Outsourcing and Hiring with Guest Bonnie Fahy: MakingBank S1E48

Click here to get Free Podcast on iTunes

SUBSCRIBE for weekly episodes and bonuses: bit.ly/JoshFSubscribe

MAKING BANK is now a weekly YouTube TV show and iTunes Podcast full of #Success and #Business with Josh.

Subscribe to the Podcast MP3: bit.ly/TumblrSubscribe

Summary

Entrepreneurs fight a number of battles.

But the one opponent we fight more than any other is time.

Whether arrived or aspiring, all entrepreneurs struggle against time.

The all-encompassing hustle and grind of starting and scaling a business cannibalizes free-time at a furious pace—a pace that is both unsustainable and unhealthy.

To reclaim time from the jaws of business—to get it back so it can be spent with friends and family as opposed to work—requires something hustle and determination can’t provide:

Help.

The key to schedule expansion is the strategic enlistment of help.

Unfortunately, help isn’t always an easy thing to come by. Employees are expensive and, for most entrepreneurs just getting started, out of the question.

And that’s where outsourcing comes into the picture.

Almost anything can be outsourced, from individual tasks to BIG complicated projects.

Data entry, email management, blog writing, website construction—it can all be passed on to someone else.

As entrepreneurs, taking advantage of outsourcing is essential. It is the key to creating additional bandwidth where none could otherwise exist.

Determining what to outsource is easy—hire-out everything that is beyond your area of expertise, so you can devote your entire focus to that expertise and the revenue it generates.

But who to outsource to, and how to hire them, isn’t as cut and dry.

How do you find the right person, pay them fairly, and ensure they’re getting the work done all at the same time?

To help us answer that question (and countless others), please welcome Bonnie Fahy onto this episode of Making Bank.

Bonnie is a former balloon artists (seriously!) turned uber-successful entrepreneur who used trial and error, coupled with a fortuitous experience in Las Vegas, to discover the secret to wealth isn’t rooted in what you can do, it’s rooted in what you can get other people to do for you.

Today, Bonnie’s company Source It, helps businesses pioneer more effective processes and generate better returns using both domestic and overseas outsourcing.

Listen as Bonnie as she shares dynamite insights, including:

• Why owning a clear inventory of your time is essential to determining what you can outsource
• How “hybridsoucring” works
• Why stubbornness can pay
• How to determine what needs to be outsourced versus what needs to be kept internal

SUBSCRIBE for weekly episodes and bonuses: bit.ly/JoshFSubscribe

Transcription

I’m Josh Felber, and you’re watching “Making Bank” where we uncover the success strategies and the secrets of the top 1%, so you can amplify and transform your life, and your business, today. Welcome to the show. As entrepreneurs probably one of the biggest things that you, and myself, everyone out there that’s ever started a business, that’s scaled a business, and grown a business, really tries to fight for, is their time. How can I have my time back? How can I get parts of my life back? How can I be able to go and take a vacation with my family? How am I going to be able to start spending time with my kids and my spouse? These are all questions we don’t think about when we first start a business, but later when all of our time is now gone we don’t know how to get it back, how to reclaim it, and how to be ourselves again for our families, and even for ourselves. As we grow and scale that business it’s like, “Okay, what do we do? Who can we count on that we can hire? Is it the right time to hire somebody, or how am I supposed to really do this?”

It’s all confusing and we just ended up getting frustrated, and just put our head down and continue to do what we do day in and day out, is hustle, grind, build our business, just sweat, blood that we put into this every single day. One of the things that I’ve found along the way, as I’ve been growing and scaling the numerous businesses that I’ve owned over the years is being able to outsource some of those areas that may serve me better, as well as find somebody that actually handles those areas better than myself as well. One of the biggest things for me that I’ve found is being able to outsource and hire somebody that may have a master’s degree or may have a PhD in a certain area, and have them help me with research or have them help me with being able to data entry information. As well as sending emails and following up on certain aspects to maybe get me booked on a show, or a podcast, or getting my blog articles and things written and published out there. Whether it’s an entrepreneur, Forbes, or whatever that may be.

