One of the best ways to double your income is to double the effectiveness of the time you spend on your business. How you leverage your time will determine how well you succeed.
Time is the most important personal resource that any of us have. We can always make more money, but we can never make more time. We can only make use of it, or lose it. If you want to best use your time, it helps to know how to delegate and outsource. In a sense if helps to know how to leverage your time. It also helps to know how to take in new information in the most efficient manner possible.
The most obvious way to leverage your time is to stick with the tasks you enjoy the most. They don’t have to be the tasks that you are best at. Over time, you’ll be a lot more productive if you do the things you enjoy, regardless of how good your are at them.
Focus on your Passions
Spend enough time doing tasks you love but are not good at, and you’ll eventually become good at them. Spend enough time doing tasks you’re good at but don’t really like, and you’ll eventually end up doing little but dragging your feet. This will stagnate your business and certainly won’t help you double your income!
How do you stick to tasks you enjoy, when there are so many of the other kind to be done? This is one place that outsourcing comes in. If you’ve saved a small startup fund for your business, or were able to get a loan, make sure to budget for outsourcing. It will save your money (and possibly your sanity) in the end.
Commit only to what you can complete
Another aspect to leveraging your time is to keep yourself from taking on too many projects. Don’t make more commitments than you can handle. These include commitments to yourself and your family, along with commitments to any business partners.
Trading your money in exchange for time by way of outsourcing undesirable tasks isn’t the only way to leverage your time, however. You can also double your time and double your income by spending a little money on educational products.
Learn how to Leverage Your Time
There are some ebooks out there that collect publicly available information and then charge a premium for it. They charge anywhere from $17-$57 or more (usually in the $37-$47 range), for information that you could eventually find on your own, but for most of us, finding that information would take several days or, quite often, weeks. So you’ve got to ask yourself a) how long would it take me to gather all this information and teach myself and b) how much is my time worth?
It’s hard to know how long it will take you to collect a certain amount of information. If you spend a couple of hours finding things and have to sift through a lot of noise to get one good high-information signal, it can seem a little hopeless.
But if you estimate you might spend ten or more hours finding the information you can get in one 37-dollar ebook, you’ve got to ask yourself: is my time worth more than three dollars and seventy cents an hour? If your answer is “yes”, then go ahead and spend that money.
(Keep in mind also that there are plenty of educational products that teach things that you can’t find anywhere else.)
These are just some of the ways perhaps the most effective ones to most effectively leverage your time. The ability to double your income isn’t the only advantage they’ll give you. You’ll also be able to spend more time with your family, your friends, or any other way you choose.