In this week’s episode of the Extra Paycheck Podcast we’re talking about finding the time to work on your online business.
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“I’d love to start my own online business but I don’t have the time for it”. I’ve heard that phrase so many times. Unfortunately most of the time I hear it from people that definitely have a lot of free time. Also, this reply usually comes from people who heard me explain that an online business is not a get-rich-quick scheme and requires a time investment. For some reason lots of folks still believe that you can find that magic button online, click on it and become rich overnight.
I would like to precise that some people (very, very, very few) honestly do not have any free time. For most people however it’s all in the priorities. We all waste our time on things that don’t matter and it’s simply a choice that we make. Unfortunately I often make the wrong choice as well.
Instant Rewards
Some of the biggest time wasters are TV shows and video games. Admit it, you have spent several hours binge watching a popular show on Netflix more than once. If you are into video games, you often play for 3-4 or more hours in one sitting. Sure, it’s fun. However it’s 10-30 hours per week that you could invest in your own business.
Human behavior is such that we just love instant rewards. Watching awesome movies or TV shows gives us that instant reward. Leveling up in your favorite video game gives you an instant reward. The same replies to gambling, drugs and many other things that do not offer any long-term benefits. Building a business does not offer any instant rewards, you must be in it for the long haul. This is also the reason most people do not save/invest money. Going out for a delicious meal offers an instant reward which lasts for merely an hour. Putting $50/week into your savings account does not offer such reward (although the benefit will be huge after several years).
It’s important to understand that and think about it from time to time. Of course you need to spoil yourself from time to time with nice meals and tv shows, otherwise what’s the point of living? However do that in moderation, this way the instant rewards will also be much more memorable.
Get Organized
Discipline is important in business so is organization. I often finding myself procrastinating simply because I have too many things to do. I get overwhelmed, not knowing where to start and I end up wasting the whole day thinking of tasks that I need to accomplish. I am sure you’re familiar with this scenario.
There is a solution to this issue: organization and scheduling. For example, open up your calendar on Sunday evening and plan the upcoming week. Write 1,000 words article on Monday between 6pm and 9pm. Fix your website loading issues on Tuesday and go to bed earlier. Wake up at 5 in the morning and add another e-mail into your autoresponder sequence.
If you have a job or a family, or both, figure out the down-times and use those hours for your business. Once you have a schedule – stick to it. I know plenty of people who built 6-figure businesses while managing a full time job and raising a family.
Cut Down On Social Media
You open up Facebook because you want to do some social media marketing for your business. Then you got sucked in by some interesting videos, your friend’s honey moon pictures and a never-ending debate about something political. Social Media is one of the biggest time wasters in our time and age. Over your lifetime you will spend a projected five years and four months on social media platforms (source). That’s almost 47,000 hours. I’ll stop the math here because I am sure you get my point.
Yes, social media marketing is important and you need to do it however social media can also be a huge distraction. Unless you have a very precise plan of action for your SM marketing simply try to stay away from Youtube, Facebook, Instagram and the likes.
You can use a free tool such as Cold Turkey which will allow you to block these websites for a certain period of time. To increase your productivity even further put your phone into airplane mode while working. Remember how you scheduled 3 hours on Monday evening for writing an article? With social media platforms blocked and your phone in airplane mode you actually have a chance of completing this task.
There are more tips on increasing productivity and finding more free time within this week’s show. I don’t want to spoil it all for you.
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– Alex