It’s really helped me be able to find that time, and get some of that time back, so I can start to do those things that I enjoy and that I love, [everything 00:03:04] over the years. How do we go about that? How are we able to make sure we find the right person? What we do is, make sure that we’re paying them fairly, as well as, that they’re getting the work done specifically as we’ve requested. That was one of the biggest challenges that I ran into. I went through a lot of people that I worked with, outsourcing, and I’ve outsourced everything from e-mails, data entry, website design, website tweaking, whatever that may be. Instead of spending $5,000 to have a website design, I spend $500. Data entry, I have a lot of different sets of information that I want to compile from analytics and different marketing and sales processes, and funnels, and things that we’ve launched. I want to be able to know, “Hey, what is exactly working? What is not working? Then what do I need to do better?”

Instead of spending my time sitting there keying in the data, looking it up, keying it in, I have somebody else do that for me. Then I can just look at the results, and that’s what I’m suggesting to you is, “Hey, you might be at a spot in your business where you may not be able to hire someone directly, for $15-20 an hour to help you in your business day in and day out, but you can go find somebody part time that we can outsource to. Whether it’s here in the United States, the Philippines, whatever the area that best fits you, and outsource to them at a part-time. Instead of paying that $15 an hour wage, you may be paying them $8 an hour or $6 an hour, and the work quality may be 100 times better.

One of the things that I’ve found though, that you really want to make sure when you’re working for somebody, is really be clear on what your intention is, what your results that you’re looking for, and the process that you would utilize to go about it. Then you can shoot a video, you can draft it all out on a document, whatever works best for you, as well as them. Hire them on, bring them on. Start to reclaim some of that time. One of the biggest things that you can do then, at that point, with reclaiming your time, is then take some time for yourself or apply it in another area that you really need to hustle in. Maybe you’re great at sales, but all this other data entry and work, is just bogging you down. Take that time and spend it on generating more sales for your business. Hire out those parts of your business that may not be your best fit, or it takes you three or four times longer than it would take somebody else to do that specific task, or those specific items within your business. Focus on your areas that you can generate revenue, that you can generate profits, within your business, that you can serve your clients directly, to grow your business and scale your business.

I’m really excited because one of the things that along the way, while I was figuring out how to outsource, and trying to find the right people, there was no training or systems in place to really find those best people out there that align with what my needs are, as well as, compensation and everything.

My next guest, I was able to meet, her name is Bonnie Fahy. She’s created this whole process on being able to find the right person, connect with them, how do you present, “Here’s what I need to have done. Here’s what my results are,” and then creating that long-term relationship with this other person to help you grow your business. Up next, we’re going to be able to spend some time with Bonnie, be able to really dive in and see how she goes about the process. She’s given us a huge opportunity to access a lot of her material for free, so you can get out, start growing your business, start creating more time in your life, and really being able to do what you do best, and do what you love. Stick around, we’ll be right back. I’m Josh Felber, and you’re watching Making Bank.

Josh Felber: Welcome to Making Bank. I am Josh Felber and I am excited today. We have an unbelievable guest on my show today, her name is Bonnie Fahy. Bonnie is the creator of Source It, which was just recently featured in Forbes as the worlds premier education and online hiring, and outsourcing, for entrepreneurs. Bonnie started outsourcing five years, and developed a system that enabled her to resell her work to multi-million dollar companies, and consult with some of the top names in the internet marketing industry. Now, she helps people get out of overwhelm and get super high quality work, including graphic design, video editing, virtual assistance, for a fraction of the cost. Bonnie believes firmly, that outsourcing is the key to getting your time back and focusing on parts of your business that you love, and leading the most fulfilling life possible.

Bonnie, welcome to Making Bank.

Bonnie Fahy: It’s an honor to be here. I’m super excited.

Josh Felber: I love your bio because it’s the same challenges, I know for myself, that I’ve run into over the years in business. I’ve hired different people and it’s just never worked out. I’m glad you’re on the show today, so we can share some awesome insight with our listeners.

