A key part of building your business and including an online presence is knowing how much time you spend doing what part of that business and whether it is giving a good return on the investment of your time.
If you are integrating Social Media into your marketing, your working time is likely to fall into these categories:
1. IT Issues (email down, PC down, software updates, Internet down, programmes not working etc)
2. Blogging (writing posts about the business, its products and/or services; writing articles for submission, creating Squidoo pages, etc)
3. Product research/development (whether you are creating your own products, writing your own books or finding other people's products to market)
4. Networking online (Twitter, TwitterMoms, Facebook, email, LinkedIn, and similar online network groups particularly where you comment in threads, discussions or posts)
5. Networking offline (PTA, breakfasts, coffee mornings, meetups, BNI, social groups, business groups, product demonstrations, workshops)
6. Sales and Marketing (product delivery, responding to enquiries, following up prospective sales, recruiting, getting referrals, booking parties, hosting events etc)
7. Admin (accounts, billing, collecting money, non sales related emails, etc)
Let's assume that your "business time" (apart from all your other lifestyle demands) is 20hrs per week, for 40 weeks of the year. There might be 52 weeks in the year, but by the time you allow for holidays, days off, family needs, you usually find you will have around 40 weeks of real working time.
Now, decide what your time is worth. How much do you want to earn from your business (assuming it was fairly well established)? You have worked 800 hours. You would like to have earned, say, $12,000 - so, your time is worth a minimum of $15.00 per hour.
Before you start adding in the costs of the actual product (assuming you have some hard product costs), the costs of Internet and email access, travel and meeting costs, you need to know how much time you spend in each of those seven categories of business activity.
You need to know which business activity brings in the most sales, comparing time plus costs against profit value.
You need to be conscious all the time that an hour spent fixing an IT problem or doing the accounts is COSTING you $15.00 - so an hour spent on OnLine marketing needs to earn $30.00 in profit (not just sales), for you to have earned your desired $15.00 per hour.
Let's have a chat about what your time is really worth and how to get the best return on your investment of your time.
A good way to start is to have a clear plan on how, where and when you will be marketing your products and services. My free eBook Networking To A Plan is a great way to start learning top tips on Networking, Twitter and using email to build your business.
Anyone can get a copy. Just look for the bright yellow sunflower on the home page at http://storiesmynanatells.com
and click on the bookcover.
So tell me, what is your time worth?