Are You a Slave to Your Business?
Are you a slave to your business, struggling to get everything done and anxiously looking forward to the day when you have some free time? Are there too many things to do for just one person? This series offers a collection of strategies that can help you.
Target a Market that Will Buy:
Too many people start their online business with the idea that they can take their passion and make it a successful business. In some cases, they can (and do)…but everyone is not able to do that. Some markets may need the information or products you are offering, but they do not spend money easily. For example: “Frugal Living” can be a challenging topic to convert into profits.
Identify your current market, analyze it, and make sure that it is a “buying” market. Are they willing, able, and proven buyers? If you find that you have chosen a difficult market, you should explore how to turn the market into buyers, or consider other options.
If you must rethink your market, do your homework first. Base your decision on market research, not on what you “think will work.”
Value Your Time:
You must assess your hourly rate periodically. Keep a record of the number of hours worked each day and how much money you make over the same period. The total amount of money divided by the number of hours equals your hourly rate.
For example, if you work 25 hours per week and make $550 per week, your current hourly rate is $22 per hour. Or, if you work 60 hours per week and earn $250 per week, you are only making $4.16 per hour (YIKES).
We both know that entrepreneurs have to start somewhere, but obviously, the goal should be to increase the hourly value over time. An end-of-the-month assessment would be a smart idea. If your hourly rate is increasing nicely from month to month and supports your efforts to reach your financial goals – GREAT! If that is not the case, take the time to figure out what changes need to be made.
Many of the tips in this guide will help you do this. For example Strategy #2 – Set a Schedule for Your Work Day – and follow it. Strategy #8 – Outsourcing your work (see below).
When you track your hourly rate and truly understand the value of your time, you are more likely to be motivated to increase it. Always “work smarter – not harder.”
Outsource! Outsource! Outsource!
One way (and a smart way) to increase your hourly value is outsourcing a sizeable chunk of your regular tasks. This means hiring others on a contract basis to do some of the work. Strategy #1 was to outsource your email…and that is just the beginning.
Below are a few specific categories of work that you should consider outsourcing:
- Outsource What You Hate (Even If You Can Do It): You may have the skills to do the bookkeeping, but it is a tortuous task. Stop suffering and give it to someone else.
- Outsource What You Can’t Do: If you don’t know a thing about building a Website, stop wasting time banging your head against the wall for hours on end trying to figure it out – get someone else to do it instead.
- Outsource to Be Cost-Effec#tive: If your current hourly rate is $22, but you want to raise it to $35 per hour, start outsourcing tasks that can be completed for less than that.