In fact, get this wrong and you’ll be feeling more miserable and stressed than you ever did working for someone else.
So what’s the main difference between the two? Well there are a few, of course, but the biggest one isn’t something most people will think of. Especially if they are still employed by someone else, or unemployed, come to that.
But there are also too many business owners who haven’t grasped it.
It’s not the ‘security’ (remember that?). It’s not the paid sick leave or annual leave. It’s not even the level of responsibility. No – all of those things are actually much better for employees than they are for their employers.
Business owners don’t get paid if they don’t work, through sickness, holidays or family disasters. Business owners don’t leave the stress and worry behind when they clock off at the end of the day. In fact, they never clock off.
So what’s so good about being a business owner – when you finally ‘get it’?
It’s that moment when you realise you don’t have to sell your time for money any more. When you realise you’re not condemned to be paid by the hour and so limited by the number of hours in a day or the minimum amount of sleep you can get away with.
Whatever your hourly rate might be, having an hourly rate at all puts a finite limit on your income and the size of your business.
So don’t do it. How long something takes you to do doesn’t matter in the least to your clients and customers. What they want is the thing you promised them – whatever that was – and if it took you twice as long or half the time you expected, they won’t care. All they want is what you promised at the price you agreed.
So don’t calculate your price on the basis of how long a thing might take (or what it costs you in raw materials, come to that).
I’ve talked about price before, several times. By now you should know not to sell (or buy) on price, but on value. The question is, what is it worth to them?
BIG HINT: Can you make it worth even more? Value, remember, not price.
And that has nothing to do with your time and everything to do with their satisfaction, delight, even ecstasy at what you do for them.