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A mathematical formula calculated by a British university professor has found that time actually is money. It shows that there is no such thing as a free lunch or even a free dinner, while brushing your teeth for three minutes uses up 30 pence (45 cents) in “lost” time, and washing a car by hand has a hidden cost of 3 ($4.50). When it comes to time management, the entrepreneur is no different from anyone else, salesmen, full-time or part-time workmen/women, or even those who work on a commission basis, after all it is his/her own time to spend effectively or wastefully. When the salaried employee whose stake is minimal in the business, can calculate his/her earning rate per hour, it is all the more relevant for the entrepreneur businessman, to be able to reckon his/her earning rate in dollars. Whether it’s a Day-Timer or a software program, the first step to physically managing your time is to know where it’s going now and planning how you’re going to spend your time in the future. A software program such as Outlook, for instance, lets you schedule events easily and can be set to remind you of events in advance, making your time management easier. You should start each day with a time management session prioritizing the tasks for that day and setting your performance benchmark. Money value: It becomes imperative to devise a way of knowing whether the time spent is worth the value/return. The easiest and simplest method seems to be money value for each hour spent in dollars or cents. Somewhere, one has to make a beginning, and start with the total money earned in a period, week/month and divide by the number of hours worked whether drawing up a plan, talking to customers, supervising or checking progress directly or through systems and/or reports, or the sum total of whatever done for the business. It will also help you to determine when the all-important big step of hiring employees is the most cost-effective thing to do. If you can generate more income from each hour if you are free to devote your time to business development activities than it will cost you to pay an employee to take over the routine, administrative tasks that are currently sucking up all your time, you should hire the employee. If you don’t know what your time is worth though, how will you ever know when that time has come? Have you ever noticed that the wealthy are always great at promoting their product or service? They have the ability to encourage and inspire people to buy into their vision because the rich are excellent promoters and skillful at packaging their value. It is important to understand that this is one of the key reasons they are wealthy; the rich are able to market their value with passion because they believe their product or service offers something intrinsically valuable. Hidden Benefits: The least this exercise can do is to throw up some data on how one’s time is being spent, wasteful or useful, but once the figure is known in money terms, it is easier to take corrective steps, in many areas of the business which costs money. Knowledge is power: Further the business owner becomes more equipped with the knowledge of the actual value of his/her contribution, and what or where one has to change in his/her routine, or delegation to others, such that the business operates more profitably. Ultimately it leads to better time management, optimal practices in delegating business activities to others, such that more efficient routines get established, leading to profitable businesses all the way. About the Author:
Peter Werth is a successful AllXClub distributor, and it is his time management skills that have helped him earn a six figure income from the comfort of his home. Be sure to visit his website for his AllXClub Review.
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Posts Tagged ‘expenses’
Time Is Defined Through Monetary Transactions
Saturday, August 29th, 2009Start-Up Costs for a Home Daycare Business
Wednesday, August 26th, 2009| Scentsy | Flameless Candles | Wickless Candles |
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Once you decide to get into the daycare industry you will need start up funding to get your business off the ground. Depending on the kind of daycare center that you are planning, these costs can range anywhere from four figures up to hundreds of thousands of dollars. In the article below we set out some of the start up costs that you would have to budget for as you proceed to open your own business. 1) Premises - The main consideration when it comes to startup expenses is whether you start a home-based daycare or lease a commercial space. You can run a very efficient business by using your home although you will be sacrificing parts of your family’s living space. There are also redecorating costs associated with converting part of your house into a daycare environment that is suitable for children. 2) Legal Requirements and Business Licensing - You will need to apply for a license and you will need to ensure that you comply with all the rules and requirments set out by your city regarding daycare businesses. 3) Equipment for your Daycare - You will need to buy suitable toys, games, play structures and art and craft supplies to name just a few things. Having a good idea of your daycare capacity and curriculum is the key for calculating your requirements accurately. When it comes to purchasing furniture, toys and other items always go for quality items as kids can wear things out quickly. 4) Daycare Administration - Set a room aside for an office or have an open office and reception area. Look into the costs associated with managing a small office like PC set up and Internet connection, phone line installation and initial purchases of other office furniture and equipment. 5) Unforeseen Costs - Remember to include a considerable allowance for unexpected costs that may come up. Some business owners also include an allowance for operating expenses for the first few months of the businesses life in their start up cost forecasts. The daycare most likely won’t be making a profit during the first two or three months so you must know precisely how much capital you need to tide yourself over until the business is making decent revenues. 6) Daycare Advertising - You will be facing initial promotional costs as you get word out about your new venture. You will need to start advertising months before you actually open your doors so that you have some customers attending when you open your doors for business. It is important that you get close to an accurate amount for your total anticipated start up expenses for your new daycare business. Having accurate start up cost estimates will help you immensely when it comes to planning your new daycare business, knowing what you are capable of and what limitations you have when it comes to your budget. About the Author:
To learn more about How to price your Daycare Business Services and to read reviews of some of the top ‘Start a Daycare’ guides visit - Start a Daycare Biz
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Starting a Daycare - Start-Up Costs
Monday, August 24th, 2009| Scentsy | Flameless Candles | Wickless Candles |
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Once you decide to enter the daycare business you will need start up funding to get your new business up and running. Depending on the style of daycare that you want these costs can run anywhere from a few thousand dollars to six figures. To get started off the right way you must be aware of all the costs that you can expect and you can do this by breaking them down and making a list. In the following article we go over some of the major set up costs facing new businessmen and women wanting to get into daycare. 1) Where to Locate your Business - Many people these days choose to operate a child care center from within their own home or property and doing so can be convenient and save costs associated with leasing commercial premises. You will still be up for redecorating expenses as you make suitable changes to your property to get it ready. 2) Legal Requirements and Licensing - You will need to allow for a small charge that is associated with applying for a business license and you will need to ensure that you comply with all the rules and requirments set out by your city regarding daycare facilities. 3) Necessary Equipment - To make your child care center marketable you have to create a child friendly environment. The right furniture and interior decorating is needed to create visually stimulating surroundings and you will also need play structures, toys, books and art supplies. Don’t forget to always purchase quality equipment as children usually wear things out faster than adults. 4) Administrative Area - You will need to arrange an area that can be used as an office. Expenses for this could include stationery getting a phone line installed and Internet connection. 5) Other Costs - Don’t forget to make a generous provision for unexpected costs that may come up. Some business owners also include an allowance for operating expenses for the first couple of months of the businesses life in their start up costs. Your daycare most likely won’t be making much money during the first few months so you must know precisely how much money you need to get yourself through until the business is making decent revenues. 6) Business Launch - Costs associated with marketing the daycare business will include logo design and other branding expenses, advertising costs, and expenses associated with holding an opening party. Once you have estimated your startup expenses you can then match these up with the amount of funding that you have access to. You will then know that you must either scale down your daycare startup costs or know that you are able to scale them up if necessary. About the Author:
For our next article visit - How to Prepare a Business Plan for a Daycare Business
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