Do I really value my time? As a solo business owner, and therefore a wearer of many hats, I often wonder how to really “price” my time. Most business owners will spend many “unpaid” hours on their business, partly for the love of it, partly because there’s lots to be done!
I was challenged at a recent Business Expo by an accountant who guided us through a formula for setting prices. The first line item in his formula was not overheads or expenses, but wages – namely MY wage: what do I want to earn? It seemed a bit silly that I have never actually put that item first. After all, why am I in business? I have often heard the mantra “You are in the money-making business”, otherwise my business becomes a charity.
These thoughts are coupled with my purpose for running a business: I value my personal time and therefore I want my business to be a flexible venture that also works for me financially. Tash Hughes points out that “Sometimes a compromise will be necessary to achieve the desired flexibility” and this is definitely true.
How do you find that balance between valuing your time, being flexible and earning the money you desire in your business?
I know this is something I struggle with. I was talking with my Dad this morning & he was saying it’s time to start looking at what I’m doing and cut out things that aren’t profitable! That’s a scary thought…
[...] year, and I haven’t ever paid myself a wage. So, am I really valuing ME? Michelle over at the Shel Design blog recently posted about the same thing, and I know that many business mums & WAHMs are the same. [...]