To run a successful internet business, you need to value your time and understand what it is worth to you. If you really take time to think about it, you are probably spending a lot of time on “business activities” that you can better outsource or otherwise take the load off your own plate. It can be easy to get in this trap because you feel like you are working on your business and taking the next step. You may very well be doing that. However, can you spend that time on something more productive that you can’t outsource? Let’s look at this in more detail.
When I started my internet businesses, there were many services I could have outsourced easily. There was also software I should have bought to be able to do certain tasks of my business. Instead, I looked at the cost involved in outsourcing the services and purchasing software. So, in order to “save” money, I would write my own software that would accomplish the same goal as the services and software. But did I really save?
I would find a software product that would help me do a certain business task that I needed to do. It would cost $200. I knew I could write my own software to do the same thing. I would code it up myself so I wouldn’t have to spend the $200. However, it would take me 40 hours to complete the software. Let’s see, that is $200/40 hours. That works out to $5/hour. That is less than minimum wage! I haven’t worked for minimum wage since I was 16 years old. I certainly wouldn’t want to work for that today. Yet, that is exactly what I was doing. In addition, I lost that 40 hours that I could have spent with my family. That 40 hours is gone forever. All for a measly $200.
Of course, if you are starting out and don’t have any money, you may have to go this route to some degree. But really think about the value of your time compared to what it would cost to accomplish the same task through outsourcing in some way or another. There is a cost to everything whether it costs money, time, or both. You can always make more money but the time is gone forever. Think about how you are spending both and then spend your money and time wisely.
- Hill Robertson