SNM015: The Curse of the 80/20 Rule
With every decision, we are caught between the balance of profit and desire. When working on your blog, are you focused on something that will help you make more money or something that you just want to work on? Even in my own courses, I focused on the quality of the content rather than aesthetics first. Resist going down rabbit holes and working on things that don’t affect your income. People love to complain and let you know about small things that really don’t matter.
Running Contests
I run contests to help people focus. I put a short term goal in front of you to inspire you to work on something that will give you long-term gain. It’s easier to start a blog or write a book when there is a reward just four weeks away.
Getting Advice
People who don’t know what they are doing will give bad advice that sends you down rabbit holes. It’s easy to waste time when you follow bad advice. There are lots of keyboard jockeys out there; a high post count on a forum does not mean good advice.
Track Your Income
Track how much time on each project led to how much money. Get other people to do work that is time intensive, but low skill. Research is a low skill, writing is high-skill. Study the competition. Transcribing is another low-skill, time-intensive job. Tracking your time investment to your financial return will isolate the twenty you should focus on. The money to time ratio reveals what are you earning per hour. Sometimes you drop your total income, but double or triple your income per hour.
This is way more important because you can use that free time to enjoy life or work on more profitable projects.
High Skill Jobs
Some tasks will take you so long to learn that it’s better to simply hire someone else. Don’t give someone you hire all the profits. Anytime you hire a skilled person, charge the client triple to give you room. Anything less and you could take a loss. Measure the value of a worker in time saved and what someone else will pay you for the final product.
Key Points:
- Find the balance between profit and desire
- People need short term goals to get them long-term gain
- Measure the value of hiring a worker in time saved or money made
Resources Mentioned:
Local Consulting Millionaire
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