What is an hour of your time worth?
Being a business owner, have you ever sat down and figured out what your time is worth? Are you spending precious hours working on tasks that do not make you any money?
But if it’s your business, wouldn’t every task make money?
Not necessarily. Let’s take a look at an example…
You are an expert basket-weaver. You’ve created a course on basket-weaving, sell it for $100, and have a webinar presentation to sell your course. You’ve presented this webinar to a few different audiences and it’s going well. In fact, it’s going so well, you decided to start an affiliate program. For each webinar, you make an average of $1,000 and pay your affiliates 30% commission. Word of mouth is spreading and you’re creating a buzz in your online mastermind group. More and more potential partners are reaching out to you to have you present your webinar to their audience.
However, the time it takes to set up the webinar in conjunction with the email campaign takes forever. You’re not very tech savvy with the webinar platform so it takes you a couple hours to create a webinar, make a landing page, and create an email campaign and connect it with the webinar.. By the time that’s finished, you’re tired and frustrated. And there are still potential client calls to follow up on. Plus you’re behind on figuring out commissions (that Excel spreadsheet you’re using is a mess). It’s overwhelming.
But the webinar makes you money, right?
Yes, the webinar itself will make you money, but the email campaign/webinar set up is not making you money.
That two hours you worked on the webinar set up, along with figuring out affiliate commissions, could have been spent following up with potential clients. More webinars = more money.
James Clear has a great article on how to figure out what your time is worth. For some, it can be time consuming but if you’re looking to increase your income by only working on tasks that generate revenue, you need to check it out.
For those tasks that are repetitive and do not make any money, it’s best to outsource them to someone else. Here’s a free worksheet on how to easily figure this out.
If you put those non-revenue generating tasks back into your business, how much more money could you earn a month?
What is the one task you dread doing in your business? Comment below and let me know. I read every message.