What is Your Hourly Rate of Pay??

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Do you know what your hourly rate of pay is to reach your income goals?

This is an incredibly important number that will help you develop greater discipline and efficiency in your business building efforts. You should take this seriously since it will help you decide whether it is more beneficial to you to hire out your work then it is to do them yourself.

Let’s take an example here:

Let’s say you want to develop a website which will showcase your skills, talent, and qualifications as a leader within whichever company you are promoting. Do you have the necessary skills by which to develop this site? How much time would it require for you to complete the site from start to finish? If you don’t have the necessary skills to complete this task then how long will it take for you to learn them?

These are very important questions since you can literally cost yourself thousands of dollars in potential earnings and still have a substandard product to show for your efforts.

There is only one true way that you can accurately figure out what you should do in this case and that is weigh your hourly rate that you earn in your business in comparison to what you will have to pay in order to have this work done for you.

To find out your hourly rate in your business you take your proposed annual income divided by the total number of hours you devote towards your business building activities.

The math works out like this:

If your annual income goal is $100,000 and you devote 3 solid hours of work per day Monday through Saturday for a total of 18 hours per week, 72 hours per month, or 864 hours per year then what is your hourly rate of pay.

To get this we take $100,000 divided by 864 hours worked then we get an hourly rate of $115.74.

Now that we have this  number we have to compare it to what it is going to take to get your project completed. Let’s say for instance you outsource this project to the experts over at Elance.com and put it out for bid. The winning bid might be $200-$300.

I have to tell you that it is surprising how inexpensive really quality work can be these days when you outsource. Then if you figure it is going to take more than 1 hour of your time and focus you have your answer!

It is infinitely more beneficial to your bottom line to outsource this project then it would be to do it yourself not to mention more than likely the finished product is going to be much higher in quality as well.

To Your Success,

John

p.s.

If you aren’t yet making your hourly rate of pay goal then you MUST carefully evaluate how you are spending your productive hours.