How to balance time and money in your online business to allow you to be in control of both? This is the question we will provide an answer for you in this article.
I have come across different people who attempt to earn money with their online businesses in the past few years. Most of these people are hard-working people who start part-time because they have full-time jobs.
The Internet is an equal opportunity source for starting an online business. We all have the same chances to earn money as the other guy does.
The World Wide Web is open for business 24 hours a day, seven days a week, 52 weeks out of the year. What you lack in time when it comes to working your business can be made up for with money. What you lack in cash to spend on and in your business can be made up of time.
However, this can create a dilemma that many people never effectively master. This has led to more people quitting than any other thing.
Develop Business Skills
I’ve always felt that one of the biggest robbers of a person’s time in an online business is their lack of business skills. The more skillful you are at various aspects of your business, the more effective you will be in running it.
Also, when you learn to do something, you can do it quickly, which will save you a tremendous amount of time every week. For example, if you use a blog like I do, becoming a better blog writer can be an immense saving of time.
Other Internet skills worth mastering include list building, running a pay-per-click advertising campaign, and other daily tasks such as customer service or following up on emails. The great thing about the Internet is that you can develop business skills to run your business more if you’re willing to get the correct mindset and then put in the time to develop those skills.
Automation
When I first started, I could not believe all of the great ways an online business could be automated. For starters, WordPress is the greatest invention of content publishing ever, in my opinion.
You do not need to learn any coding skills such as HTML. You don’t even need to know how to build a website because you can use a WordPress template as a website, as a lead generation tool, and even for your blog if you want to do it the way I did.
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The other thing that always impressed me about automation on the Internet is using an autoresponder. This is just an automatic way to send an email. However, this can be the most excellent time-saver you use once you get your list of building sources.
I have tried several autoresponders in the past and have settled on Traffic Wave as what I feel is the best autoresponder on the market today. This is hands down the best way to automate list building, and I think a great use of your time and money for $17.95 a month.
Traffic Wave makes it easy for you to build, manage, and profit from your email marketing lists. If you become a master list builder, this one automation skill is all you need to make money online today!
Outsourcing
Have you heard the saying “do what you like best and outsource the rest”? There is a lot of truth in this because you will never build a big online business if you try to do everything yourself.
There is just too much to do today, and the competition will kill you every time as you run out of time and money trying to keep up with them. They are outsourcing right now while you have to increase the hours you work and the money you spend.
Let me give you a handful of sources for outsourcing that I have used in the past or that I know others are successfully using today.
1. Fiverr.com. This is a great little site where you can get virtually anything you need to be done for your business at an affordable rate.
2. iWriter.com. This is a good source for website and blog content. They have different skilled writers available depending on your budget.
3. Outsourcing companies. Three sources for outsourcing that show up in Google repeatedly are Guru.com, eLance.com, and Upwork, which used to be known as oDesk.
Hire a virtual assistant. If you have a steady budget, this may be the best way to get more done and control your time and money more effectively.
A virtual assistant means different things to different online business owners. The great thing is they work for you, and you can train them the way you want.
Finding a virtual assistant with a broad skill set can be expensive, but it may save you money if you were to add it up.
Scheduled Downtime
Scheduled DowntimeDo you value your time like you make money? I think you should put an hourly rate on the time you spend working on your business. Then schedule downtime away from your desk.
As an example, if you value your time at $20 an hour and you work 20 hours a week, your cost for your time is $400. When you think of it this way, you will be more apt to work when you say you are working and can get away feeling no guilt.
Final thoughts
I laid out some pretty good tips and resources for balancing your online business time and money. If you master only a couple of these, you will see your income go up, and the time you spend earning it goes down! I call that a great trade-off!
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You have given some great points.
Spend time or spend money to get it done.
I have found that there are some things that you just don’t want to spend money to get done. For example I’m not one to have others post for me. Now that’s only because of the type of site I have. My site is more personalized to me and for that reason the posts really need to come from me. However, other sites could greatly benefit from paying to have content created.
Anytime you can pay for something it is going to free up your time to do something else. In business we pay people to do things so that we have time to do the more important ones. As you have pointed out we have to figure out what things are important for us to do and what things we can pay someone else to do.
And lastly, some people just don’t have the extra money to spend to free up there time so in this case just remember that when you are making money that you can expand your business by paying others to do some of the work. Doing everything yourself will take longer but you will still get there with persistence.
– Glen B
Hey Glen, thank you for the comment and kind words here. Balancing time and money plays a major part of our business, and need to be taken seriously if we expect our business to grow.
If time is not available, we must be able to spend money for continue growth. Some people want to add there touch when posting and that is fine, but you can get someone to write your article and add your touch to it. and after when your writer see you point they can grow to express themselves the same as you. Just a little thought here.
And as you said, we have to choose what we want to outsource because of time and what we should d ourselves. this is where management plays a big role in your business. Because it is difficult to build a business if you want to do all the work yourself.
