In the past we’ve talked about the importance of tracking your ROI (return on investment).
What really interesting is that many of us work with an ROI metric in our corporate jobs every single day, however never think about applying it to our own lives (home business/personal life.)
Why is this?
My first thought is that we are in a constant state of doing things, or thinking about all the things we have been putting off.
We don’t stop to just think.
Even the initial thought of “thinking” may cause us to “think” that we would be wasting out time and putting off taking action. Trust me, sometimes continuing to take action, we may be taking action on activity that won’t get us closer to our goals or turn into activity we need to undo!
Take time to think. Your Life, Your Family, Your Time and Your Income are Important!
1. Thank about products you have purchased, seminars you have attended, businesses you’ve joined.
2. Did you ever decide how much of an income you expected from that investment?
3. Did you think about how many times the cost of your investment you expected? 3X, 4X. 10X?
4. Have you thought about how much an hour of your time is worth?
When you define your expectations, or expected return (ROI) you now have a measurable goal. You can now determine your progress and if you are making decisions that will grow your business.
This will also help you make decisions about your time. If you declare your time is worth $50/hour (based on working 50 weeks per year and 2 weeks vacation that would be $100K/year)
Now you can determine if you are going to say yes or no to projects or invitations to “go do stuff” with friends family etc.
Any business you start is going to take time, concentrated effort repeated daily over months and years to become massively profitable.
If you are spare timing your business, not valuing your time and putting of your own work – then you will NEVER generate a substantial, sustainable income.
Knowing your ROI will support you in staying on track.
Tracking your time will also keep you on pace to see REAL results!