My New Years blogging resolution is to make more money online. Simple concept? Sure. Easy? Not so much. But, one simple thing I’m changing in my quest to make more money online this year is time management.
With all that I do (writing and promoting my own ebooks, blogging, updating several websites, running an SEO writing and internet marketing firm, affiliate marketing (a new income stream)), time is more important than money to me, in many instances.
And, I do a pretty good job of it, but with the eagle eye of a business coach, I learned that I waste anywhere from an hour to an hour and a half a day. How much does that cost me?
The Figures Behind How I Lost $26,000-$39,000 Last Year
My time is billed out at about $100/hour when you take into account my writing, ebook sales and affiliate marketing income. So if I added up the wasted hours, that means I potentially lost $26,000-$39,000 last year (1-1.5 hours/day x 5/days work/week x $100-$150/hour x 52 weeks).
Time Wasting Activities that Cost Me Money
The following are the main ways it was found that I lost time:
Responding to emails from fellow freelancers;
Surfing (even though I build a half-hour of surf time into my day, I still go over); and
Negotiating with clients.
I was surprised that it wasn’t worse, considering all that I do. But, I was told that I could recoup -1.5 hours/day if I remedied how I handled the above three things. So, this is my game plan moving forward this year:
On responding to emails from fellow freelancers: Save them for the weekend and/or late Friday afternoon. Set aside an hour to get to as many as possible, then delete the rest, or roll them over into the next week.
It’s amazing how much this increased over the last year. I simply don’t have time to get to all of the emails I receive. On the one hand, I feel guilty about not responding; on the other, I just feel overwhelmed.
On surfing: Like a bad habit, this is just something I’m going to have to go cold turkey to break.
On negotiating with clients: My business coach said, “your rates are your rates (which he thinks are too low, but that’s another article).” Don’t haggle.
To be honest, I was pretty pleased with the business coach’s assessment of how I run my businesses. But, when a dollar figure was put on how much money I was losing just by pilfering away 1-1.5 hours a day, my eyes about popped out of my head!
So, to make more money online in 2009, I’m practicing time management with an eagle eye on the bottom line. What are you doing to make more money online this year?