How To $ Value Your Time So You Know What To Delegate

You’ve heard me talk a bit about outsourcing in previous posts.

If you’re doing it alone, eventually you’ll be doing stuff that’s just treading water, and treading water is not a percentage of the growth of the business. It’s hours. There’s only a certain amount of hours in a day, and if you’re doing things that directly generate revenue, you’re not only losing time but money aswell.

It will get to the point where it becomes three hours a day, four hours a day, five hours a day, six hours a day and eight hours a day where all you’re doing is treading water and remember, if you’re not swimming forward, eventually, it will kill your business.

Concentrate on your strengths. Know what your strengths are and that’s what you want to focus on in your business, and try to delegate everything else.

Know the value of your time. This is very important!! Here’s a quick little exercise that we can do.

Step 1. Write down how much you’re currently making right now. You can do it with your online business or with your online business and your full-time job if you have both. You’ll probably need a calculator for this.

Step 2. Divide that by 52, that’s your weekly income. Divide that by five or by six, depending on how many days you work, and then divide that by eight, and that’s gonna give you your hourly worth.

Step 3. Now do the same thing – put a line down next to it and do the same thing in another column. Put your target income for where you wanna be in six months or eight months or a year. Your target income, divide that by 52. Divide that by five days and then divide that by eight hours, and that’s your target hourly wage.

Now you know the value of your time.

Why is this important? You say to yourself, “I can do graphics right now, and let me see. I gotta open up Adobe. I gotta watch these videos, and I gotta start learning how to make these graphics. And how do you do these layers here?” The next thing you know, it takes you eight hours to figure out, to make a graphic header.

You spent an entire day on it. Your time is worth $50.00 an hour. It cost you $400.00 in your time working on something that’s not your strength. It cost you $400.00 basically to do a graphics header that you could have outsourced to somebody that would do that for you for $59.00.

It’s just costed you $341 towards your bottom line. Ask yourself – how many times have you done this for a particular task you had no idea about?

Scary fact: you can find someone to do it in 15 minutes!

They get it back to you perfect, and it’s presentable for a web page compared to the sub-par work you’d get trying out as a beginner. Because what we can do is usually B+ at best – it’s not one of our strengths. So you need to know the value of your time and outsource those things to allow you to take those eight hours in your day and focus on the gold bars, the biggest most productive revenue generating activities. Everything that you do should be growing the business, revenue generated activities.

As your revenue increases, so should your staff or you will implode and not grow to your true potential I’m not saying that you have to build a team of nine people, 15, 20 or 85 like some of the big players.

Sometimes just one, two people can really do good for you and then just let it go from there. If you have two people, sometimes that third person may just show up at your door and you start going from there.

The key is to get the first person going with you and get over the fear of working with staff. Why not let someone else be part of what you’re doing?

And free up your life.

3 Responses to “How To $ Value Your Time So You Know What To Delegate”

  • Mick Shaw:

    Thanks for this awesome and brain shetteringly clear blog! Why am I writing this reply when I could have outsourced it?!
    I’m going to share it with others!
    Thanks for the clarity!

  • You’re welcome Mick! Checkout some of my other posts on outsourcing, I think you’ll like those too! See u back soon for more great content. Cheers

  • Donna:

    True! You can always double your production and even hit deadlines if you know how to delegate a big project. When hiring, always remember to have someone you can rely on.

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