This week: Where does the time really go? Putting a value on it helps you decide the best way to spend it.
I spent a week meticulously logging my time. Every time I shifted my attention, I wrote down what I was doing (as suggested by Alec Mackenzie, The Time Trap). Then I asked myself these questions:
- Did I achieve my goals for the day? To what extent?
- When was I the most productive?
- When was I the least productive?
- What were the biggest interruptions and time wasters?
- What have I been doing that I can delegate to someone else?
Then I estimated my Time Worth using this formula by Dan Kennedy:
- Determine your base earnings target for the next calender year. (I added my Starbucks pay and the $200/month goal I have for my shop.)
- Divide by annual workday hours (220 days x 8 = 1,760 hours).
- Multiply that answer by 3 (He says on average we are productive 1 out of every 3 hours.)
- The answer is your time value per hour.
P.S. My new shop at mandibeads.etsy.com will be opening in 4 days!