Are the highest paying jobs automatically the best leads for you? While many people would jump to the conclusion that yes, they are, this may not always be true. In today’s episode, host May Yeo Silvers takes the time to bust this common myth and leave you with a surprising piece of advice that will help you run your business more successfully.
On the front end, a large and expensive event may sound exciting to you. And if you feel you can do the job and you like the client enough to take the time to put it all together, it may be the right decision for you to take that lead. However, as May becomes a more seasoned business owner, she also understands alternative ways she can work to make her time worth the money. Before accepting any job, you must thoroughly evaluate your leads. High paying jobs often require a lot more of your time and attention, therefore, your hourly rate is likely to decrease. To get a better idea of whether or not this job is worth accepting, you must understand your opportunity cost. How much money are you going to make on this event? Do you have the time in your schedule to forgo other events that may fulfill your hourly rate? To maximize her hourly rate and hit her income goals, May takes a variety of events that range in price and time spent working.
Are the highest paying jobs the best leads? The truth is, the answer is never cut and dry. That’s why it is important for you to spend time evaluating your hourly rate and accessing your opportunity costs so that you can make the best decision for yourself and your business financially.
Quotes
• “Every time I take on a big client that pays me between $30,000-$50,000, I know I’m going to have to devote at least 120 to 150 hours of my time to do that job.” (03:39-04:01 | May)
• “As I grow my business, I am becoming more savvy with numbers. And also understanding how best to use my time to gain the most traction financially.” (04:31-04:45 | May)
• “When you are evaluating your leads, it’s not just about the numbers. There are other things involved.” (04:51-04:57 | May)
• “Instead of taking on only big jobs, my business model is a combination of big jobs, medium size jobs, and small jobs. Because always taking on the big job doesn’t mean that I’m going to make my income goal.” (14:39-14:54 | May)
Links
Connect with me at: [email protected]
Website: events4anyone.com
LinkedIn: www.linkedin.com/in/mayyeosilvers
Facebook: www.facebook.com/mayyeosilvers
IG: www.instagram.com/mayyeosilvers
TikTok: https://www.tiktok.com/@mayyeosilvers
FB private group: https://www.facebook.com/groups/events4anyone
