When you are just starting out with your online business, you either have some extra money because you are working at a job, but you don’t have any extra time. Depending on your job situation, if you are out of a job or lost your job for some reason, you may have time on your hands, but no extra money to spend.
A good way to put a value on your time is starting out with what your 12-month income goal might be. For many people, they would love to make $10,000 a month and that is the first amount that comes to mind.
If you are drowning in debt and wondering how you are going to pay all your bills, making $10,000 is an amount that would make a huge difference in your life.
Let’s also assume you don’t want to work 7 days a week and would be content to work on your business 40 hours a week. That puts your time worth $56.82 per hour.
If you are really good at making videos, it will take you about an hour. I am talking about a well-scripted video that you record and upload – not just a quick video you make on your phone. You probably also did some keyword research to get ranked as quickly as possible for your video. If that all took you an hour, that video just cost you $56.82.
A good blog post might take you longer than an hour. By the time you write the post, add nice images, do your keyword searches and share it on social media. If you spend 2 hours doing a blog post, this just cost you $113.64.
If you are focusing on using free methods to drive traffic to your site, they do work, but you must allow at least 3-6 months to get some traction and return on your time and investment. This is also true for social networking.
If you are building up a Facebook fan page, and make 3-5 posts a day to get social interaction and engagement, you need to allow a 3-6 month period of time before you see the return of investment on your time. By paying for advertising on a social media platform like Facebook, you will see immediate results.
One key tip to getting your fan page up and running quicker is to run a Likes campaign. You can invite friends and family to like your page at first, but to build your audience quickly, consider running a Likes campaign in the beginning. I have found that using images of people in my campaigns always do better than anything else.
As your business grows, your time will become even more valuable. At this point, consider outsourcing some of those tasks. There are plenty of online resources you can use to make the most of your time.
While using free methods to grow your business is definitely one way to get started, if you supplement that with paid advertising, you will see the best results. Remember how valuable your time is and that there is always a trade-off when it comes to free traffic generation.
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