I was reading a book and came across this statement:
“Time is only a free resource so long as it is your time”.
The statement was made in reference to building an eBay business and allocating time to doing such things as shipping and handling. Whether you have an eBay business, a consulting business, or some other home-based business, is your time ever really a free resource?
Just by nature, time is a limited resource. We all have the same 24 hours in each day: no more and no less. I would tend to say that no ones time is a free resource. If you spend 2 hours per day wrapping and stuffing packages, that will be 2 hours you can’t spend doing something else. Therefore I think that time in a home-based business (like any business) should always have a value, even when you are talking about your own time.
People who have time-based home businesses, where hourly rates are charged, already know they must carefully put a value on their time. They know they must adjust their rates based on certain criteria and changing conditions. Business owners that don’t provide time-based services can also benefit from putting a value on their time. It can help you in budgeting and planning for such things as hiring help or enlisting contractors. It can also give you a reality check when you think you’re spending too much time on something.
Just like the proverbial free lunch, I don’t think there’s any such thing as ‘free time’ in a business environment.