Bonnie Fahy: Yeah, me too. I think it’ll be fun.

Josh Felber: Cool, well tell me a little bit about your background. Is it something where you’ve always been an entrepreneur? Is it something that you just came up with this idea because you really had the need for it? Just give us a little bit of background there.

Bonnie Fahy: Yeah, so it’s interesting. I remember graduating from college and looking at all of the job postings that were out there, and thinking to myself, “I don’t want to do any of these things. Not even a little bit.” When I graduated from college with my advertising degree, I just continued doing my job that I was doing in college.

Josh Felber: Sure.

Bonnie Fahy: I was a balloon artist, meaning I was the type of person that, shy of a clown costume, was just going to kids parties and making balloon animals, and entertaining children. I did that for seven years. I actually made pretty good money doing it. I made between like one to $250 an hour …

Josh Felber: My kids would love that.

Bonnie Fahy: I’m sure they would love it, and I would, honestly, still love to do it for them. It was a really fun job. It was great. You got to make people happy, it was awesome, but I realized that I wouldn’t make the kind of money I wanted to long-term, doing balloons. I wanted to inflate my balloon business, and so I learned about internet marketing. When I started to learn about internet marketing I was like, “Wow, this is huge. No matter what I want to do in my life, this is the key to success.”

Josh Felber: Sure, sure.

Bonnie Fahy: Fast forward two months and I had stopped doing balloons, and I had gotten a job being a corporate consultant. I started doing all of these different things myself. I started doing my own WordPress, I started doing graphic design, and doing my own invoices for these clients. It was really unfortunate because I remember being totally burnt out having this professional job, and at the end of the year I have made $16,000 in my first year of business. That’s less money than I had made as a balloon artist part-time, and I wasn’t feeling good about what I was doing. That’s the road that initially led me to what I’m doing now because I knew I had to find a better way of doing business.

Josh Felber: Okay. You internet marketing business, as you were growing that, it sounds like some of the challenges then that you were running into, is you were doing everything. You wore every single hat, which seem to be what a lot of entrepreneurs out there they face those same challenges in their businesses as well. It’s, “I’m doing this. I’m doing marketing, I’m doing shipping, I’m doing e-mails, I’m doing customer service. Help. Where do I go from here?” What did you come up with? Obviously it sounds like you found a solution here, so …

Bonnie Fahy: Yeah, so what’s really interesting, I remember having that moment where I was looking at my paycheck, right, and it was $16,000. The total for that year. I was looking at how it all added up, and I felt mortified. I had friends coming to me saying, “You know you really should consider getting a job. This is not okay. It’s not okay to be at American poverty standard levels.” I was stubborn and knew that this was my path, and I knew I couldn’t get a job so [inaudible 00:13:10] To an internet marketing conference, and kind of played the pretty girl card a little bit and ended up going out for bottle service with some of the most famous internet marketers out there. People who had seven and eight figure businesses …

Josh Felber: Wow, cool …

Bonnie Fahy: I remember going to this club, LAVO, in Las Vegas. I was just like, “La la la, Hello.” They were bringing out bottle after bottle of Cristal. I didn’t even know what Cristal looked like. People were telling me it was Cristal, I heard it was in the rap songs, right?

Josh Felber: Right.

Bonnie Fahy: Sparklers were going off. There was like the most famous internet marketers out there in Superman costumes, and it was wild. I remember my friend coming up to me and saying, “Do you know how much they spent on bottle service last night?” I was like, “No.” My friend says, “It was $38,000.” $38,000 for four hours. I thought that was a ridiculous amount of money to be spending on alcohol, and I thought to myself, “They just spent twice what I made this year, in the past four hours.” I knew that those guys, as lovely as they are, were not smarter than me, but they were doing things differently. I realized that they didn’t have any of the same skill sets. They didn’t know how to treat their WordPress [inaudible 00:14:29], they weren’t doing their own graphic design, they were outsourcing everything.

