How To Gauge Services You Should Be Paying For

I’ve been self employed for almost 20 years. Over the course of time, I’ve tried doing it all. It’s something that all of us naturally start off doing, but if you’re still doing it after a couple of years it either means you don’t have a lot to do or you haven’t taken time to consider what you can get off your plate so you can concentrate on your business and other things.

There’s a process one should go through when making a determination as to whether or not you should keep doing what you do that’s not part of your career. Below are categories and things to think about that might help relieve you of some of your workload… even if it might cost you a bit of money.

Skill level

You might be a genius, but even geniuses deal with things they’re not great at. Some of those things might have people qualified to provide services so you don’t have to worry about them. We’re known to advocate accounting services because that’s what we do, but there’s services such as marketing, promotions, web services and such that, even if you know how to do them, you might not be expert at them.

Time vs Earning Time

You might have a nice sized plot of land that’s close to an acre. From late spring to early autumn, you might need to keep your grass trim so you don’t irritate your neighbors. A large bit of land is large enough that mowing could taking you close to 2 hours to do with your own equipment, time you could be working on your business. If you have allergies it’s even worse.


Once you put the numbers together as it pertains to the time and inconvenience it’s costing you when compared to the hourly rate that I charge your clients, you’ll come to a figure that makes enough sense to hire someone else to do it. It takes a load off you mind, and you can enjoy your lawn without sweating or scratching.
 

Saving money vs losing it

I live in an area that usually gets a lot of snow; we average 66 days a year of accumulated snow. We’ve had years where we receive upwards of 150″ or more; it’s not pleasant. Even having a snowblower that can clear the driveway doesn’t help if the heavy snowfall occurs during the night, and we awaken to 6 inches or more; it can take a while to clear away.

For the most part, hiring a service to provide a service to take care of something like this makes sense… most of the time. During a heavy snow season, a plow might visit your house or business location 3 or 4 times a day. During a light season, you might have your space cleared a couple of times a week. Do you pay for the potential inconvenience or take your chances, hold onto your money, and deal with the snow removal yourself, or find someone who’ll come on demand at $20 per removal? Which one ends up costing you more money, especially if you need to be somewhere or need the space cleared for your clients?

Gauge how much to spend when you have to spend


Even in 2021, there are a number of small business owners who’ve decided not to pay for health insurance, instead paying a penalty to the government. This is one of those times when you’re going to spend money one way or another, so you need to figure out what’s best for your finances as well as your health.

Health services are expensive, even if you only visit your physician once a year. Having even the least costly insurance coverage brings the amount you’ll owe out of pocket down anywhere from 25% – 50% on average. If you only have to deal with the one visit you might be fine without insurance. But if your physician discovers something, or you need x-rays, minor surgery, or even a mild procedure like a colonoscopy, it’ll cost more out of pocket.

If you’re pretty healthy, it’s best to select a plan with the highest deductible. You’re probably never going to get close to using all of it, but you’ll have some crucial benefits. If you’re admitted or need major surgery, it’s better owing a $10,000 deductible than owing $20,000 or more by not having insurance. No matter what plan you have, you’ll still get the medical discount your insurance company has brokered with your provider. All that and you still get one free physical a year, along with not having to deal with pre-existing condition limits; that’s big!

These are just a few ways of looking at services in a way that will help you determine how much further your money can go and what your time is worth versus what you feel free in doing yourself. Hopefully it’ll help you make better and easier decisions as time goes on.
 

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