Can You Afford An Online Business Manager? 3 Questions to Ask
Let’s be upfront about the expense. An online business manager charges more on an hourly basis than a virtual assistant. They are also responsible for much more, and provide an entirely different kind of benefit to you and your business. Generally speaking, an online business manager charges between $20 and $30 per hour. There are those that charge more and there are probably those that charge less. Keep in mind that you do get what you pay for in most circumstances. However, before you make any decisions based on that hourly rate, there are some important questions to ask. These questions will tell you whether you can afford an online business manager and if it’s the right choice for you.
1. How Many Hours a Month Will They Work for Me?
Take a look at what your online business manager’s tasks will be on a monthly basis. Now research how long it generally takes to complete those tasks. If you’ve been performing them yourself then this information is easy to gather. If they’re new tasks you can get a rough estimate by asking around. Adding it all up, you’ll have an idea of how many hours your online business manager will be working for you. Keep in mind that they may be more efficient than you are and it could take them less time. So if you realize that you need them about 5 hours a week that’s 20 or so hours a month. At a rate of $30 you know that you’d need to budget $600 for an online business manager.
2. How Much Money Will You Make?
The next question to ask yourself is how much money will you make with that additional time? Continuing with the previous example, we said that you’d have about 20 hours a month free to work on your business. If you’re able to make $601 during that additional 20 hours then it’s a good decision. You’re making money. So take an honest look at your products or services and decide if you’re going to be able to make more than you’re spending on your online business manager. Keep in mind that it may take a month or two to ramp up. For example, if you use the time to launch a new product you may not see the profits until after the second or third month. However, if the profits outweigh the expense, you’ve made a profitable decision.
3. What’s it Worth to Me?
Finally, consider what the added free time is worth to you. If you’re working non-stop and are exhausted, you may not be able to put a price on a little rest and relaxation. Stress is damaging to your health and it makes sense to evaluate the intangible benefit of having a business manager on your side. Hiring an online business manager may seem expensive at first. However, when you weigh the benefits and explore the new opportunities, you may see that it’s worth much more. Take a look at your goals and your reasons for hiring an online business manager and make the best decision for your business.
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