It was in that moment, that funny moment, that my life changed because I was like, “You know what, I need to develop the skill set of hiring the right people, because having the skill set of doing everything myself isn’t the one that’s going to take me to epic levels of success that I really desired.”

Josh Felber: Right. Yeah, that’s a good awakening moment, when you have that feeling. You’re like, “Ah. I’ve got to do something about this.”

Bonnie Fahy: Right.

Josh Felber: What was that key ingredient then, that kind of moved you to that next level to start finding the right people then? Obviously, there’s so many options and you don’t know what’s right, what’s wrong and …

Bonnie Fahy: Yeah. What was really interesting in what happened for me is I took a course on outsourcing …

Josh Felber: Oh, wow. Okay …

Bonnie Fahy: And I want to tell you that that course in outsourcing changed everything for me, and I started really succeeding, but that’s not really what happened. I started outsourcing all the wrong things. I didn’t make any more money, did what most people do, I went to Upwork, got really crappy results, you know …

Josh Felber: Right …

Bonnie Fahy: I had a lot of disappointing outcomes and it wasn’t actually until I hired my first American VA, right?

Josh Felber: Okay.

Bonnie Fahy: She came in and for $15 an hour, she was a retired person from AT&T and she had directed multi-million dollar companies. I think she just felt sorry for me, and she was retired. She’s like, “I’m just going to help this girl.” She had managed multi-million dollar projects, 300 employee divisions, so she’s like, “You know what? You need to systematize these outsourced workers, and get these people between two and three dollars an hour to just do work for your company, and then resell that.” It wasn’t until I had the right projects and systems in place, and I understood how to, not only systematize my business, but use what I call hybrid sourcing, getting the best of both worlds using both domestic talent and talent overseas, that my profits literally exploded.

I wasn’t making a crap ton of money, I made $16,000 a year, and three months later I was making $48,000 a year. I think it was in that moment where I was like, “Holy crap, I just quadrupled my income. That’s nuts. I’m not even working. I’m not even doing the work myself. This is a crazy thing.” It was then that I was just like, “Holy crap. I have to tell everyone about outsourcing.”

Josh Felber: No, and that’s exciting because trying to really figure out, and like you said, it’s not always the course that gets you the right answers, and stuff, a lot of it is trial and error, and failure, and failure, and failure, until you keep finding the right thing, or the right people to connect with to really make things happen for you.

Bonnie Fahy: 100%. 100%.

Josh Felber: Cool. We’ve got to take a break here in a minute, so can you stick around with us?

Bonnie Fahy: Oh, absolutely.

Josh Felber: Super, so I’m Josh Felber and you’re watching Making Bank, and we’ll be right back.

Commercial 2: Now you can get your healthy super foods in one drink. With no shopping, no blending, no juicing, and no cleanup.

Josh Felber: Welcome back. You’re watching Making Bank, and I am Josh Felber. We’ve been speaking with Bonnie Fahy how she, through her frustrations and challenges, has been able to break free from that $16,000 a year and overwhelm and exhaustion, as an entrepreneur. To now, where she’s been able to work a lot less and triple her income, within a few months. It wasn’t just that easy, but it was through a lot of challenges and failures, and trials, but she’s moving her business forward and that’s leading her to where her business is today. Bonnie, welcome back to the show.

Bonnie Fahy: Hey. It’s so nice to be back.

Josh Felber: Cool. All right, so you’ve got these people coming on board. You have some outsourcing and a retired AT&T person helping you out, and they’re saying, “Hey Bonnie, start selling the services and get it cheaper overseas.” Tell us a little bit about how you structured all that and put that together. I know your big thing is you work a lot with people based out of the US, for quality service and everything, right?

