What is up my crazy entrepreneur friends?! And in today’s post, we’re going to be going over some really deep stuff on how to 80-20 your time.
Time management is one of the most important things to understand when becoming an entrepreneur.
It’s limitless, the opportunities you can go a million different directions, and being able to assess exactly where I put my time in my business has been one of the most important things for me to understand and rules over everything.
So, without further delay let’s get into this right now.
I’m going to go over a few things here, I’m going to talk about…
80-20-ing your time with a job,
With no job, but a side hustle.
And without a job or a side hustle.
The first thing to understand about 80-20, (Which is called Pareto’s principle, by the way) is that you want to focus on where you’re making the most money.
For my example, I’m going to assume you can work 10 hours a day, if you work a job and you’re working at a job eight hours a day, that would mean, going by the 80-20 principle, if your job is making you a 100% of your income, you should spend two hours a day working on your side hustle.
Very easy equation there to get your head around, 80% of the time on where you make money, 20% on where you don’t make the money.
And again, don’t mix those up, don’t take time away from work, to work on your side hustle, always spend 80% of your time where you make the most money.
Because you can move up in your job, and if you’ve seen my previous blog posts and videos I talk about 6 Important Jobs That Will Teach You Valuable Life Lessons…
Always make sure you put your full effort into working your job, no matter what, don’t take time away from it.
Again, it’s making you the money, and if you lose your job, you’re probably toast, and you’re not going to have money to afford to work on your side hustle, so again, keep your job, be the best you can possibly be, it’s the easiest game in town working a job.
Now, if you have a side hustle, or maybe you have multiple side hustles, how do you determine where to spend your time?
Well, given a side hustle, what you want to do is wherever you make any money, you want to focus your time there.
For example, let’s say you’re doing affiliate marketing and you just promoted a book that you like through the Amazon affiliate program to your friends, and you made 20 cents.
Okay, so you made $0 and 20 cents, and now let’s say you’re in discussions to make a $1,000 for some sort of consulting or social media job.
You’re trying to run a small social media marketing agency on the side too, and you have a potential $1,000, but you haven’t made any money yet.
But that $1,000 is $1,000 monthly, so that could be a big amount of money, but you still earn $0 from it.
Where do you put your time?
Now with the 80-20 principle, you put 80% of your time to where you’re making the money, you made 20 cents, that’s nothing, it’s still where you made money.
How do you put 20% of your time into promoting stuff on your social media? The way you do that is you think about how could you get 20 cents more often?
For example, if you have 10 hours a day to work, you spend eight hours figuring out how you could sell more of that book, or how you could sell more things to the same people, or how you could have more people you could reach through social media.
Given those three directions, you have three things to work on in 80% of your day, the eight hours.
One, you have growing your social following, there’s a lot of stuff around that, it’s a very straightforward way to go about it, there’s a lot of videos that talk about how to grow your social following.
Two, you can sell more products to those same people, now, if you follow some of my advice, which I recommend to a lot of people, I helped a lot of people get started in affiliate marketing just by recommending books to their friends through Amazon’s affiliate program.
You could find more books and write personal stories about them, that was my method, I told people to write a personal story about how a book, or a CD album impacted them.
You could write more personal stories on your social media about other items that have significance to you.
And then the third thing is you could look for more traffic sources, you could write a review, you could write a blog, you could do more social media outlets.
There’s a lot of different avenues that you could work on within affiliate marketing, or within this 20 cents.
Because maybe people really like the book and you’ve got to find more ways to promote it, maybe people really like you, and you’ve got to find more ways to promote yourself, or maybe you just need to sell more items.
Again, you don’t know which approach is going to be the best within this 20 cents that you earn, but you’ve got to give them all a shot.
For this, you would spend 20% of your time on, if you close that $1,000 sale, great! Then you spend 80% of your time on starting your own social media marketing agency, but if you don’t, just leave it to the 20%.
What I see many people making mistakes on is they get excited about a particular project, and then they abandon their other sources of income.
I’ve done this a few times in my business, I’ve gotten really excited about something else, for example, I was going to sell a self-meditation offer, I was going to do drop shipping, or I was going to do this, or that…
And I completely abandoned the business that was making me the most money, and I went off into God knows where, and I started working on some random side project.
Even when 80% of my money is being made in 1 bucket, for example, let’s call it blogging, then all of a sudden, I decide to do high ticket consulting and I put 80% of my time there, it doesn’t make any sense, always focus on where the money is right now, and grow that.
This is always going to be the fastest way to make more money, is by identifying where the money is right now, and growing it.
Now, let’s talk about it without a job, without anything that you’re doing to make money, let’s say you want to start e-commerce, you want to do stock trading, you want to do affiliate marketing or, you want to do Amazon.
And you don’t know what to do, you have no opportunity, you haven’t done anything, you’re paralyzed, and you’re scared.
When you have nothing, what I would suggest you to do is pick two and focus on those, just pick, ask Siri to flip a coin if you have to, it doesn’t matter.
Focus on those two and work on them continuously until you start seeing some money, it doesn’t have to be a lot.
Anybody can put themselves on upwork.com, anybody can find ways to make a little money, there are a lot of apps out there where you can make a couple of pennies, all you have to do is go out there and get started making a little money.
I would suggest you do a scalable income source, for example, e-commerce, social media marketing, consulting, affiliate marketing, drop shipping, stock trading, real estate, those are the big ones.
Try stuff out, but give yourself a time limit, again, if you’re going to focus on a business model, give yourself, I would suggest three to six months where you work on those, two business models.
Lets’ say you want to do affiliate marketing and run a social media marketing agency, have those two things for the next six months, and dedicate all your free time, to those two areas.
Don’t go off into no man’s land and take your friend up on some weird business opportunity he has to make money.
Stick to your guts, because there’s always going to be shiny objects right around the corner, there’s always going to be crazy opportunities right around the corner, and you’re going to miss out on all of those if you haven’t created success in something you’re doing right now.
I hope this was helpful for you, I 80-20 my time all the time, I focus on the places I make the most revenue, and that can be hard running a business, because I start getting recurring income.
I’m making all this money, and then I want to work on things like, cryptocurrency, I want to work on software, I want to work on training events, I want to get into NFT’S, and I’m getting invited to be on podcasts.
At the end of the day, there’s a lot of things that don’t bring me much money, and I’m extremely frugal about my time, also I can be difficult to reach at times, because I know things that make me money, generally speaking, are around advertising and they’re around affiliates.
I must be very clear, even if everything is running on autopilot that my business growth is going to be coming from, more marketing, more advertising, and more affiliates.
These are the things for my business, if I’m not focused on creating better ads, better ROI, new traffic sources.
And if I’m not focused on working in the right areas of my business I’m going to fail, and you will miserably fail too if you don’t follow these key time management tips for highly successful entrepreneurs.
When you reach a comfortable place in business, your mind starts to want to wander and do things that don’t always make sense, make sure to keep your eye on the prize!
Thank you for reading this blog post, I really appreciate you taking the time out of your day to fill your brain with something that will inspire you to be more in life and give you the boost you need to keep pushing towards your hopes and dreams.
If you liked this post, and want to see more like this then, do me a tiny favor and follow me on whichever platform is best for you.
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