What is Your Time Worth?
A professor in college once told me that my time was worth $400/hour and that any activity that didn’t amount to that figure should be outsourced to someone else.
I nearly fainted.
My time? $400/hr? Yeah right!
To this day, I still think his figures are overinflated – but the lesson has stuck with me time and time again. There truly is a number, somewhere, that you can place on your time and what it is worth. As a business owner, you will be pulled in countless directions everyday. A huge lesson to learn early is that you only have so many hours in a day. Your time is one of the few resources that you know how much you have, and it slips away despite your attempts to reverse or slow it. You can’t get lucky and win the time lottery and get hours or years added to your clock.
As a reality of a limited resource, you need to decide where you will spend it. Time is arguably your most valued resource. When trying to sell on Amazon, are you going to spend your time studying the ins and outs of ocean freighting? Or is it worth outsourcing that to a broker who has already spent a great deal of their own time learning that trade? Are you going to painstakingly take your white background photos and use editing software to take out the background? Are you going to spend precious minutes and hours building a listing, sending follow up emails to customers, or tracking inventory? What about selecting a product to sell? The answer to some of these questions will be a resounding yes! However, the answer to ALL of them probably shouldn’t be. While it may cost you in financial resources to outsource some of the aspects of your business to other companies – it could very well save you a lot of money in the end. How? It allows you to focus your time on the areas of the business that you are either 1) uniquely skilled or knowledgeable to complete, 2) want to become an expert in or want to be able to replicate, or 3) the difference between cost and ROI on your time is worth the trade off.
1) Uniquely Skilled or Knowledgeable
Are you a photographer by trade? Do you have mad Cost-per-Click skills and experience? Are you an Excel pivot table wizard who absolutely loves tracking inventory and projecting reorder points? If so, stick with what you’re good at and hit a home run there!
2) Expertise or Replication
Just because you aren’t the best in the world at one aspect of Amazon doesn’t mean you can’t get there. Your eyes shouldn’t be bigger than your stomach (you can’t be good at everything, nobody can), but you certainly can pick and choose those skills or attributes that you want to become great at. Or, alternatively, you can pick and choose those activities that you feel you want to be able to repeat. After all, you’re in this to repeat the process over and over with more and more products right? Choosing a skillset that is 1) challenging (i.e. adds a lot of value), or 2) is expensive to outsource (i.e. you’ll save a ton of money when you repeat it over and over), or 3) super exciting to you (i.e. the passion will drive you to become the best), is a great way to define where you will spend the bulk of your time.
3) Difference in Cost and ROI on Your Time
This one is simply math. It may be pretty cheap to get someone to take your white background photography. So, why spend your precious time on an activity that someone else has better equipment, better skill, and you can purchase for cheap? Alternatively, if someone wants to charge you the price of a new car to build a shiny, optimized listing then look at the ROI and see if that activity makes sense for you to own.
At the end of the day, your time may not be worth $400/hr, or maybe it is; who are we to judge? I do know that it IS worth something incredibly valuable.
You must decide early and often the worth of your time and what is worth outsourcing to the right partner. Amplizon has aligned with many top-level partners and has exclusive pricing benefits that you can benefit from. Let us help you leverage your valuable time to achieve the highest ROI possible!
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No way! If any company gives you projections or guarantees, run like the plague. Your success selling online depends on many factors, such as application of training principles, pricing, supply, demand, competition, and economic variables, just to name a few. We’re up-front that there are no guarantees in this industry. Students must be committed to learning the system, completing training modules, and testing products, advertising, and investing resources. We don’t want to scare you away–success is attainable. But we mean it when we say that ProfitVine is for people who want to sell “the right way.” That includes some good old-fashioned elbow grease. You won’t find any get-rich-quick schemes here.
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