Bonnie Fahy: Yeah. I believe in this concept called hybrid sourcing, which is getting the best of both worlds. What’s really was helpful for me in structuring things, was basically just getting the outsource team to do the work, it was between $2-3 an hour when I was consulting, actively, and then resold it for between $20 and $50 an hour. There was a really good ROI on that. It generated a lot of [past 00:20:08] income for me at the time. I no longer consult because it’s not my dream, it’s not my passion. It’s not what I’m supposed to do in the world, but that’s a workable model. Now the way we have things structured, we basically both have people overseas, and we have domestic workers.

A lot of the times we will have something where we’ll have our domestic VA come in and pioneer process, and really learn how to do the process. We believe in hiring domestic Va’s anywhere between $15-20 an hour is a really good rate in terms of getting someone who is super high quality and can really drive your business forward, right? We’ll have our person come in, and he is brilliant, and he’ll pioneer a process for us, and he’ll get to learn professionally and then we’ll take it over to our overseas worker, Joan or Shilpa …

Josh Felber: Sure …

Bonnie Fahy: In the Philippines or India, and for $5 an hour we have someone who literally has an MBA …

Josh Felber: Wow …

Bonnie Fahy: Yeah. Who literally has an MBA, take those processes and systems and implement them for a fraction of the cost. There’s huge cost savings there because you get a very high quality worker, and you’re only paying a fraction of the cost. I think a lot of people have a lot of trouble wrapping your head around that because there’s this concept out there, it’s so known in our culture, just “You get what you pay for,” right?

Josh Felber: Right.

Bonnie Fahy: That’s certainly true when all things are equal, right, but when you’re playing on an economy where PhD’s all over the world make less than $10 an hour, particularly in developing countries, who have the same intelligence and skill set of our PhD’s.

Josh Felber: Right.

Bonnie Fahy: It’s certainly an area where you can get amazing quality work, and still be paying a fraction. That’s the secret sauce of where we’re at today.

Josh Felber: Awesome. How do you figure out what really needs, as an entrepreneur, businesswoman, what really needs to be outsourced? We’re doing everything and we’re like, “Okay, what can I actually unload and have people help me with to get me focused on the right tasks?”

Bonnie Fahy: Yeah. That’s a really, really good question. The bottom line is, if you outsource the wrong things in your business, you’re not going to make anymore money, right?

Josh Felber: Right.

Bonnie Fahy: Makes sense. There’s no use in doing something well that does not need to be done at all. What I would say there, is you want to take an inventory of how you’re spending your time. You can use a tool like Time Doctor, and have a little software ask you what you’re doing every few minutes, or whatever, or you can just take an inventory. How are you spending your time on a daily, weekly, and monthly basis.

Josh Felber: Sure.

Bonnie Fahy: Then you’re going to want to look at your day and separate things out into, what are the money making activities in your business? What is driving your business forward in terms of sales, in terms of marketing, in terms of bringing more cash into your business. Those are the things you do not want to outsource. Those are things you should be doing, first and foremost. Then you want to look at what is getting in the way of your money-making activities on a daily, weekly, and monthly basis. Those are probably going to be things that you hate. Those are probably going to be things you don’t have the skills for, maybe they’re things that you like to do, but are really just low dollar priorities. For some people that’s going to be social media, for some people it’s going to be invoicing, for some people it’s going to be writing their newsletter …

Josh Felber: Sure …

Bonnie Fahy: For others it’s going to be coordinating client information. If all of that stuff is fundamentally, [let’s go 00:23:59] on the high end here, and say it’s $15 an hour work, right?

Josh Felber: Right.

Bonnie Fahy: Okay, well is that allowing you to do your 50, your 100, your 500, or your $1000 an hour work, because if you’re doing those tasks yourself, you are not saving money …

Josh Felber: Sure …

Bonnie Fahy: We go over something very simple in one of our free training programs where we talk about how you can, literally, double your profit by working less than you are now. That’s not some magic formula, that’s just applying opportunity costs to your calendar. This is where I get really worked up because I feel like most businesses don’t go out of business because they don’t know how to use WordPress, they’re going out of business because they don’t bring money into your business, but why aren’t they bringing money into their business? Because they’re trying, with the best of intentions, to do everything themselves. You do that because you want to manage the money in your business, but if you’re not doing your core job as the CEO, bringing cash into your business, you are failing your business. Your business will not survive.

