Why Passion Can Get You in Trouble While Starting a New Business?

According to Glassdoor.com, the salary of an office administrator working in New York City in the USA is $46,887 per year. That’s a handsome package for an adept administrator who can streamline your work operations and straighten out the issues hampering your business. But, when it comes to startups, not many budding entrepreneurs can afford to part with such a hefty sum, at least not in the beginning.

Journey of a startup and its founder is a very personal one. Most startup owners are idealistic and believe in an idea, and then try their utmost best to succeed in their endeavors. Their passion can land then in a troublesome situation, which could have been avoided with a better approach. Want to know how? Read on.

In their attempt to do only the best for their business, young startup owners sometimes miscalculate the importance and scope of back office operations. Either they try to micromanage these tasks by themselves or hire employees on company’s payroll. This approach can be successful if your product becomes an instant hit and you are able to make a lot of money in the beginning. However, if the road in the beginning is filled with obstacles and your cash flow becomes restricted, it will be very difficult to sustain such expenses. The best way to tackle the uncertainty that preludes any startup is by outsourcing your back office services.

Wisdom + Passion: Key to Success for Startups

Wisdom is something that cannot be taught. It comes after working in an industry for a long time, after which, you realize what is good for you and what is not. As most veteran business owners in western country have realized the importance of back office outsourcing services, they have been rewarded well in the form of financial benefits. So, as a budding startup owner, even if you do not believe in outsourcing, it won’t be a bad idea to give it a try. Your passion can be best utilized in enhancing the quality of the core product.

What You Should Know About Back Office Outsourcing?

Companies that outsource back office operations actually spend a lot of time in scanning the market for a worthwhile vendor. If you are new to outsourcing and do not know where to begin your search and what to look for, have a look at a few tips below:

1. It is no-brainer that outsourcing should be done while keeping financial benefits in mind. One of the most important things before outsourcing back office operations is that you should compare the value of currencies. Only outsource if the exchange rate of the currency works in your favor. If you are in the USA and outsourcing to India, then you can exploit a currency rate of 71.64 rupees to a dollar (at the time of writing this article). Fantastic, isn’t it.
2. Always outsource while considering the time zone difference between your country and the country where you are sending your business to. After back office outsourcing, you may need to contact the employees in the other country at any time. Availability of employees directly correlates with their office hours. Unless, you can find a company that works 24/7, you should give priority to the time zone criteria before making a selection.
3. Never get greedy while outsourcing your operations. Always give priority to your operations and consider the price of outsourced services after that. A western country will, in almost all cases, always make a profit after outsourcing to developing countries. Be thankful for the financial advantage you get and select a reputed company with a good image in the industry.