267 - Dangers of DIY: Why Doing Everything Yourself Will Kill Your Business

The Cash Flow Contractor

Think doing everything yourself is saving your business money? It might be costing you way more than you think. Martin shares real stories of business owners who learned the hard way why DIY isn’t always the smart move.

Time Stamps

• 00:32 - Episode Intro
• 01:11 - The Dangers of DIY in Small Business
• 03:18 - Case Study: Misclassifying Employees as Contractors
• 05:37 - The Risks of Misclassifying Contractors
• 09:29 - Legal and Financial Consequences of DIY
• 13:35 - Episode Outro

Snippets from the Episode

• “DIY means trying to understand and be an expert in all areas. That’s dangerous for small business owners.”
• “One of my clients got hit with a potential $1.15 million fine just for misclassifying employees—she ended up paying $43,000.”
• “People want to pay 1099s to avoid taxes and paperwork. But that’s exactly why the IRS wants you to use W-2s.”
• “Your training and experience are in what you do for a living, not in accounting, HR, or legal. Hire experts and stay in your lane.”

Resources

• ⁠⁠24 Things⁠⁠⁠⁠⁠⁠⁠⁠ Construction Business Owners Need to Successfully Hire & Train an Executive Assistant
• ⁠⁠⁠⁠⁠⁠⁠⁠Schedule⁠⁠⁠⁠⁠⁠⁠⁠ a 15-Minute Roadblock Call
• Check out ⁠⁠⁠⁠⁠⁠⁠⁠OpenPhone⁠⁠⁠⁠⁠⁠⁠⁠
• Build a Business that Runs without you. Explore our ⁠⁠⁠⁠⁠⁠⁠⁠GrowthKits ⁠⁠⁠⁠⁠⁠⁠⁠
• Need Marketing Help? We Recommend ⁠⁠⁠⁠⁠⁠⁠⁠Benali⁠⁠⁠⁠⁠⁠⁠⁠
• Need Help with podcast production? We recommend ⁠⁠⁠⁠⁠⁠⁠⁠Demandcast⁠⁠⁠⁠⁠⁠⁠⁠

More from Martin Holland

• ⁠⁠⁠⁠⁠⁠⁠⁠theprofitproblem.com⁠⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠⁠annealbc.com ⁠⁠⁠⁠⁠⁠⁠⁠
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More from Khalil

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• ⁠⁠⁠⁠⁠⁠⁠⁠Meet With Khalil⁠⁠⁠⁠⁠⁠⁠⁠
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