Full-time entrepreneurs spend an average of 52 hours per week working…
…whereas the average full-time employee is expected to work 40 hours in the same time frame.
Nobody fantasizes about starting their own business so that they can work an extra 12 hours a week, but why are business owners putting in such long days? It’s not an inability to “unplug;” it’s actually because they have such high expectations of their businesses.
Steve Jobs said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
As an entrepreneur myself, I agree wholeheartedly. Your business is going to take up most of your time, so you’d better enjoy it and be willing to put in 100 percent effort.
It’s Okay to Start Slowly as Long as You Plan to Accelerate
When I created MOBE, I didn’t really have a lot of time to dedicate to running the business. Not only was I a full-time university student, but I also had a lawn mowing business to take care of.
In the beginning, I think I spent about four hours per day working on my web pages, products and advertising.
For me, having a little income on the side wasn’t really the point of starting a business, so I made a big decision and quit school to build mobe. I also shut down the lawn mowing business despite having 10-15 regular clients…
…just so that I could put more hours into online marketing and focus all my energy on making that business profitable.
At that point, I started spending an average of 10 or so hours each day learning more about the digital marketing industry, learning sales techniques, talking with leads on the phone and creating an online presence.
A lot of MOBE’s new consultants also start out slowly, spending anywhere from 30 minutes to four hours working on their businesses every day. I understand where they’re coming from because that’s exactly how I started, looking for part-time success before I committed myself completely.
The thing is, in business, the more effort you put in, the better results you’ll get. When I realized that simple truth, I jumped in with both feet and dedicated all my working hours to online marketing—despite never having even made a sale.
The Point of Entrepreneurship Is Creativity and Time Leverage
I wasn’t satisfied with $15 per hour because I knew I only had so many hours in the day and, therefore, a limited earning potential. With MOBE, I saw that I could leverage my time much more effectively, earning unlimited income with the same number of hours in a day.
If I spent 40 hours a week mowing lawns, the most I could ever make was $600; if I created a successful online system, however, I could make much, much more.
Though I have always been an entrepreneur at heart, my business plans had nothing to do with the fact that I would likely end up working more hours than I had as an employee or a lawn-care specialist.
The truth is, the reason entrepreneurs work so hard is because they believe in their businesses and are determined to do everything possible to see their dreams realized.
If I work four hours more each day than I would as someone’s employee, is it so that I can earn four hours’ more wages? No. It’s because I’m excited to see all the specific tasks I complete be converted into sales and bank deposits. I love creating products, launching them into the world and watching people become excited about buying them.
That’s why people become business owners. They want a chance to be creative and successful on their own terms and watch how their business affects the world.
So How Many Hours Should You Be Working at Your Business?
It’s pretty simple. Ask yourself, “What do I want out of this business?” If the answer is “profit” or “freedom to be my own boss,” then you really need to concentrate in order to reach those goals.
If those aren’t your goals, is there really any reason to bother setting up a business in the first place? You’ve got to be perfectly clear about what you want to achieve, or you’ll just be wasting your time.
Let’s say, for example, that you want to start earning $5,000 per month through your own company. Run the numbers and see just how many sales you’ll need each month to do that. If your product brings in $1,000 profit per sale, then you’ll need five sales per month, and on average, one sale per week.
So what do you need to do in order to make one sale per week? It depends on your conversion rate. The average cross-industry online conversion rate is 2.35 percent, so if yours is similar you’ll need an average of 42.55 ad clicks to make a sale.
Your metrics will show you how many clicks your ads are getting, so you just have to watch these and make necessary adjustments to get to your target number of clicks per week.
Spend as many hours as necessary to reach that optimal click rate and, in turn, your optimal conversion rate. You might need to put in an average of three hours a day to achieve this; you might need to put in eight.
You’ll never know until you actually start to do it. By defining your income goals and keeping careful track of your metrics, you’ll be able to figure out your minimum daily number of working hours, and plan ahead more effectively.