Remember; there is a limit to the amount of revenue you can produce all by yourself. If you charge an hourly rate and you work for clients you can multiply the hours you will work times your hourly rate and this is the maximum income you can produce in a year. How much time you can work will depend on the
- Effectiveness of your marketing,
- Efficiency of your administration and
- How much time you can dedicate to your business.
Here are some numbers to consider:
- There are 52 weeks in a year
- Total hours available for everything are 8760 hours
- Sleep, eating, family usually takes a minimum of 4000 hours
- The average work week is 40 hours
- The average vacation/personal time in the USA is 2 weeks or 80 hours
- Therefore 40 hour times 50 weeks will be 2000 available for work
- Better than average service provider is able to bill 60% of their time
- 2000 hours time 60% = 1200 hours available to work
- 1200 hours times your billable rate equals the maximum revenue you can earn in a given year with no other assistance.
What is YOUR time worth? Check out this tool to help you find what you can outsource or delegate in your business. What_Is_Your_Time_Worth