Saturday, November 6, 2010

Entrepreneurs' Smart Business Plan 7

Today's To Do List

Turning an Idea into Something - Listen to Jim Rohn
Put A Value On One Hour Of Your  Time 
Do Your Pricing and Payment Strategy

Time is money - if you don't put a value on your time - who will?  Many new businesses do not survive the first year - not because the business does not have potential but because of cash flow problems.  New entrepreneurs also don't realise how much of their time will be "non revenue generating".  There is a general consensus that 3 hours per day is the average revenue producing time for those travelling to clients. It is imperative to take this into consideration when putting a value on your time.

If your outgoings are €3,000 per month and your revenue producing time is 60 hours - are you confident before starting your new business that your clients will pay €50 per hour for your services. Your terms and conditions for payment are also very important, these should be clearly communicated to your clients. It is very important to target as much business as possible in your immediate vicinity as travelling just eats up money, time and energy. Good luck with valuing your time, after all time is our most precious commodity!

No comments:

Post a Comment