Side Business: Make Paying Yourself a Priority
Time is the most limited resource you have. Think about it. You can get more of almost anything in this world except time. And since it’s the most finite, it’s also the most valuable. If you keep this in mind...
Time is the most limited resource you have.
Think about it. You can get more of almost anything in this world except time. And since it’s the most finite, it’s also the most valuable.
If you keep this in mind when you’re working on orders or filling requests in your business, it will help you remember the importance of charging for the time you invest.
Often, we turn our hobbies into businesses and only charge for the cost of our supplies. We completely ignore or underestimate the cost of our valuable time!
But remember, the difference between a hobby and a business is that a business makes you money. In order to make money, you have to charge for your time.
A great way to think about it is this: If a big, successful company asked you to do some freelance work for them, how would you value your time? This is a good way to decide what you should charge per hour.
We don’t have as much trouble nailing down a number when we think a huge company is paying. But when we think of an individual customer, we suddenly “feel bad” charging for our time.
Remember that you, not the client, dictate the value of your time and skills. Don’t be afraid to set your price and stick to it.