I really, really, didn't want to do this. I've procrastinated on it for YEARS, hesitating to actually sit down and crunch the numbers, as I knew it would most likely make me take a good, hard look at the way I do things, which will certainly elicit some changes on my part to gain improvement for my blogging tasks to be a more viable stream of income.
Anyone who has run a small business before knows that it can certainly feel like a labor of love at times, spending a tremendous amount of time on it in exchange for an inadequate amount of revenue in return. I feel that it can help workflow to be more efficient and effective by assigning a dollar amount to your devoted time and energy in your blogging efforts, plus, the bottom line is that we all should value our worth, no matter how large or small the task at hand may be.
Regardless of if you consider fashion blogging to be a job or hobby, here's three reasons why you should assign a monetary amount to your time invested in it:
It Can Help You Make Smarter Decisions
Since I don't blog full time, I certainly feel the crunch of staying on top of, and getting everything blogging-related done in a timely fashion, which means I have a relatively strict schedule of when I can work on it and only so much I can do in that allotted time. By figuring out how much time it takes me to accomplish tasks and how much time I have PLUS how much I'm actually making, it makes saying no more often easier. Let's say that I've figured out I make about $1 per hour working on social media for my blog. If a brand wants me to host an (unpaid) hour-long Twitter party, for me, $1 is DEFINITELY not worth the stress and dedication spent on it. A polite no, or asking to be compensated for my time is only fair to me, regardless of valuing my time at $1 or $100 per hour spent on social media.
You'll Discover Where You Can Improve
Think about how much “you make” per hour any way that makes most sense for you. For me, it's an “all in” mentality; for example I add all blogging activities such as writing content, doing social media, emailing, research, looking at site analytics, making website improvements, and attending events, figure out how much time per month I spend on each of them, take the total amount of money I've earned each month, and then redistribute it across each task. Sounds complicated? Maybe, but it works for me, and I'm sure you can find a way to make a valuation work for you.
Some of the aspects of blogging that indirectly affect revenue are harder to trace and figure out how much money these tasks are making for you, but can be integral to your site growth.
If you realize you only spend less than an hour per month on analytics, but discover that Pinterest brings in a lot of traffic to your site, than you may want to adjust the time you spend working on both.
It's Now Easier to Set Realistic Goals
By merely knowing how much time you spend and money you make blogging, you can set manageable goals for yourself that will make you feel encouraged and successful instead of overwhelmed and exasperated. Depending on what you want to achieve and now knowing the best use(s) of your time, increasing your time/revenue ratio over time to end up at $__k a month and fulfilling your dream of full time blogging or simply making a bit more money may be one month, or many more, away. Remember that time IS money, and as a blogger and person of substance your time and expertise is ALWAYS valuable, so if designating an hourly wage to it helps you reach your dreams and aspirations, go for it!
How have you thought about your time spent blogging versus money earned?
[Image credit: Shutterstock.com]