Time is Money

You’ve heard it said but have you ever really sat down and thought about it?

Time is money.

That phrase didn’t mean much to me when I worked in corporate America as an employee.  Of course time is money. They paid me for the time I was at work and didn’t pay me for time when I wasn’t at work. Since becoming self-employed I finally get it.

Time is money.

I once read that as a glass bead maker I should be charging $1 per one minute for my time spent making a bead. While that seems like one would make $60/hr, it is also meant to compensate for time when not making beads. Time to clean them, market them, package them, sit at a show, etc. Also, to cover overhead; electricity, office supplies, propane, equipment, etc.

In the back of my head, based on that formula, I often think to myself, ‘time is money.’ When I’m driving to the post office I think, I could be sitting at my torch making $60/hour. Time is money. When I’m asked to demo somewhere for free I think, I could be in my studio making beads for $60/hour. Time is money. When I’m struggling to make a custom order I shouldn’t have taken I think, I could be at my torch making what I know sells and making $60/hour. Time is money.

So I say to you: Your time is money.

Where can you be more efficient? As with the post office example above…I started using online postage, printing it at home and then dropping packages at the post office without having to stand in line. If you’re lucky, your post (wo)man might take your packages right at your door. If you do have to drive to the post office, consider shipping in batches and making fewer trips. All of that time in the car is money, not to mention gas prices these days.

When should you be saying “NO”?
Do you find custom orders to take more time and trials and errors than they’re worth? Do they end up wasting a lot of your time coming up with something to satisfy your the customer? That wasted time is money not made. Don’t do them. Just say ‘no’. (or price yourself a lot higher in the beginning).

What other ways have you found to be more efficient? Leave a comment below.