Josh Felber: Definitely. Even as entrepreneurs, a lot of times you’re like, “Man. It’s scary.” You get that fear of the unknown and how do I even go about this? How do I even go about it right, to do that? It sounds like you guys have a whole streamlined program that you help people with. When somebody comes to you, can you kind of walk us through that whole process, so we can let people know how simple it is?

Bonnie Fahy: Yeah, so for our free programs or for our paid programs?

Josh Felber: For your paid programs, yeah. For sure.

Bonnie Fahy: Oh okay. Great, great. We have a lot of free training with us, which is incredible and you can get a lot of value out of it. Am I allowed to give a plug, or no?

Josh Felber: Oh yeah, for sure. Yeah, go ahead.

Bonnie Fahy: It’s at live more formula, livemoreformula.com. You can go and you can get into our free webinar, and get some videos that will really help you with letting go of control, and getting five x your output for a fraction of the cost. Shows you real-life examples of how it works, and gives you a lot of different frameworks of exactly how to get a high quality video website and graphic design for a fraction of the cost. That’s what’s in our free program. What’s in our advanced training program, is we walk people through how have we helped entrepreneurs get from a five to six figure level, and occasionally, a six to seven figure level, using this system of hiring correctly …

Josh Felber: Okay …

Bonnie Fahy: We show people exactly what do you outsource. We show them how do you find a top performer, the type of person that’s going to care about your business as much as you are. We’re going to tell you exactly how do you communicate with that person, easily and quickly, how do you train that person. Then where our program is going now, we’re showing people exact templates, because my genius area is, I’m really good at getting super high quality work done for a fraction of the cost. When people check out my work, they should know that everything, almost everything, in my business is outsourced. Most of it’s outsourced overseas, but some of it, like I said, is outsourced domestically. I’ve got a lot to say, “It looks pretty good.” People say it looks like it costs millions of dollars, or it looks as good as some people who are seven figured marketers, but I didn’t spend that. I spend like $80 per edit on my videos, and they look like they cost $2,000.

Josh Felber: Right.

Bonnie Fahy: Long story short, what I’m showing people how to do on my program is how do you get a super high quality graphic designer. What are you looking for there? Where do you go? How do you get a high quality video editor? What are the templates you need to use in order to get a high quality video for a fraction of the cost? How do you get a high quality writer? Outsourcing writing is more challenging, and it’s not something I recommend you do overseas, but you can get a high quality domestic writer and not pay through the roof for it. We show them the templates of how to do that as well, so those types of things and the virtual system, and all that.

Josh Felber: Okay, so you take them through the whole process and get people focused on what to do, how to do it, and everything. Then do you guys offer a solution like, “Hey, we have people that we can connect you with, or” …

Bonnie Fahy: Yeah. It’s really interesting, I love that question because most people do not want to learn this stuff. No one wants to learn how to outsource. Nobody does, especially entrepreneurs because they’re so busy and they have no time. THey’re like, “Honey, I don’t want to learn this, just give me the person.” Right?

Josh Felber: Yep.

Bonnie Fahy: We don’t really believe in that, for so many reasons, but the first reason is, let’s say you just go to an agency. Well, if you go to an agency you’re always going to be paying a fee, whether that’s $5 an hour more, $10 an hour more, $25 an hour more. The agency has to make money, so you need to be paying the middle man. That adds up to a lot of money over time, but there’s other companies out there that will just connect you with a worker, and that’s okay too, but the reason why we don’t do that is because, well for a few reasons. First and foremost, that’s professional matchmaking and I don’t know if I believe in that. I feel like when it comes to like, fit, it’s almost kind of like dating, you know?

Josh Felber: Right.

