How Valuable Is Your Time?
One of the things I’ve pondered recently is how much my time is worth considering the many competing priorities in my life and it always seems to be a balancing act of epic proportions to get everything done I need to get done. However, there are a lot of these items that I either don’t enjoy doing or feel they are repetitive and administrative and it’d be more beneficial to get help to complete them.
As I thought more about this it reminded me of several years ago when I decided to use a lawn care service to cut my yard, trim my hedges, fertilize, etc. I enjoyed doing it every now and then as it was my time to think but as my son was growing older I wanted to spend that 1 ½ hour normally set aside for yard work and spend it with him. So, that’s what prompted me to bring on German and let him do my landscaping.
I am using a similar thought process nowadays in regards to leveraging Virtual Assistants for many of these administrative tasks. I’ve found through sites like Freeeup.com and others like it there are many people looking for work and are offering their services for a fair price. In the past, I wanted to do everything myself as I thought I was “saving” myself money by not freelancing this workout.
But now I’ve taken a different perspective on the situation and look at the value of my time as it pertains to my work and when the delta between these numbers is in my favor I will often side with the help to get tasks completed.
Here is what I am speaking about. Let’s use a very simple example and this may be eye-opening if you’ve never done this exercise.
Let’s say, hypothetically, you make $100,000 a year working an average of 40 hours per week. And assuming you take a couple of weeks of vacation, let’s use 2 for easy math, that means you work 50 weeks for the year.
So, 40 hrs/wk x 50 weeks = 2,000 hours of work per year and divided by $100,000 = $50 / hour
That means your time can be equated to being worth $50 an hour.
So, as an example, you need to get email lists together for a marketing campaign you are doing. If that would take you 2 hours to complete (or $100 of your time) then you may be better off using a Virtual Assistant at $7-$10 per hour to complete the work while you spend your time using those 2 hours wisely to potentially increase your hourly rate, attract new business, or work on other projects that are important.
Virtual Assistants have become very common nowadays but it’s still something newer I am trying and many people have never even considered it. It’s definitely different handing over control of projects to people you’ve never or barely met but if you look at it as a professional situation and treat it as such you might be surprised at how it turns out.
Find a small project to start with that might take an hour or two and try this out.
Make sure you give direct and clear details to your VA and I’d put everything in email and have it agreed upon prior to beginning the project.
You might find it works out well for you and frees up all sorts of time that can be valuable both personally and professionally.