Over the course of the last 5 years as an entrepreneur I have successfully launched, managed, and sold off several businesses. Each organization started has added some value to my understanding of the business world today. My philosophy has been that 9 things out of 10 that I try will fail, but that golden one is always worth the battle. In my experience that has proven to be the case and my successful businesses still operate today under the management of those whom I have sold off to. The latest project is Initial Underwriting Group, a corporation comprised of two concepts: 1) business credit building and 2) business loan underwriting.
While the term “billable hours” is most commonly associated with law professions, this concept should be used by all business owners. It’s important to set the minimal hourly rate you want to earn as a bottom line.
How much should you earn per hour (or day, week, month) as a business owner? Many books on time management recommend the practice of thinking of each hour of your time as being worth a specific quantity of money: the time is money concept. First, figure out what your hourly rate is, and if you want to earn more money, then you must mentally raise your hourly rate, so you can start concentrating on activities that are worth more. For example, if you currently earn $50/hour and want to earn $75/hour, then you have to do less $50/hour work as you shift to doing $75/hour work. This gives you a clear idea of what your time is worth and can help you focus your efforts.
$500/hr is the breakeven point to make “$1mil” per year
Thinking in terms of an hourly rate will definitely help limit your downside as a business owner. However, be careful not to limit your upside. Of course, it would be foolish to miss out on a $1,000/hour opportunity simply because it doesn’t match your billable hourly rate. The key is to set a minimum hourly rate and not go below that rate. But be sure not to miss a truly lucrative opportunity to go above your minimum rate. Those kinds of opportunities may only come along so often.
http://www.24-7pressrelease.com/press-release/no-loans-when-you-need-them-96395.php Ilya BodnerSmall Business Owner
Initial Underwriting Group
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