Bonnie Fahy: You might have an amazing person, but they may not be amazing for the other person [inaudible 00:29:14] …

Josh Felber: Sure …

Bonnie Fahy: In that model for me. The last reason is, when you just get the person the problem is, it’s sort of like in the metaphor of “Teach a man to fish.” It’s sort of like giving them a fish sandwich. You know? It’s like you aren’t learning what you need to learn, and so at some point and time that freelancer, virtual assistant, they’re going to evolve and grow in their business, and then where are you in your business? Well you’re going to be royally, kind of screwed, so to speak.

Josh Felber: Right.

Bonnie Fahy: They’re going to get to busy, and then you don’t have the skill set to find the other person. When you don’t have the skill set to find the other person, then you don’t really have the skill set to take your business to a six or seven figure level. At the end of the day, and I know you know this Josh, probably more than anyone, it’s not like it’s person competing against person at that level, it’s team competing against team. You need to have the skill set of finding top performers in your business, knowing how to communicate with them, knowing how to motivate them, and not having the situation, which a lot of entrepreneurs have, unfortunately, and I say this with love, is that they have these teams and they leave them every six months or leave them every year.

Josh Felber: Right.

Bonnie Fahy: That’s what we really talk about in our program, is how do you make sure that that doesn’t happen because that’s a big point for many of us very talented entrepreneurs.

Josh Felber: From my understanding then, you guys then do the training aspect for people, but not actually to make the connection. That way their having the understanding and learning to be able to go out and do it on their own?

Bonnie Fahy: We show people, how do you find a top performer? …

Josh Felber: Right …

Bonnie Fahy: Whether that’s a Virtual Assistant, or all these things. We show you how to communicate with them in a way that inspires and motivates them, and doesn’t lead to you overpaying. We show you how to communicate clearly and effectively. We show you how to train people effortlessly so you can just focus on the work that you love. We show you how to fire people when that’s necessary too, because that’s something a lot of people struggle with.

Josh Felber: Right. Awesome, so then it gives me a complete plan to go out and do that on my own, and even if I have somebody on my team that wants to be kind of that liaison. I know a good friend of mine, he does the same thing and he has somebody on his team that works with a group in the Philippines, and it’s taken him through a similar kind of process that they’ve created on their own. Before I met you I would have been like, “Hey, connect you up,” but …

Bonnie Fahy: Well you know, there’s different business models and that work model might be a good fit for some people, but from my belief it’s just better to have, in the long run, you have to have the skill set. You don’t even need to be doing it personally, you don’t need to be outsourcing or hiring personally. I don’t outsource anything on my business, I have people that hire and manage for me, but you do need to have the skill set within your organization and you need to understand it. You don’t need to do it.

Josh Felber: Right, definitely. I can tell as you’re talking about it, you have a lot of passion for this. It’s just something I can tell you really hold close to you, and want to be able to share with as many people as possible.

Bonnie Fahy: Thank you. Yeah, I absolutely do. It’s what I feel like I’m meant to do in the world. For me it’s like, “Why are we here on this planet?” We’re here on this planet for many reasons, one of those reasons, is to enjoy life …

Josh Felber: Right …

Bonnie Fahy: I think you spoke about this in your podcasts before, but we go into businesses because we want to have this time freedom. You want to have the flexibility to take that vacation to Greece. We want to have the time freedom to not feel like the business we created to have no flexibility, and to really live our lives passionately is literally trapping us.

Josh Felber: Right.

Bonnie Fahy: When you’re doing all this work that you don’t like and you’re not good at it’s sort of like you’ve quit your nine to five to work 24/7. That’s not cool, that’s not what most people signed up for. It really prevents you, at the end of the day, from living the most fulfilling life possible. For me, it’s not about outsourcing, who cares about outsourcing …

Josh Felber: Right …

Bonnie Fahy: Outsourcing is a tool. Outsourcing is a tool to get your time back, to enjoy your life at the level that I feel like we all are meant to, you know? I could go on and on, but yeah.

Josh Felber: Tell me a little bit, what was one of the best pieces of advice that you’ve ever received?

