you have an audience. This audience sends you messages when you create content. This is the same principle as for customer support, it’s important at the beginning that you answer the messages yourself to discover your audience. You will know the fears and the hopes of your audience. It’s important that you learn how to communicate with your audience.

To find out what things to delegate, you need to be aware of seeing where you bring the most added value to your company as a founder, it’s about innovation, strategy and setting up processes. This allows you to work on your company and not work in your company.

It’s important to know the difference between working on your company and working in your company (being a slave to your company).

Solution

solution

I told you there was a way to find IT provider, customer service provider and social media provider on internet. The best known platform for finding freelancers or outsourcing is Upwork . You will find providers from several different countries. Always test a provider with a small task that doesn’t have a huge impact on your company to make the selection.

Share this article if you think it can help someone you know. Thank you.

-Steph

Be Curious And Effective

curious

I watch an Olivier Roland’s video  and learned good stuff.

I personally like to learn new things in different fields. Generally these are fields that I don’t know at all. This stimulates my curiosity especially when it’s something I don’t know and I see a lot of people using that. I think it’s the same for you.

That’s right, I’m curious and I like learning but how to be curious and learn a new thing effectively to use it as quickly as possible everyday ?

How long to learn

the right time clock how long

This is something that I’m always adjusting but there are some fundamental principles for it to work.

Here is an excellent example : speaking a foreign language. I hope (and if not, I advise you to learn another language) that you’re a person who speaks a foreign language at a level that allows you to have simple conversations.

Now do a little analysis. How long did it take you to reach this level to have simple conversations (a level that allows you to understand 80 % of a conversation or a text) ?

As everyone is unique in his/her method of learning, imagine that with effective learning techniques, it took you 2-3 years to reach the 80 % level of understanding in foreign langage. How much time do you think it is necessary to move from a level of understanding of 80 % to 99.9 %?

The truth is more impressive than you think. To go from the understanding’s level of 80 % to 99.9 % (the native’s level), it’ll take you 20 years !

You know, it’s not necessary to have a 99.9 % level of understanding to be bilingual. If you understand subtile jokes, you can consider yourself a bilingual. On the other hand, if everyone around you laughs and you wonder why, you aren’t yet a bilingual.

What is effective

effective

It’s destabilizing but it’s a reality, it’s faster to go from 0 % level to 80 % level than to go from 80 % level to 99.9 % level. This is the law of diminishing returns. This law works in all fields. This law is similar to the Pareto’s principle. The Pareto’s principle is the fact that 20 % of actions brings 80 % of results, 20 % of customers brings 80 % of the company’s turnover , etc.

This means that at one time, it’s more costly to learn the little things that remain to be learned in this field than to learn something new in another field.

Let us continue with the foreign langage’s example. It took you 2-3 years to get an understanding’s level of 80 %. In the next 2 choices, what’s the most interesting for you ?:

  • To spend 20 years to reach the 99.9 % level for a foreign langage

  • To spend 20 years to learn 6-10 new foreign languages at a level of 80 %

You see the number of opportunities you can create in your life by knowing how to speak several langages, it’s cool.

But there is a difficulty in knowing when the law of diminishing returns is put into action, This is a difficult question to answer because it depends on the individual and the field. It’s a personal expedition. We must also not confuse this with the « crossing of the desert » that everyone does when we start a new project.

The thing I do and I advise you is to track your progress to know when 20 % of your actions bring you 80 % of the results. With this tracking of your results, you can know everyday if you approach or if you move away from your goals. If you move away from your goals, it means that you have to adjust your strategy quickly.

When you have found a smart way to track you progress, it’s cool because you have an intellectual horizon, cultural horizon, tools, methods, strategies that are extremely varied and diverse that the majority of people. You have an effective toolkit that comes from an extremely varied horizon.

You can see in my blog’s articles that I speak of different field. I’m curious and I show what I learn by giving my sources because I find that being curious give me excitement to be alive. When you travel to a country where you don’t understand either language or writing, it’s exciting, right ? You can do the same thing on a daily basis by learning things in different fields.

Assemble different concepts

assemble assemblage

Now, let’s move on to the next level in curiosity. When you know extremely different fields, have fun connecting the concepts to each other. There is a type of creativity that involves linking concepts in a new way. Have fun connecting concepts that weren’t thought to be linked together and create something new. Look at how music evolves. You take 4 music’s types that nobody listen to, you mix all it and you create a new music’s type.

Today, we have the facility to have access to knowledge with books on billions of subjects. There are books on money, cooking, foreign languages, etc.

Attention, you need to learn in an efficient way with the principle of 20/80 and action (execution) everyday, no matter how difficult. If you learn all these things only to give you a good conscience and to impress your friends in discussions, you waste you time. It’s intellectual masturbation, it’s an illusion. It’s like this expression of Julien Greaux : « To be rich on Instagram, it’s like being rich in the game Monopoly ! ».

