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Question added to topic Starting a BusinessJanuary 9, 2008

Should I outsource or do it myself?

I am considering running a concessions stand outside of my business versus renting out space to existing restaurants. I'm wondering if it is more profitable for me to do it myself or have someone else do it for me so I could just collect rent or get revenue sharing.
Doing it yourself will in most cases be more profitable, given a couple of areas you need to manage or understand.

First, do you have the time to manage it? Whether we like it or not, any new enterprise, no matter how big or small will take time from us for management.

Second, do you have or can you hire someone who knows what they are doing? Usually I would tend to take a smaller dollar amount for less time input.

Always remember, poor people spend time to save money. Rich people spend money to save time.

All the Best,
Brad Sugars

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.

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