Determining your hourly rate

Determine how much it would cost you per month to live comfortably even if you had no income at all. Include all your costs e.g. accommodation, food, travel, medical, vacations, entertainment, etc. Multiply that number by 12 and then multiply the result by 20. This total represents your retirement goal. Divide your annual income by 2,000 i.e. the approximate number of hours that an executive works in a year. This amount is their hourly rate. If you earn £50,000 a year and you divide that amount by 2,000 you get a rate of £30 per hour.

Let's say your hourly rate is £50 per hour and you spend roughly 10 hours a week on tasks that can be handled by someone else. This means you are wasting roughly 40 hours per month. 40 hours of your time which you could be spending generating new business opportunities.

You get to save on desk, equipment and associated costs, electricity, heating, IT and office space    - £5.5k per annum Save on expensive recruitment costs   - £5k per person Save on holiday pay and sick leave, sickness costs UK Business    - £12 billion yearly No National Insurance to pay No PAYE to calculate and collect The biggest benefit of all is You only pay for the time you use a virtual assistant