The Right Stuff

Written by BB Lee


THE RIGHT STUFF by BB Lee (C)2002

(Find Out Now! If You Have The "Right Stuff" To Succeed In A Home Based Business)

Are you serious about owning or operating a home business? Well, there are a few things you should know. Many successful business owners have very similar traits that have pavedrepparttar way to their success. Take this test to see if you have any of these traits. This test will also point out where you need improvement.

Answer yes or no torepparttar 117741 following questions.

1. I've specific experience in this business.

2. I am very organized.

3. I am very detailed oriented.

4. I know how to sell services at a price to make a profit.

5. I am highly motivated to be successful.

6. I enjoy this work tremendously.

7. My family supports my business idea.

8. I have enough finances to see me throughrepparttar 117742 first few years.

9. Every home based biz venture needs a business plan.

10. I am willing to work alone for long periods.

11. I'm in good enough health to endure long hours.

12. I've researched my targeted market.

13. People consider me a real go-getter.

14. I enjoy planning ahead and then carrying outrepparttar 117743 plan.

15. I have a mentor or a friend who I query for advice.

The Money Value of Time

Written by Elena Fawkner


The Money Value of Time

2002 Elena Fawkner

You have, no doubt, heardrepparttar phrase "the time value of money". It means that a dollar in your hand today is worth more than a dollar in your hand a year from now. Why? Because of what you can do with that dollar overrepparttar 117740 next year. You can invest that dollar in an interest bearing account and have $1.05 atrepparttar 117741 end ofrepparttar 117742 year. If you decide to take your buck in a year, your opportunity cost (foregone investment) will be five cents. Not to mention what inflation will have done to your purchasing power in repparttar 117743 meantime.

As interesting asrepparttar 117744 time value of money is to economists and financial planners, if you're anything like me, you probably findrepparttar 117745 whole subject just a little short of riveting. So here's something more interesting to think about. The money value of time. Your time, that is.

Why do you need to think aboutrepparttar 117746 money value of time? Because, quite simply, once you truly understand what your time is worth, in dollar terms, you will work your business more productively and efficiently than ever before.

In my other life, I'm an attorney. I work for a downtown Los Angeles law firm and, like any other law firm, what counts is how many billable hours I clock each month. We have software to track it all for us of course. My time is charged out at $250 an hour. In a minimum of six minute increments. This means that if I so much as pick up and read a one paragraph letter from another attorney, my client is billed $25.

Spend enough time tracking your time like this, getting torepparttar 117747 end ofrepparttar 117748 day and needing to see at least seven billable hours totaled on your computer screen and you soon develop a very healthy respect forrepparttar 117749 dollar value of time.

And because I don't want to have to be atrepparttar 117750 office for ten hours before I've generated seven that are billable, let me assure you I work very efficiently indeed.

Inrepparttar 117751 process, I've become an expert at avoiding time wasters and unproductive activities. As a result I can usually generate seven billable hours from being inrepparttar 117752 office for only eight. (The other hour is unavoidable non-billable general admin type stuff.)

My point? Start thinking like an attorney when it comes to how you value and spend your time. Here's how.

First, decide what level of income you need from your business. Forrepparttar 117753 purposes of our example, let's say it's $52,000 per year or $1,000 per week.

Next, decide how many hours you want to work each week. To keeprepparttar 117754 math simple, let's say you're going to work 50 hours a week. Therefore, on average, you need to generate $20 for every hour of time you spend working in your business.

But not all of your time will be revenue-generating (i.e., "billable") time. Any business has its share of non-billable time - those routine administrative tasks that must be done even though they make no contribution to your bottom line.

So, now you have a choice. You can either work more hours each week to cover your non-billable time, or you can increaserepparttar 117755 amount you need to earn from every billable hour. The first option means working longer. The second option means working smarter. Your choice.

Whatever you decide, keep that hourly rate firmly in mind. Every hour of your time is worth $20 (or whatever rate you have calculated for yourself).

Think about that whenrepparttar 117756 phone rings on a work day and it's your sister wanting you to go with her torepparttar 117757 shopping mall this afternoon. There's three hours or $60 you've just thrown away (not to mention what you spend atrepparttar 117758 mall!). Tell her you'll go with her on Saturday instead. You have to work today. Think twice aboutrepparttar 117759 hour and a half it will take you to do your errands this afternoon. Another $30 gone. Do them on your own time, not your business's.

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