Entrepreneurs and Small Business Owners Are You Worth At Least $100 an Hour
Entrepreneurs and Small Business Owners Are You Worth At Least $100 an Hour
Due to a belief that cash flow is limited when first beginning, these entrepreneurs wear many hats such as: accounting, administrative, human resources, marketing, sales, visionary and general "go-fer." These hats are worn again because money is tight coupled with that entrepreneurial belief that "No one knows my business better than me" or that "I can do it better and usually cheaper than anyone else."
Either of these beliefs contribute to a third mostly subconscious belief that my time has no value. This is probably the most detrimental belief that any business owner can embrace. Why, please let me explain.
A Typical Scenario
The small business owner decides to file his own taxes because he can save $500 to $2,000 by not hiring an accountant. Since he has 6 employees including himself, he also takes care of all personnel issues. With an emphasis on sales, he believes that he can save another $5,000 a year by designing and developing all his marketing pieces. His website is professionally designed, but he has the ability to make daily updates. He does allocate $5,000 for memberships in several organizations including a chamber of commerce, a professional association and a formal networking group. He also makes all the runs to the bank and post office. And to wear all these hats, he works long hours. At the end of the year, he looks at his bottom line and he made his previous salary and then some. Now, he feels anywhere from OK to really great.
So what’s wrong with this picture. Simply speaking, this small business owner is working harder not smarter. If he focused on his strengths that being developing a customer base, working sales leads and building productivity or profits, would he not have the money to pay for many of those other hats that he has been wearing?
The challenge is the belief that the small business owner’s time has no value. By applying a $100 an hour rate to every activity, he can then do the math and see an entirely different picture. That $100 an hour is what his expertise, intellectual capitol or sweat equity is worth and in all honesty it is probably closer to $200 per hour. Until this small business owner believes that he is worth at least $100 per hour, he will probably continue to work on his business instead of working in his business. The end result is that he is losing tens of thousands of dollars while trying to save a few thousand dollars.
So the question is: Are you worth at least $100 per hour?
Entrepreneurs and Small Business Owners Are You Worth At Least $100 an Hour - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Many small business owners are former executives or technicians who earned considerable money through employment. Their former salaries ranged from $50,000 to $250,000 plus not including benefits. Yet, when starting a small business, suddenly their own value appears to dramatically diminished.
Due to a belief that cash flow is limited when first beginning, these entrepreneurs wear many hats such as: accounting, administrative, human resources, marketing, sales, visionary and general "go-fer." These hats are worn again because money is tight coupled with that entrepreneurial belief that "No one knows my business better than me" or that "I can do it better and usually cheaper than anyone else."
Either of these beliefs contribute to a third mostly subconscious belief that my time has no value. This is probably the most detrimental belief that any business owner can embrace. Why, please let me explain.
A Typical Scenario
The small business owner decides to file his own taxes because he can save $500 to $2,000 by not hiring an accountant. Since he has 6 employees including himself, he also takes care of all personnel issues. With an emphasis on sales, he believes that he can save another $5,000 a year by designing and developing all his marketing pieces. His website is professionally designed, but he has the ability to make daily updates. He does allocate $5,000 for memberships in several organizations including a chamber of commerce, a professional association and a formal networking group. He also makes all the runs to the bank and post office. And to wear all these hats, he works long hours. At the end of the year, he looks at his bottom line and he made his previous salary and then some. Now, he feels anywhere from OK to really great.
So what’s wrong with this picture. Simply speaking, this small business owner is working harder not smarter. If he focused on his strengths that being developing a customer base, working sales leads and building productivity or profits, would he not have the money to pay for many of those other hats that he has been wearing?
The challenge is the belief that the small business owner’s time has no value. By applying a $100 an hour rate to every activity, he can then do the math and see an entirely different picture. That $100 an hour is what his expertise, intellectual capitol or sweat equity is worth and in all honesty it is probably closer to $200 per hour. Until this small business owner believes that he is worth at least $100 per hour, he will probably continue to work on his business instead of working in his business. The end result is that he is losing tens of thousands of dollars while trying to save a few thousand dollars.
So the question is: Are you worth at least $100 per hour?
Entrepreneurs and Small Business Owners Are You Worth At Least $100 an Hour - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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