I’m sorry I missed you all last week. I came down with a nasty case of that awful flu that’s been going around! But, I’m all better now and back up to speed. So, let’s talk about what an hour of your time is REALLY worth!
A Little Refresher
If you remember, in my last post I told you to come up with a number for your yearly income that you would like to make. This number should be one that is within reason of you being able to attain fairly soon. This doesn’t mean you can’t make a million or more per year, but you probably won’t start off making that kind of money. So, choose something realistic for now, and adjust the number as your business grows.
Doing The Math
For the sake of demonstration on this blog, let’s say the number you choose is $60,000 per year. Now, you’ll need to divide that number by 12, since we have 12 months in a year, and it comes to $5,000 per month.
Next, we take that $5,000 and divide it by the number of days in a month to get our daily income. I like to use the number 30 rather than 31, but you could use 31 if you wanted to. So, $5,000 divided by 30 is about $167.00 per day.
Now For The Fun Part
Now, here’s where it gets FUN!!! You’re probably looking at that $167.00 and thinking you need to divide it by eight, because there are about eight working hours in the average day. Right? WRONG!!! Why? Because NOBODY WORKS EIGHT HOURS A DAY! That’s right! I said nobody works eight hours a day.
I used to work for a corporate office several years ago. I started work at 9am, and I left the office at 5pm. I had an hour for lunch, I think. So, that hour for lunch cut my work day down to seven hours. But, I didn’t work seven hours either!
You see, I also got two 15 minute breaks during the day – one in the morning and one in the afternoon. That cut my work time by another half hour. But, I didn’t work six and half hours either!
There were plenty of times when we would have meetings, and during those times I wasn’t actually doing any productive work. And there were office parties for babies and birthdays and farewells, and there were water cooler conversations, and of course everyone uses the bathroom and I would often stop to visit with my co-workers on the way back to my desk. In other words, I spent very little time actually working.
Not In An Office? You’re Not Immune
With your booklet business, you may be working from home, but it’s really no different. You can’t count eating lunch (unless you ARE actively working during your lunchtime), driving the kids to school, watering your plants, walking your dog, using the bathroom, or any other non-productive activity that is unrelated to your work as work time.
So, what you need to do is come up with how many productive work hours you can get in each day. It’s not as easy as you think. A productive work hour is one hour of your time where you are actively and constantly working to achieve a business goal – usually a business goal that results in you making money.
A while back a survey was taken of the average executive in America. They didn’t even get ONE productive hour per day in at the office! They only got about 23 MINUTES per day!
For myself, I am very dedicated. I do my very best to get in two productive work hours per day. Some days I can do even better and get in three or four, but that’s pushing it. Try actually working for just one hour straight without letting your mind wander, or allowing yourself to daydream, or doing ANYTHING else and you’ll see why it’s so tough!
Now, given our figure of 167.00 per day, if we divide that by two productive work hours, we would get $83.50 per hour. And if you’re getting two productive work hours in per day, that’s what one hour of your time is worth.
So, next time you pick up the phone to make a non-business call during your work hours, remember how much your time is worth! You might just want to save that call for later – after your working hours!
To your riches!
PS: Have you heard about my free ecourse, “12 Ways A Booklet Can Turn Your Writing Into Cash!” Get it here now!
Get my ebook, “Publish Outside The Box” here!