Decide the level of annual salary you want and work out your hourly rate. Remember to allow for holidays and that you probably won’t generate income every day. The number can be quite scary. And also remember this is the number needed only to generate the salary you want. It doesn't include any costs of running your business. These need to be added.
Now think about how you spend time when you’re not generating direct income. You're networking, having coffees, travelling to meetings or events, writing blogs, looking at Facebook, doing emails. How much do they really cost you?
That two-hour networking event you paid £15 for may actually have cost you over £100 by the time you’ve got there and back.
You have to decide whether it’s a good investment for your business. It may not be a financial return you’re looking for, but it will make you think.
Are you getting the return you want on the time you invest? What could you have been doing as an alternative to move your business forward? Manage your time flow as well as your cash flow.
Is how you spend your time moving you towards where you want to be?