It is difficult to be an expert in all the areas of your business and if you have the money it would be wise to outsource some of these ares to the expert to grow your business faster. thank you for seeing my point here.
Hi, David. This is the type of artilcle I like to read. You have given some great tips here, thanks for those. I hopped over to ready your story too. I’ve been trying on and off for years to make a mark online without much success. It was onl last year when I joined Wealthy Affiliate that I started to make real progress. I still have a long way to go but I now starting to see a steady increase of traffic to my niche site. My traffic curve is bending upwards month my month and I am finally starting to enjoy this journey. With the steady increase in traffic I know it will only be time before I start seeing the money coming in. A day for celebration! I’m still juggling my time with the day JOB. Keep up the good work, David.
Hey Paul, thank you for the feedback and kind words. I was in the very same position juggling between my daytime jobs, my family and my online work from home business. It was very demanding for me, but I did not let go.
When it was getting overwhelming, I started to use some of my money that I made to free some of my time from my full-time job. I made a schedule as i increased in earnings from my work from home business, I started to drop some of my hours on my 9 to 5 job. I went on to use my vacations and holidays to work on my online business. Was a sacrifice but it paid off.
You are on the right track once you stay consistent, and if there is areas that you do not have the time to do, pay someone to do it for you. That’s right, outsource some of your daily task to focus on other part of your business such as paid ads or social media.. Consistency will keep your traffic going up and you do not want your daytime job to keep you away from that.
Take care my friend and thank you for the comment and insight on why balancing time and money is so important. Talk to you soon and best of luck with your business.
Great tips here! It’s something that I’m trying to make sure I have under control as I build my online business. I really want to focus on my site when it’s time for that, and focus on my family when it’s time for that. Sometimes those start to get crossed and then I’m doing neither thing very well.
I love the idea of outsourcing certain things. I listened to Eric Worre in an interview once (or maybe it was in his book Go Pro) who said he started realizing that if he outsourced things like mowing the lawn, he could make way more in his business with that time than it would cost him to hire someone else to do it.
While I know you’re referring to outsourcing things like writing blog posts, it could also be for those mundane things at home – lawn work, housecleaning, laundry, etc. Getting rid of those types of things can free up more time for your business AND your family. 🙂
Christina, you hit the nail on the head. Yes, by trying to balance both without proper planning, you can find yourself not getting ahead with the two. This is where sometimes using a little money to free up some of your time can help in this area.
Outsourcing can make the difference in failure or success with your business, so feel free to use outsourcing as a form of not only making time but using it to build your business the right way as well. There are experts in all areas of building a business online and you can use these experts to build yours.
You right when you mention the household chores that you can outsource to free up time as well. And doing the laundry, mowing the lawn etc, is definitely ares you can pay to leverage your time for your business. Thanks for that tip.
Thank you for this post, I find it very helpful.
Balancing my time is one of the things I really need to learn. When I first started with my website, I was often stressed out, especially when writing relevant contents. I have a full time job and I work different shifts; there were even days when I had to work 12-14 hours because we we having shortage in staff so we need to cover. Honestly, i almost wanted to give up my dream of having my very own online business. So yeah, it’s not easy. One can get overwhelmed with the amount of work that needs to be done.
I have heard about how having an autoresponder will help. However, I also do not think paying for this service is advisable when your site is not making any money, yet. I feel the same way with outsourcing. But I am seriously considering doing both once I start to see money coming in. For now, I just have to work even harder and be better in balancing my time with my day job and working on my website.
Thanks for the great advice!
Glad that you see the importance of balancing time and money in your business, Alice, thanks.
I was in the same situation when I first got started and writing contents for my website was my biggest challenge. I just could not find the time. Then one of my mentor advise me to outsource it. I choose the keywords and outlined my article and sent it to my writer. When I do received them it took me just a few minutes to change a few things. That has caused me to blog regularly while I focus on other part of my business.
Putting these task of before you stat to make money from your business can be risky. If you want to take this risk that is fine as well, but I have seen because one you did not take the time to produce content for their business consistently ends up failing in their business or taking longer to produce any financial gains.
I had to cut back in certain things to find the money to help me produce content consistently and my email marketing service when I first get started, and it has paid of within a year. Now five years down the road, I am glad that i took that road. But that is me and I was destine for it to work. Thank you for the comment and wish you all the best with your online business.
I like this website,anytime i come across i find something new and helpful.You are right none can succeed with online activities without help of experts.But the only problem is to find the real site which can come in help because most of them are scams fortunately there are good people like you who can help to identify some real sites.
I want to try one of them especially iwriter.
Thanks
Julienne, you are right with who you do business online, but there are legitimate people you can work with as well. If you need help in this area, I will be happy to lend a hand. I had a few that work with me in the past and they are still working with some of my team members and are helping them create results. talk to you soon.