How much is my time worth?

Nearly two weeks since my last blog - that is very lazy of me. My apologies for not finding the time to tell you all how wonderful my life is…!

Only a week away from commiting to putting a lot of hours into a new company I am heavily involved in. This will mean less time I can personally spend on my own ventures and day to day business activites. Being the optimistic, ambitious (and foolish) individual that I am I still want to see revenue and profits grow in my core business activities. This will mean economically outsourcing as much as possible.

In the past when it has come to do this I have always struggled to justify spending any money, normally I could do the same job to a higher quality and more accurately to my requirements with the benefit of my time being free! However, this is not an option anymore. It was never a longterm solution either - I could never have continued to do everything!

I am in a good position now where I know atleast how much profit I should be making every month, I’ve used this to work out what my time is worth. Not as much as I would like as I do so many hours! When trying to calculate what is good value and what is not in pricing tasks I have had to assess how long the individual task would take me to do. Providing the cost is less than what my equivelant time is worth then I shall outsource. I just need to make sure that the hours I save myself are productive, and I can generate atleast what I have just spent… all sounds obvious, but something I have only recently been able to do.

How much is my time worth?

Not something I am going to tell you … but to make £1,000,000 a year it needs to be well over £300 an hour, which IS more than I am currently making… just!