Doing business online ultimately comes down to time and money. When promoting a new product, or starting a new business or deciding about whether or not to outsource it is important to ask questions like …
- How long will it take to make back the money you invest?
- Can you afford what you are considering?
- Will you get paid well or poorly for the time you invest in your business?
- Will you be able to repeat your success?
- Will you always be trading time for money or can this be automated?
Many of us have been blessed to experience success. Situations where things have gone very well and we felt well rewarded for our efforts.
- Sales come in.
- Sites get built.
- Customers are happy.
- All is well.
And then there are the other times. 🙂
We work like a dog on a promotion, or project, and it just doesn’t work. Despite our best efforts, our high hopes, and our careful planning, the opposite of “going very well” is what we get.
- Not enough traffic.
- No subscribers.
- No buzz.
- Few or no sales.
In business we all hit and miss. Life itself is a series of trying something, not succeeding and then pressing on to success.
When you learned to walk you likely fell down a few times. Yet you persisted, with the help of loving parents, and you mastered walking. This is the pattern of life.
Unless you are willing to “fail forward” you really can’t be in business, especially business for yourself.
Here is something I learned the hard way …
Business is not meant to be guesswork.
We simply must count the cost of doing business. And that means adding the value of our time into the equation.
But most people don’t really know what the value of their time is.
Do you know what your time is worth?
When you know what your time is actually worth you can make informed decisions like these …
- Can you afford to outsource a task or should you do it yourself?
- How many sales must you make to break even?
- How much does it really cost to run a promotion when you factor in the cost of your time?
These questions and more are vital to our success.
Yet most of us do not know the answer.
My suggestion is to find an online calculator and determine exactly what your time is worth.
Then write that on a 4×6 card and keep it where you can see it. Put it next to your computer when you are working for extra motivation.
Referring to it often will help you prioritize how you spend your time.
Knowledge is indeed power in business. When you know what your true costs are, including the cost of your time, you can make better decisions about your business.
After all, time is the great equalizer. From Popes to Presidents to the newest newbie, we all have 24 hours in a day.
How we use those hours, and how we value them, can make all the difference.