The lesson for today is probably the most important lesson so far. It’s the difference between making a lot of money, and losing your shirt.
What could be that important?
What I call ‘knowing your value’…
Here’s the story…
One of the most common mistakes carpet cleaners make is not valuing their time.
For example, you might be using a marketing strategy that costs $100 to set up, but takes 10 hours. The strategy makes you $500 and looks profitable on paper.
But if you take into account that you charge $100 an hour for cleaning, the strategy actually cost you $1,100.
The lesson here is that you need to always place value on your time if you want to find the true return from a marketing campaign.
And in order to do that, you need to figure out your ‘actual hour rate’…
TODAY’S TASK: Figure Out Your Working Hour Rate
- Write down your average daily income for the last two months. This is the total amount of money divided by the number of days you worked.
- Figure out how many hours on average you spend at work every day.
- Divide your daily income by hours at work. This is your ‘actual hourly rate’ right now.
Once you have this number, you should take it into account in all your marketing costings. Also, there is another advantage of having this number.
If your actual hourly rate is $50 an hour, but you make $100 an hour from cleaning, then you need to look at ways to spend more time cleaning and less time doing other work. Every hour you spend doing something other than cleaning actually costs you $50.