A question we run into often:
How do we decide what to tackle ourselves and what to hire?
First, we consider our limiting factors which are usually time and money. Is it even possible to make this happen? How would we do it? For example, would it be great to spread our own fertilizer in the spring? Yes! Have we figured out a way to overcome our limiting factor of time/labor? Not yet. Utilizing the local fertilizer company works well at this time based on our circumstances.
Then we run numbers on opportunity.
If we take on this task on does it come with the opportunity cost of missing/losing out on something else?
If we take on this task does it present opportunity for equity growth?
Many of these decisions involve equipment & learning a new skill. If we have the time, have the ability to pull together the capital, and see an opportunity to utilize the equipment for much less than hiring it done, that’s the route for us. This worked out when figuring on building the yard. Kyle and his team of 1 are hauling in the gravel and utilizing equipment we purchased to build a pad.
In other instances, like laying drain tile in our yard, the investment in the equipment for that small of a project didn’t make sense.
It’s a case by case basis with a common theme — where is the opportunity?
Is it in what we are already devoting our time to and we should stay the course while hiring this out?
Or
Is there opportunity in learning a new skill, acquiring the equipment to do it, then selling the equipment when the job is done?
