Soloprenuers and small business owners, have you been keeping an eye on your opportunity costs? Have you tracked the hours per week you spend on tasks that could be outsourced? What is your time worth? Is it spent maximizing doing what you do best to increase revenue?
So think about it this way.
Let’s say you’re a solopreneur who earns $100 an hour and you pay a virtual assistant $50 an hour to do administrative tasks for one hour each week. At first glance, it doesn’t look like much. Multiply that by 52 weeks and you’ve gained an extra 52 hours. Multiply that by your $50 profit (your hourly rate minus the VA cost) for a potential earning income of $2600 for the year.
Tracking your time and knowing how it’s spent will help determine if it’s used as an investment or not. Start today.