We're going to share with you the one thing to stop doing with your time that can make a huge difference in your business! Here's a hint...it has to do with how much your time is worth.
Join Tim Fitzpatrick for this solo episode of The Rialto Marketing Podcast!
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Stop Doing This One Thing With Your Time
Today, I'm going to share with you one thing that I think you should stop doing with your time. Hi, I am Tim Fitzpatrick with Rialto Marketing, where we believe marketing shouldn't be difficult. All you need is the right plan. I want to thank you so much for taking the time to tune in today.
And I'm going to share with you something that was shared with me a while ago. And I found it super empowering. And I think you will find the same. So how often do you find yourself doing 10, 15, 50-dollar an hour work in your business when your time is worth so much more than that? Have you actually even taken the time to really identify what your time is worth when people go through this, I think they most commonly think about, well, "How much do I charge clients?" A hundred dollars an hour or a hundred fifty or two hundred and fifty, whatever that number may be. Well, that may be what you charge clients hourly when you do work, but that's not actually what your time is worth. And I'm going to walk you through an hourly rate calculator that really shows you why that's not the case. And once you go through this, I think you'll feel so empowered because now you know what your time is worth and you can start to identify where the highest and best use of your time is in your business. And if it's not in some of the things that you've been doing, then you can start to identify how you can get this off your plate. Can you delegate it to somebody else? Can you outsource it? But if we're really going to maximize the time, our time in our business, we need to make sure it's on the highest and best use and that it's at our hourly rate.
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The Hourly Rate Calculator
So I'm going to walk you through this hourly rate calculator. And this was shared to me from, my man, Sharran Srivatsaa. If you do not know Sharran, go to Sharran dot com and see what he is all about. And he has a wealth of information and an absolutely amazing person. So please check that out. But I'm going to give you the link to this document. It is a Google sheet. So if you want to just take this and copy it for yourself, all you need to do is just hit this file, make a copy and save it. And then you can make these put the numbers in that you want that work for you and get your hourly rate. So the way this thing works and I just put in some numbers here, but you can we'll just play around with this. So whatever your base earnings target is, whether it's a hundred thousand, a hundred fifty, five hundred thousand dollars a year, you're going to want to put that number right in here. Now, you'll see in the sheet here, there's annual workdays, there's daily work hours, and total work hours for the year. And I've made some assumptions here. And you can kind of play with these. But I assume there's you know, there's 52 weekends. So we're not working in those days. There's 10 annual holidays. So that's 10 days and then three weeks of vacation. OK. That comes to two hundred and thirty-six day workdays a year. Now, you can tweak that how you want and this will automatically update it, I'm assuming eight hours in a workday and that calculates eighteen eighty-eight. OK, in this example at a hundred and fifty dollar, a hundred fifty thousand a year, that base hourly rate equates to seventy-nine forty-five. But this is where most people stop and where they're missing it because we're not generating revenue. One hundred percent of the time we're doing other tasks that are not revenue-generating. So we need to make an assumption here of how what percentage of our time out of that eight hours a day is actually on revenue-generating activities. When I initially got the sheet, Sharran recommended thirty-three percent. I've seen this anywhere from twenty-five to thirty-five percent. So in this sheet, I put in 30 percent. But you can tweak that however you want and then it's going to calculate what your time is worth. In this example, at a hundred and fifty thousand a year, 30 percent daily revenue-generating hours rather than 80 dollars an hour here, it's actually closer to two hundred and sixty-five dollars. That's what my time would be worth if this was my target. So now, armed with this information, you can start to think about, OK, my time's now worth two hundred and sixty-five dollars an hour in this case. Now, what should I be doing? Where should I be spending my time?
OK, so I hope you find this super helpful because your hourly rate may not be exactly what you think. My guess is it is much, much higher than what you think.
So I've given you this link. Just go to links dot rialtomarketing dot com forward slash hourly dash rate dash calc. That will give you the link to this Google sheet. Copy it for yourself and put in your numbers and you will be armed with your hourly rate so that you now know where you should be spending your time in your business and where you shouldn't be spending your time in your business. So I hope you find this as powerful as I did when it was initially introduced to me.
If you did, reach out to me, let me know. I hope you find it helpful, so thanks for taking the time and this was a short episode, but I think you'll find it's very, very powerful. Again, I am Tim Fitzpatrick with Rialto Marketing. If you want to gain clarity on where to focus your marketing right now to get the best return, going over to our website, Rialto Marketing dot com, that's R-I-A-L-T-O Marketing dot com.
Click on the Get a free consult button. Be happy to chat with you for a few minutes and give you some clarity on where you should be focusing your marketing efforts right now. Thanks so much for taking the time to tune in. Until next time. Take care.