Put a price on yourself
Chargeable hours are the number of hours that you are able to charge based on the hours you work in your business.
Traditionally, accountants and lawyers charge by the hour, but are chargeable hours suitable for your business? If so, you need to know how many hours you are able to charge.
You need to be realistic about the actual hours that you can work; how many hours a day and how many days a week?
Let’s say you work 5 days per week for 8 hours per day. That is 40 hours per week. Less 1.5 hours per day (6.5 hours per week) of administrative tasks.
These estimates are just that “an estimate”. You may be able to work more hours and more days in the week, but it is better to underestimate and be realistic with these calculations - no one person can work 24/7.
Of course if you can employ or outsource other people to work in your business, this can open up additional hours that you can charge, bearing in mind that you will have added costs associated with paying wages or consulting fees for the work.
Do you think the hours available to be charged are too high or too low? Discuss with other learners in the Comments section.
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