Thanks for the replies! Long story short, I`ve been in business doing reupholstery work in different configurations for 30 years. Paying customers are there most of the time, and the other times are good for fabricating items I will use throughout the year, but there is a certain seasonality to the work. Repairs, of course, don`t usually wait for the slow season. I`ve had more employees than I can remember over the years and for the last 18 have been doing it as I described. I think that there is a point at which it is more expensive to pay someone else for a product or service than to take care of it myself and on the other side of that point, more expensive to take my time than to pay another. I was hoping someone could direct me to a calculation that would reveal what that point is.
How much is your time worth (billing hour)? To work that out, create a list of activities that are not directly related to creating income, such as bookkeeping, website maintenance, cleaning, repairing, etc. Based on the previous month, how many hours were spent doing each task?
If you bill $30/hour for your service and you spend 15 hours per month bookkeeping it has cost you $450 that month. It may also have cost you 15 more hours away from your family and friends or impeded on actual production time. Perhaps you would do better to pay someone to complete the bookkeeping for you. It will give you more time for important tasks and may be accomplished in less time if the person is more skilled than yourself.
Does that help?