Archive for November 28th, 2011

How Billing by the Hour Is KILLING Your Business

When your income is tied to how many hours you can sell, you automatically limit your earning potential because there are only so many hours in the day. This is exactly what you’re doing by charging by the hour in your business.

What I bet you didn’t know is that the hourly billing model is a relatively new artifice. In fact, there was a time in the not too distant past when everyone charged for their services based on value, not by the time it took.

Administrative Consultants and virtual assistants are giving all this wonderful support and expertise to clients and helping them succeed, while they are just barely scraping by in their own businesses.

I know how little people are earning in this industry and how much they struggle to stay afloat because of it, and it’s evidenced every year since 2006 in our annual industry survey.

This is when we start to see them grasping onto straws or making a mass exodus into another business entirely. They think, “I just need to turn the work into a factory and hire all these subcontractors to do the work. Then I’ll make more money.”

But they soon find out that that is a much bigger, more complicated and involved business to run than the one they had, one they might not have bargained for or enjoy. It’s also not necessarily one that earns any better because the profit margins have decreased further while overhead, administrative time and expenses have doubled or tripled.

This new video explains all the many ways that billing by the hour is keeping you from earning well and serving clients better and what to do about it.

I am here to tell you that it is ABSOLUTELY possible to create a beautiful, well-earning (even into six figures) solo or boutique administrative support business that doesn’t have you killing yourself or feeling icky in any way.

If you’re ready to get out of the hourly billing trap so you can stop trading hours for dollars and start making the kind of money you can actually live on and sustain your business, be sure and check out my Value-Based Pricing & Packaging Toolkit. I can show you how to change all of it around in your business AND create a simpler, easier business to run on top of it!