How Do You Put a Value on Your Time?

How Do You Put a Value on Your Time?
by: Janice D. Byer, MVA


As a small business owner, does the following paragraph sound familiar to
you…?

“Other than doing the technical ‘fix-its’ with my computer…I do it all! I
have found that this keeps me very limited in growing my business and
taking on new clients. I wish I had someone to help but how can I justify
hiring someone when I can do the work myself…when I have the time?”

This is a very common issue for many small business owners. All the work,
whether revenue generating or not, needs to be done to keep the business
running smoothly.

We need to reconnect with our goals for our business and our vision for
its future. We need to focus on why we started this business in the first
place. Focusing includes deciding how much our time is worth.

But, how do you put a value on your time? How much is each hour of each
day worth, especially when you are doing projects that are not generating
revenue or increasing your customer base?

Is your time worth $25, $50, $100 per hour….or more? When you get busy
doing those tasks that don’t directly generate revenue, consider how much
it is costing you.

For example:

You charge $75 per hour for your services/time. You spend a total of 5
hours trying to catch up on your correspondence…entering information into
a database, typing and re-typing your letters and preparing them to be
mailed.

$75/hr X 5 hours = $375.00 of your valuable time and profit

If it would cost you less to outsource, why not do it? Why not allow a
professional to handle some of your tasks leaving you with more time to
generate revenue?

$25/hr (sample cost to outsource) X 5 hours = $125.00

$375 - $125 = $250 + the $ of the contract you signed while a
professional took care of the non-revenue generating tasks.

Although you are spending some of your hard earned money, you are gaining
so much more. Outsourcing gives you professional assistance, which in
turn saves you both time and money...the two things that most small
business owners need more of.

---

About The Author

Janice Byer is a certified Master Virtual Assistant and owner of
Docu-Type Administrative & Web Design Services (http://www.docutype.net). See this and other articles on her website.
jbyer@docutype.net