Tips To Save Time While Increasing Your Results In Network Marketing
Now that you have hopefully set your goals for 2017, I felt one of the main areas that so many struggle with is time. That is why I have chosen to offer you Tips To Save Time While Increasing Your Results In Network Marketing. If you can make it a priority to work on your time management this year, you will find that you can accomplish so much more, and grow your business and accomplish your goals.
One of the pitfalls that so many of us find ourselves facing is what I call the DIY syndrome. We see it everyday, in ads, magazines, TV. We are led to believe that we can do everything and save a ton of money by doing it ourselves. While this may be true in some cases, not in all cases. It is necessary first to know exactly what your time is worth. Once you have determined that then you will see if it is really a savings for you, or are you actually costing yourself?
This DIY mentality is amazing right? WRONG
If you’re a home business owner looking to grow a profitable business quickly. It is of the utmost importance that you embrace effective time management. As a business owner, having a DIY mentality will cap your growth, keeping you stagnant and frustrated.
We all have the same amount of time in each day. Once that time is gone, we can never recover it. It is gone forever, so it is really important that we learn to consider who and how we allow our time to be used.
Here is a great and very good quote – “Not managing your time and making excuses are two bad habits. Don’t put them both together by claiming you ‘don’t have the time’.” – Bo Bennett
WORKING HARD VERSUS WORKING SMART
If you are working on building your network marketing business, and this is even more important if you are currently building your business part time. The D.I.Y. method is going to not only slow you down but it is going to create even yet another job for you to tackle. The very last thing I want for you is for you to create yet another job that you end up despising. The whole point in building a network marketing business is to allow you to have the time freedom to do the things you love to do.
I do not want you to create yet another JOB that takes up even more of your time, I want you to make the commitment today to take the steps necessary to take the mindset to work smarter not harder. In order to do this the first step is to determine what your time is worth per hour. Once you determine what your time is worth per hour then you can easily determine where time should be spent, and what you should delegate to someone else.
KNOWING HOW TO DETERMINE YOUR HOURLY RATE
Now is where I am going to show you exactly how you can determine what your time is truly worth. Once you determine this you will be more equipped to determine which task is worth your time and which tasks you want to get someone else to do. This will also benefit you with the knowledge you need to to hit your time management goals.
I like to keep thing simple, so for this example we will determine your hourly rate based upon you wanting to make $100,000 in the next 12 months. I understand that owning your business, you’re income and time you have available to focus on your business will fluctuate, but for this example let’s keep it simple.
Here’s how to determine your hourly rate for a $100,000 income:
- $100,000 divided by 12 months = Need to earn $8,333 per month
- $8,333 per month divided by 30 days = Need to earn $278 dollars per day
- $278 dollars per day divided by 4 hour
- work day = $69.50 per hour
If you want to make $100,000 in one year from now and you have 4 hours to spend each day on your business, then your hourly rate is $69.50 per hour. Now that you have determined your hourly rate, it’s time to determine what tasks you should be taking action on and which tasks you should outsource.
TIPS TO IDENTIFY TASKS THAT DESERVE YOUR TIME
As a business owner it is your responsibility to determine all tasks that will produce more income for your business. Once you have determined the tasks that will produce the income I like to break these task down into categories.
1. The highest level of profit producing tasks ($500 tasks)
2. The middle level of profit producing tasks ($75 tasks)
3. The lowest level of profit producing tasks ($10 tasks)
Examples Of Breakdown:
$500 Tasks (Highest Level)
- Traffic and Lead Generation
- Creating New Automated Funnels
- Creating Video Sales Letters
- Applying A Skill Set Learned From A Training Course
- Coaching Clients
- Team Building
- Hosting Sales Webinars
$75 Tasks (Middle Level)
- Content Creation
- Taking A course To Learn A New Skill Set
- Blog Posts
- Closing New Clients
- Email Broadcast To Your List
- Calling Leads
- Setting Up Webinar Slides And Content
- Creating New Capture Pages
$10 Tasks (Lowest Level)
- Editing Videos
- Creating Social Media Images
- Sending Private One on One Prospecting Messages
- Editing Images For Facebook and Instagram, Twitter Posts
- Responding To Posts on Facebook
- Posting on Facebook
- Answering Customer Service Emails
- Sending Out A Welcome Email To New Customers
- Uploading Videos to YouTube and Facebook
- Processing Refunds
- Canceling Memberships
- Sending Welcome Emails To New Teammates
- Creating Cover Pages For PDFs
Now that I have broken tasks down for you, ask yourself a simple question. “Where do I spend the majority of my time?” From my experience I would venture to say that if you are honest with yourself you spend the majority of your time on the $10 tasks. We have all done it, we think we are growing our business if we are working on these $10 task and spend little to no time on the $75 and $500 tasks. When you take a good look at this and are honest I think you will be able to develop some effective time management strategies for your business.
Remember, it is perfectly okay to admit that you can’t do it all yourself, especially if you want to scale your business to 6 Figures and beyond.
So now is the time to take some of those $10 tasks off your hands. You may wonder how do you do that?
Repeat after me… Outsourcing.
RECOMMENDED SITES FOR OUTSOURCING
I know you heard me make the comment many times that I am “technologically challenged” and if you feel you are as well then, outsourcing will become your best friend. It is important that you learn to focus on your strengths and gradually outsource the rest. Here are some of the sites we’ve had the best experiences with when it comes to handing off tasks that fall under our determined hourly rate.
- Upwork (Formerly oDesk) or Elance – Great for finding website developers, social media managers, video editors etc.
- Fiverr – For video editing, creating logos, creating professional looking cover photos, making ebooks, etc.
- 99Designs or DesignCrowd – For logos, cover pages for ebooks or PDFs, etc.
- Referrals – If you have business friends that are outsourcing, ask for recommendations on who they use! You’d be may be pleasantly surprised at how many are willing to help. You can even check with your local community college.
MY WORDS OF WISDOM FROM FALLING DOWN THE D.I.Y. RABBIT HOLE WAY TO MANY TIMES!
Everything is a process. Don’t expect to delegate and outsource everything tomorrow. I actually suggest that you to do everything, especially the tasks you plan to outsource in the future, at least once. By doing it yourself at least once you will have a better understand of the process and the time it actually takes to complete the task.
No matter what, remind yourself every day that your time is precious. Your time is valuable. So focus on what you do best, what will actually increase your income the most and gradually outsource the rest! Make sure that you have time management goals and the steps of how to improve your time management.
If you want to dig deeper into time management I highly suggest these books by Brian Tracy.
What do you think is one reason my most home business owners DON’T outsource? Comment below, I’d love to know your thoughts.
Was this helpful? Feel free to share with your team and also drop me a comment below if you like this type of content!! Love to hear your thoughts on this post and if you got value from “Tips To Save Time While Increasing Your Results In Network Marketing.”
I hope you got value from this post, on “Tips To Save Time While Increasing Your Results In Network Marketing.” I would really appreciate it if you would comment and share. Help someone else who may need to see this.