Time is Money
I’ve talked about how time worked doesn’t equal money earned when you’re self-employed, however the “Time is money principle” still applies.
Let me explain:
When you work on a project basis, meaning you charge a flat fee for a service like photography or website design, spending too much time on a project reduces the amount you earn per hour.
Now I’m not recommending rushing through projects. Always provide quality work.
But let’s say you decide to take on a type of project you haven’t attempted or aren’t really good at. You likely have to spend time learning how to do it.
If it’s something you want to offer or can be applied to other projects, then the knowledge is worth it.
Ask yourself: Is my response to figuring something out a “Yes, I did it” or a “thank God that’s over”?
If it’s the latter, re-evaluate whether that service is worth offering. This is why I no longer offer logo design.
While I’m proud of every logo I’ve produced, I was a wound-up, overworked mess in the process.
Adobe Illustrator does not come easily to me, whereas website design and learning how to modify code does.
I dread having to learn something on Illustrator. But if I have to learn something web design related, I’m excited for the challenge.
What I found fascinating is that this was the opposite for my fall intern. He picked up Illustrator super fast but struggled with web design.
Which proves that we each have our own talents and abilities. And when you work for yourself it’s more efficient and cost effective to offer only what’s in your zone of genius (or the things you truly love).
If you don’t, you’ll likely spend countless frustrating hours figuring something out that you cannot bill your client for. Hence, where the time is money principle applies.
It’s also important to have timelines and number of revisions included in your project contracts. Hours of revisions cut into your earnings too.
—
Hey there! I’m Meg:
LOVER OF CATS, ROLLER SKATING, AND VW BUGS
I also love business and share all kinds of tips and resources to help you grow yours.
Ready to commit to becoming more business savvy and being able to work for yourself? Subscribe to my email newsletter. ;)
More Business Resources