Bonnie Fahy: One of the best pieces of advice that I’ve ever received, is that a lot of people, business often don’t go out of business because of having too little opportunity. It’s not like we have too few ideas, so it really comes down to opportunity selection, not doing everything. Based off of that, it’s really important to look at the projects in your life and in your business, and really evaluate what is going to bring you the most joy, what’s going to be the easiest to implement, and what’s going to bring you in the most cash in your business? You can do that on a macro level, by looking at different business opportunities, if there’s multiple business opportunities in your life, or you can do that on a micro level and look at the different projects that you have as options for you. So often as entrepreneurs, we want to say yes to so many things, but what does that lead to? It leads to overwhelm, it leads to burnout, and it leads to us under-leveraging ourselves.

I’m a big believer in Pareto Principle of using a small amount of effort to get really huge results, and so I think it’s really important to actively saying no to most projects and opportunities, because when you say no to most projects and opportunities, you say no to the great opportunities, but you can say yes to the exceptional ones.

Josh Felber: Sure. That’s great for sure.

Bonnie Fahy: Yeah.

Josh Felber: Awesome. Do you have a morning routine, a routine that keeps you on track to keep yourself healthy and focused day in and day out?

Bonnie Fahy: I wish I could say that I had a morning routine that really helped me stay focused, but for me, it’s important for me to understand my own personality type. I have an ENFP personality type according to the Meyers, Briggs, and freedom and flexibility is really important to me. My current story is that I don’t want to structure myself too much because it takes me out of my creative flow. I like having the ability to say yes to what I want to do each day. If I feel like working out in the morning, and I feel like that’s what I want to do, I want to do it, but I don’t want to tell myself I have to work out because it becomes not fun for me. If I get to workout in the morning, “Oo. Yay, treat. Awesome,” but following an exact structure isn’t how my personality works.

Josh Felber: Cool. It’s a good thing, being self-aware of you and who you are and what works best for you. That’s a definitely bonus because a lot of people out there don’t have that self-awareness to know. What’s one device, or piece of technology that you couldn’t live without?

Bonnie Fahy: Definitely my iPhone. I’m like constantly on my phone. I have Asana, which is an amazing project management software on there. I’m constantly looking at Asana, because I am definitely addicted to my business. I’m like, “Oo, what’s going on in the business?” It gives you this newsfeed, so to speak, of what everybody is doing on your team. It’s like, “Look, look I’ve got  a video to watch, cool.” I love that, and I love that everything is just a click away, including world-wide dating pool, which is super fun. There’s a bar in your pocket, so to speak. Right here.

Josh Felber: That’s true.

Bonnie Fahy: I find myself in bars, like ignoring the people around me, being like, “I’m swiping.”

Josh Felber: It’s like, “I’m looking at my phone.”

Bonnie Fahy: I’m looking at my phone so I can have a [happy-stance 00:37:19] interaction with somebody.

Josh Felber: Cool, awesome. Tell us, I know you mentioned one website earlier, how can we find you online? Where can we get more information? We’ll post a link too, as well, with the video, so …

Bonnie Fahy: My main website is bonniefahy.com, so it’s B-O-N-N-I-E-F-A-H-Y.com, and then for our free training you want to go to thelivemoreformula.com. You can get all sorts of information there about how to get high quality videos, websites, graphic design, and virtual assistance for a fraction of the cost. For free, how awesome.

Josh Felber: For free. Awesome. I appreciate it, you know. Our audience will love that, we have a big, growing entrepreneurial pool that watches Making Bank. If we can help them gain some of their time and freedom back, which everybody definitely needs to do and that’s an awesome opportunity that you offered out there for them, so …

Bonnie Fahy: Absolutely, yeah.

Josh Felber: Cool. Thank you for coming on the show, it was an honor to have you and I’m excited that we’ve got to spend a little bit of time here today.

Bonnie Fahy: Yeah, me too. This was so fun, thank you so much. It’s been an honor to be here and look forward to seeing you again soon.

Josh Felber: I am Josh Felber. Thank you for watching Making Bank. Get out and be extraordinary.