Welcome to episode three of the Phunnel Podcast with Jody Jelas. Today, we’re diving into the true cost of DIY (Do It Yourself) projects, especially in business. While the allure of saving money by handling tasks yourself is strong, it often comes with hidden costs that can drain your time, energy, and finances. In this blog post, we’ll explore these hidden cost of DIY and why hiring professionals might be a more cost-effective and efficient choice.
The Allure and Reality of DIY
Many entrepreneurs, particularly those just starting out, choose the DIY route to save money. They believe that handling everything themselves, from building sales funnels to marketing and administrative tasks, is the best way to manage a tight budget. I completely understand this approach; it’s how I started my business when I was 21. However, over the years, I learned that the apparent savings of DIY can come at a significant cost.
The Hidden Cost of DIY
Time Investment
One of the most significant hidden costs of DIY is the time it consumes. Tasks that fall outside your natural flow or expertise can drain your energy and productivity. For example, if you’re a creative person forced to handle detailed coding, it can feel like your soul is being sucked out. This diversion from your strengths can make you less productive in areas where you excel.
Example: When I first started building websites, I did everything myself—coding, design, marketing, sales. While I could handle it, the detailed work drained my energy. Once I hired others to handle those tasks, I found I was far more productive and energetic, as if I had gained an extra 20 hours a week.
Energy Drain
Tasks that you don’t enjoy or aren’t good at can significantly drain your energy. This energy drain can make you feel like you dislike your business, leading to burnout and decreased productivity.
Example: I once worked long hours on tasks I didn’t enjoy, to the point where my water broke at my desk while I was pregnant. I stayed at my desk to finish websites for clients, sacrificing my well-being. This experience taught me the importance of focusing on tasks that energize me and delegating those that don’t.
The ADD Method: Automate, Delegate, Delete
To manage your time and energy effectively, I developed the ADD method: Automate, Delegate, Delete. Here’s how it works:
- Automate: Use tools and software to automate repetitive tasks.
- Delegate: Hire contractors or team members to handle tasks outside your expertise.
- Delete: Eliminate tasks that don’t add value or move your business forward.
Action Tip: Track your tasks for a week. Categorize them into tasks you love and tasks you hate. Focus on automating, delegating, or deleting the tasks you dislike.
The Financial Cost of DIY
While DIY may seem cheaper upfront, it often leads to hidden financial costs. Consider the example of building a sales funnel for a $1,000 course. If it takes you six weeks to build the funnel, that’s six weeks of potential sales lost. At ten sales a week, you’re losing $60,000 in potential revenue.
Example: Hiring professionals like us at Phunnel Builders can reduce this time to two weeks. Even if we charge $10,000, you’re still making $40,000 more than if you did it yourself. This calculation shows the financial benefit of outsourcing to experts.
The Cost of Trust Issues
Some people DIY because they’ve been burned by outsourcing before. They worry about trust and quality. To address this, we at Phunnel Builders offer safeguards like providing a detailed strategy and funnel map before starting a project. This builds trust and ensures we’re aligned with our clients’ goals.
Action Tip: When hiring professionals, ensure they provide a clear strategy and demonstrate their expertise. Look for companies with a track record and positive client feedback.
Practical Application: Implementing the ADD Method
To illustrate how these steps can be applied, let’s consider a real-world example. Suppose you are an expert in digital marketing and want to create a 3-Sided Webinar Funnel for your course on social media strategies for small businesses.
- Automate: Use tools to automate email sequences and social media posts.
- Delegate: Hire a VA to handle customer inquiries and support.
- Delete: Eliminate tasks that don’t add value, like spending time on less effective social media platforms.
The True Cost of DIY
While DIY projects can offer cost savings and personal satisfaction, it’s important to be aware of the hidden costs and potential drawbacks. Time investment, lack of expertise, cost of tools and materials, quality of work, and safety risks can all add up, making DIY more expensive than initially anticipated.
By carefully considering the complexity of the project, your own skills, time availability, and budget, you can make an informed decision about whether to tackle a project yourself or hire a professional. In many cases, investing in professional services can save time, money, and stress in the long run.
