HOT OUTSOURCING

Time is money, especially for a home based business. A data entry operator in a cubicle can slack off, play a game on their cell phone, and chat for an hour at the water cooler. The home based business owner does not share this luxury. Every minute they are not actively generating income, is a minute they are not earning money. No one will deposit a check into their account once a week, whether they earned every penny of it, or not.

This is why managing becomes vitally important. A little disorganization, or some poorly planned days, can cost a substantial amount of money.

Daily Planner

Plan a day or two ahead, a week if possible. Do not worry about listing each job with a time period. Just make a list. As each job is completed, strike it off the list.

After making the list, prioritize the list. First, put the jobs that will earn the most money. Second, list the jobs with deadlines.

Pay attention to the little things. There will be small tasks that do not get finished each week. These will accumulate, making it impossible to do the bigger things. Set aside some time to do these tasks, even if it only one hour, once a week.

Maximize Downtime

It is not necessary to purchase a blackberry, but a laptop can let you spend an afternoon outside, while still working. It also gives an alternative to doing nothing while the power is off, while the Internet is slow, or when your away from the office.

There are many times when you must wait an hour for an appointment, or something didn’t go as planned, use these times for business. A cell phone is a great tool.

Outsource

Most business owners have no problem outsourcing their advertising, management, marketing, and programming tasks.

However, suggest that they should outsource the laundry, house cleaning, and even taking out the trash, and most will laugh hysterically. But, that is exactly what many successful business people do.

How much money can you make in one hour? Divide up your monthly income by the ‘actual’ hours worked. This does not mean the hours spent in the office, or the hours sitting at the computer. It means the actual hours you are actively engaging in earning revenue.

Now, add up all the time wasted taking out the trash, doing the laundry, picking up the children from piano lessons, and walking the dog. These things can take 15 hours a week. A business person who earns $20 an hour is losing, $300 a week because they will not outsource the mundane tasks.

A house cleaner costs $70, a dog walker, $50, laundry $25, and a taxi will cost about $10.00, all totalled that is $155.00.
This means that the business owner is losing $145 a week, $7 500 a year, because they refuse to outsource the mundane tasks.

Separate Work at Home

To manage your time efficiently, delegate what hours are to be invested in work, and which belong to home life. Teach the family not to disturb you until you are finished working - but then when your day is done - stop working. You’ll never run a successful business, or build wealth, if you burn out, or face a family crisis.

All together, these tips form a plan of action that will help you succeed, and help you learn how to manage your home business successfully.

About the Author

Mark Walters is a third generation entrepreneur and author. He offers free training and investing videos designed to speed you towards financial independence at http://www.cashflowinstitute1.com/Articles.html