Many have the idea of starting a business as they are seeking more freedom, and want to earn more money while doing so on their own terms. Unfortunately for most, when setting up in business after a short period of time this dream soon fades away in to the background and a harsher reality then begins to appear.
Spare time becomes a thing of the past as you sacrifice evenings and weekends in order to keep money coming in. The stress of financial pressure, having to ensure funds are available to pay invoices each month. Unknowingly, you have become locked into a co-dependent relationship where the business solely relies on your input in order to operate and maintain its identity. So how can you break the cycle?
As a business owner, you should know the value you bring to your business and how this equates to a monetary value. It’s a great idea to calculate your hourly rate and overall worth to the business, which often helps you to gain perspective on the tasks you should – or shouldn’t – be focusing on.
For example, are you paying yourself £50 per hour to read irrelevant emails, or do filing? Being aware of your hourly cost to the business helps you to determine which tasks you should dedicate your valuable time to, and which tasks to delegate.