I hope that I motivated you to explore and learn new things effectively. And most important, you learn these new things to use them every day to boost your lifestyle.

Share this article if you think it can help someone you know. Thank you.

-Steph

Company Creation And Taxes

taxation

I watched an Olivier Roland’s video  and I learned good stuff.

It’s true that a frequent question, how to optimize taxation when we start a company.

Solid foundation

mountain

It’s extremely simple. Here are the 3 most important steps to do when we create a company :

  • First step => sell

  • Second step => sell

  • Third step => sell

The only thing that is important is to find customers who are willing to pay for your products/services. Everything else is superfluous.

Spend all your days looking for ways to pay as little tax as possible or have a Zen office to stimulate your creativity or create your website with the best design in the world, all this is superfluous. This is intelligent procrastination.

To grow your company, you need to find customers in the most efficient way possible.

Be profitable

profitable profit growth

The truth is that you’re going to ask yourself how you can optimize your taxes when you ask yourself: « Wow, I’m paying too much taxes now, I need to improve that ! ». When you ask yourself this, you’ll have ways to pay a specialist’s service. And it will also mean that your company is profitable, which is excellent.

It’s normal for an entrepreneur to minimize costs as much as possible to make the company profitable. But taxes shouldn’t be an obsession because it can make you forget the company’s mission. Your company isn’t profitable because you pay the minimum taxes. Your company is profitable because of the added value of your products/services.

So when you start your company, the 3 most important things are to sell, sell, and sell to have a profitable company.

Share this article if you think it can help someone you know. Thank you.

-Steph

Entrepreneur loneliness

entrepreneur loneliness

I watched an Olivier Roland’s video  and I learned good stuff.

Many entrepreneurs experience this loneliness. It’s not the loneliness type: « I have no family and I have no friends ». It’s a loneliness type that there is no one in the family or friends who is also an entrepreneur. Because of this, it’s difficult to share the ups and downs of the entrepreneurial profession.

When an entrepreneur shares his/her problems with a person who is not an entrepreneur, here’s the answer he/she often hears: « Oooh no, you’re crazy! Stop being an entrepreneur! Find yourself a quiet job and like that, you’ll don’t have this kind of problem ».

And when you’re an entrepreneur, it’s real, it’s really not the answer you want to hear. An entrepreneur has chosen to be an entrepreneur, it’s simple.

Solution

solution

I think you imagine it’s complicated but it’s so simple that most people think it’s complicated.

Metting with other entrepreneurs

Meet people who live the same thing as you. You’ll understand what they’re going through and they’ll understand what you’re going through.

To find them, you can go find them in the entrepreneur’s associations, the chamber of commerce of your city, training for entrepreneurs, etc.

There are also events in your professional field. Usually, in these events, there are hundreds or thousands of entrepreneurs (you can also find potential partners or customers)

To break this loneliness, it’s up to you to act. Inform yourself to the entrepreneur’s associations, the chamber of commerce of your city, training for entrepreneurs and events of your professional field and meet entrepreneurs. If you’re shy, it’s not an excuse. Be afraid and do it, you’ll see. You are not the only shy entrepreneur in your city.

Share this article if you think it can help someone you know. Thank you.

-Steph

Dropshipping

dropshipping

I watched an Olivier Roland’s video and I learned good stuff.

To start, a little explanation of dropshipping. Dropshipping is to entrust most of your logistics to an external service provider or to make it simpler, you outsource your logistics. For example, you sell fitness accessories on the internet. Everything concerning the reception of the product, storage of the product, packaging of the product and sending the product to the final customer is managed by the service provider. This is a concept proposed by Tim Ferriss in his book « 4 hours workweek ».

Amazon

amazon fulfillment

The most famous dropshipping provider in the world is Amazon with its service « fulfillment by Amazon »  Here is how it works, you reference your product in Amazon’s catalogue, you order your product from your supplier by telling to your supplier to send the product to an Amazon’s center.

As you see Amazon takes care of the storage of your products. Now when a person buys your product on Amazon, it’s Amazon that handles delivery to the final customer and billing. Of course, Amazon takes a commission that is about 30 % of the sale price. Yes, that’s it, so you have to pay attention to your profit margin.

Today there are more and more people who create dropshipping companies to buy products to import on Alibaba. They do market research on the internet, they do tests and sell these products on Amazon USA, Amazon Canada, Amazon Germany, etc.

it’s possible to earn tens of thousands of dollars per months with an excellent profit margin.

A dropshipping company is interesting because there are fewer constraints than the classic e-business. But there are always risks. You have to buy a little stock (so the stock is at home) to your supplier to see if you can make several sales on Amazon before outsourcing your logistics to Amazon.

Make your first sales

first sales sold

There are several ways to create a dropshipping company, it’s up to you to find the one that fits you. Do your best to minimize risks and a plan B if things don’t go well.

