For those of us that have our own businesses what amount of time is dedicated to expanding your business? Lets say you are your own boss and work on average 55hours a week, how much time outside of explicit business activity do you spend either growing the business (networking, attending social events, reading online), or maintaining the business (servicing clients)? Quite possibly it is more than you think. Another thing to consider is what do you outsource because someone else can do it better?
- Grocery Shopping
Of course outsourcing personal services is great, IF and ONLY IF, you can make more money during the time spent on those activities. For example mowing your lawn make take 2 hours or it may take 6 depending on the size of your lawn. It might better to pay the neighborhood kid $25 to do it. On the flipside, steam cleaning your carpeting. To do it yourself, you must first rent/buy the equipment, then purchase the cleaning chemicals, then bring them home and move furniture. While moving your furniture you must also clean all of the carpeting. With the time and costs involved here, it may be far cheaper to have a professional company come in and do the job.
How much is your time worth? If you are sitting online reading blogs, it is not worth the $500 you may think it is worth.
I spend over 50hours/week on explicit business related activities, plus an additional 10-12hours/week of travel time. I get paid exceptionally, but as a result I do not have a large amount of available free time. I wake at 6:30am and return home from work between 4pm and 9pm depending on the day of the week and how many clients I meet with. However on Tuesdays I do not show up to my office until 1pm, because I take the morning off to run errands.
MSNBC has an article that can help calculate the amount of money your time time worth per hour.Â In effect, I use 2.5hours of paid time to purchase 1 hour of free time.
If you are you are self-employed, work from home, or work in sales you probably work far more hours than a typical employee or even an executive. At the same time those that are self-employed or are in sales often find it harder to justify their time to customers and clients than a typical employee. Attending a chamber of commerce event for someone that owns their own business is a great place to make new contacts, but for an employee required to attend they may think of it simply as a social event or a PITA.
There is a reason why someone in sales, or self-employed can determine their own salary whereas regular employees have no control over their salary.Â Why can some self-employed consultants charger $1000/hr for something an employee receives a yearly salary of $35k to do?Â Its because their are their own boss and their time is worth more because they spend more time building the business in activities that they are not explicitly paid for.
Think of it this way: Who benefits from your time and effort? Yourself or someone else?
On another completely side note I have had these MoleSkins for awhile now, the pen makes them even better.