And now that you have calculated what your time is worth…
You need to remember that this is an average figure, based on
100% of your time that you’ve calculated above.If your hourly rate is $50.00, then for every
hour you spend on paperwork or other similar tasks, you need to find two
hours of income time (or one hour at $100.00). But if you delegate or
outsource these activities—at a rate less than or equal to your time,
then you’re ahead of the game and have more time to invest in improving
your business and your work/life balance.
There are some non-income producing activities or tasks that you cannot outsource;
some people suggest that you take
the hourly number above and double or triple it in order to cover these and
some other costs. This kind of calculation is of relevant to anyone who
sells goods or services (or a mixture of the two).
One last thing…
Try the calculation twice. The first time, try as your target
income what you earned last year. The second time—enter what you’d
like to earn. |
