Most of the entrepreneurs we meet, especially solopreneurs in the service business, have no idea how much their time is worth. Use this calculator in one of two ways:
- Enter your revenue goal, how many weeks you want to work, and how many days per week you want to work, and how many hours per day you want to work. So you can start to think about how much your time should be worth, so you can start thinking about how you need to start valuing your time.
- Enter what you are currently making, how many weeks you’re currently working, how many days you are currently working per week and how many hours you are currently spending working daily. The result will show you based on current numbers how much (and often the “ah-a moments” come from how little) your time is worth, based on where you are today!
Once you’re done using this calculator, it’s important that you answer some reflection questions!
- If you entered current numbers:
- Are you happy with the results?
- Should you start charging more for your time?
- Do you need to consider new products or services to offer?
- Do you need to find a more efficient (cost-effective) way to deliver your products/services?
- Can anything you’re doing manually be automated?
- Is there anything you should quit doing?
- What actions can you take in the next 30 days to start earning what you’re actually worth?
- If you entered your goal numbers:
- How much time are you spending generating revenue every day?
- Are there things that you’re doing now that you could hire someone else to do cheaper, so you can spend your time doing more valuable tasks?
- How much of your time today is being spent generating revenue?
- How much of your time is being wasted?
- What actions can you take in the next 30 days to start reaching these goals?