To minimize risks to the maximum, you need to train yourself about dropshipping. Read books about dropshipping, do your own research to try to figure out what products interest people and buy a small stock of products to sell them yourself. The best scenario is that Amazon takes care of everything including find customers. But for this to be possible you have to make marketing efforts to have the first sales. Once you have made the first sales, you have launched the machine.

Once you have made the first sales, an Amazon’s algorithm will help you. Yo know when you see a product on Amazon, at the bottom of the page, you have a « customers who bought this item also bought » zone. When your product is on this list, Amazon helps you find new customers and it’s cool.

Make your own marketing

marketing digital social media

Amazon helps you for your logistics and find new customers and it’s really cool but don’t be naive. If Amazon changes its algorithms, your sales can decrease. To avoid this situation, you have to do your own marketing. An excellent strategy is to create content with a blog, a Youtube channel or another social media.

The idea is to create content to create a community. For example, if you sell fitness accessories, you create content about fitness to create a fitness community. Content allows you to have fans. You build a community and your mission is to help people in your community to reach their goals. And that makes the difference between you and your competitor.

If you’re interested in creating a dropshipping company, the first step you need to do is to train yourself by reading books, watching video on Youtube and participating in online or offline training. Here, now it’s up to you to hustle.

Share this article if you think it can help someone you know. Thank you.

-Steph

The Right Time To Offer A Paid Product

paid content

I watched an Oliver Roland’s video  and I learned good stuff.

It’s necessary to think of 2 things :

  • How to find the right time to offer a paid product while usually everything is free

  • How to handle fear and criticism about a paid product while usually everything is free

The right time

the right time

The right time varies depending on the sale mode and type of product. The approach to proposing a product is different when you do a webinar, a product launch  or a sales page.

The easiest way to sell a product is to make a sales page because you don’t need to worry about the minimum subscribers number to have in your mailing list.

What is extremely important to understand is that you need to stop being obsessed by the number of subscribers on your social media (Facebook, Twitter, Instagram, Snapchat, Youtube, etc.) because it has not value. Let’s me explain, what is really important is the subscribers number of your mailing list (newsletters).

A lot of people have success on Youtube but unfortunately they need to stay on Youtube’s platform to keep their success. It’s really difficult to bring Youtube’s subscribers to another platform or another website. It’s even worse on Facebook because people are so used to the social media’s graphical user interface that they really have to give them an interesting reason to go elsewhere.

Survey

survey

Yes, with a survey you can attract all your social media’s subscribers to your own website. I advise you to do a survey when you reached 500 subscribers in one of your social media.

With a survey you can know :

Your audience reactvity

  • Your audience’s reactivity

  • What product wants your audience. This reduces the risk of creating an unsaleable product. The mistake entrepreneurs make is to create the product they want to do. For 1-2 years they work on it and when it’s ready, nobody wants to buy it because it doesn’t solve a problem of the audience.

When you reach 500 subscribers in one of your social media, you can say to your audience : « Hello, my friends, the community develops and it’s thanks to you. I would like to help you in a more efficient way that is why I propose you to answer a small survey where you’ll be able to tell me how I can help you to solve one of your problem ».

People who answer to this survey will show you the real reactivity of your audience. By exemple when you have 1000 subscribers, you have an average of 100-200 people responding to the survey.

The result of this survey will help you to create a product that will interest your audience.

Mailing list

Buid your mailing list (newsletters) is more important than having the maximum number of subscribers on your social media because they’re qualified potential customers. This what is make the difference between your subscribers who consume your content for entertainment and your subscribers who consume your content because it improves their lifestyle.

To build your mailing list (newsletters), offering an interesting free bonus to your audience is an effective way to collect qualified emails from people who are likely to buy your product. If you have no idea to make a bonus, you can make one by intuition and after adjust or change after conducting a survey.

eBook

By exemple if you have a Youtube channel or a Facebook Page about hamsters, by intuition you can imagine that the main problem of people is to ensure that their hamsters are well fed and long live. So you can write an eBook (digital book) like : « 5 tips for having a well-fed hamster and long live.

The concept is to offer something free in exchange for an email from someone of your audience. You really have to give something interesting so that people are : « Wow, it’s cool. I gave my email and I got it all ! ».

Criticism

criticism

I’ll be simple. All people who aren’t happy because you offer a paid product are supporters of slavery. Usually people aren’t aware of it. When you see a critic like : « It’s was great before, you offered a lot of free content and now you want to sell a product, it’s horrible ! ». What do you think ? Me I’m thinking of a person who wants me to work for him/her for free for life. And how do we name it ? A supporter of slavery.

Don’t be afraid ! You continue to give free content to your audience and in the same time your offer paid content. You don’t blackmail with your audience, your propose and people make their decision.

By having paid product that filter out people who recognize that your work deserves salary and people who are unconscious supporters of slavery.

Don’t worry, critics hurt at the beginnings but then it goes better and you gonna laugh at it.

-Steph

P.S. Smartphone apps :

To track my calories, I use MyFitnessPal 

To track my workout program, I use Jefit