We all have exactly the same number of hours in a day, so why do some people seem to have enough time to do everything they want to do and others never seem to have enough?
If you want to be more successful, you need to use your time in a way that brings you the success you want. To do this you need to understand how you use your time and what it is worth.
A few years ago I sat down and worked out what my time was worth and how I wanted to spend it, and for the past two years my annual income has doubled. Here are my tips:
Start by looking at how you spend your time - the balance between business activities and the rest of your life. I suggest you go through your diary and colour-code the time as follows:
Notice how many weekends and evenings you are using for business meetings and events. Ask yourself if you are happy with this and if it’s bringing you the benefit you want. If so – great. If not – don’t do it anymore.
Next, understand how your daily activities contribute to your overall business (and life) goals. For example, if you want to double your turnover, you need to work out what your time is worth in financial terms. Here is how:
As soon as I doubled my income generation hours (green) and reduced the other hours, my turnover doubled. Last year it doubled again.
Here are some tips to help you focus:
Time and money are our two greatest assets. If we use them well we can create the life, business and lifestyle that we choose. It is our personal experience of time that matters. Are you happy with how you spend your time? If not then I suggest you review how you currently use your time. Work out what your time is worth – do the maths. Think about what is the best use of your time if you are to meet your goals.
In just 20 months, Vicki Wusche made the transition from single mother on limited income to being financially independent and having a property portfolio worth £2m. She runs a successful business that sources property for other investors, teaches people how to invest in property and has written many popular books on the subject.
After a very busy period planning for a major consumer show at the NEC and other important activities, I was looking forward to a few quieter days in the office, whilst Tony, my production guy come right hand, was fulfilling weekly orders and perfecting the new product to send samples of later on this week.
However... best laid plans. A large order arrived today marked URGENT and I need to drop what I’m doing yet again and come to the rescue.
My customers come first. But the stuff I need to do this week is strategic stuff, things that move the business forward. I’m torn and, quite frankly, I’m tired. If I don’t come to the rescue the orders won’t be complete in time and, if I do, then I have to work all hours to do the strategic stuff in the night. And to make matters worse, Tony in production told me ages ago that he needed two days off this week.
You may think that this is partly due to bad planning on the production side and that I should hold stock. However, our products are chilled, with no preservatives, and have a short shelf life (30 days from production), so I need to produce and ship quickly so the distributors and the shops get products with a decent shelf life.
It looks like I’m up until 2am again working for a few days! Oh well, I don’t mind, it’s a super exciting time and being stretched to fulfil orders is a nice problem to have. I just have to make sure I do the strategic stuff as well so that I am working on my business as well as in it!
You can find out more about Marcela on the new interactive business website www.inafishbowl.com
Working for yourself is certainly one way in which to take control of your working hours, be more flexible with childcare arrangements and, more importantly, spend more time with your children when they need you. However, nothing in life is for free: everything has a cost attached. So what is the cost for work at home mums?
The house, the husband/partner/significant other and the children all continue to need you, and make demands on your time, but there is also a ‘New Kid on The Block’ – your business. For that to survive and be successful it also needs as much care and attention as a new-born baby. So when all these demands has been squeezed into a day… well there aren’t many minutes left.
On a personal level, being able to do the school run is a very important and key reason for choosing to work for myself. However, the pay off for that is a shortened working day, which results in working evenings and weekends. This in turn impacts on my relaxation time and time with my husband. So how do you counteract this?
Time management is one of the hottest topics around as we seem to be under pressure to cram more and more into each day. Mums generally are very adept at both multi-tasking and fitting 48 hours worth of tasks and activities into a day. Where the problem may lie is in delegation and prioritising, especially when it comes to ensuring we still have time for ourselves and our partners.
If you start with 24 hours and all the things that have to be fitted in, you will quickly come to the conclusion that cutbacks need to be made. The trick is to ensure that every ‘department’ should take a part in these cutbacks. So rather than the ‘me time’ and ‘us time’ sections being all but eroded, why not look to all areas. Highest on my own list for a cutback is housework, and it doesn’t take me a lot of encouragement to miss the dusting for a week or leave the ironing pile for another day. Likewise, much as I love cooking, there are times when the usual home-cooked-from-scratch meal is replaced by a take away or convenience food, and – surprise surprise - the world doesn’t end!
The majority of mums take the decision to work for themselves because of their children. However if this enables you take and collect your children from school and be with them in the holidays, then you shouldn’t feel guilty if Daddy does bedtime or you spend three hours working at the weekend; they will benefit more from the key times you are there compared to paid employment. Equally it is good to have your partner onside who can help understand that your attention and energy is being drawn in a new direction, but will support you and understands that in the long term this is a solution which will benefit you all.
Most important of all is ‘you’ time. This in my experience is the first to go when working for yourself and takes real strength of character to maintain; you have never ending to-do list, the housework is falling behind and the family are missing your undivided attention. How do you justify time for you, let alone actually find it? Firstly you need to re-train yourself; not an easy job if delegation is not one of your strengths or you are used to being 'mistress' of the home. Secondly you need to gradually retrain the rest of the family that Mummy doesn’t do everything, and accept that their way isn’t the wrong way.
And finally, convincing yourself that you deserve that time; you work hard all seven days of the week for the benefit of the family… so even if you only manage a half hour’s peace with a G & T in the bath, you truly need and deserve it. Without you, neither the business nor the family would be so successful. Cheers!
Sam Pearce & Helen Woodham, Mum's The Boss
A version of this post originally appeared on Mum's The Blog
Being a mum can be challenging, being a business woman can be challenging too. Trying to do both at once can be mind-boggling. I fight shy of the term mumpreneur, but if it suits you, then that's what I am. I run my small business from home and I am also full-time mum to two pre-schoolers.
I always swore I wouldn't and couldn't run a business, house and family at once and I was right, something had to give and sadly that was housework! If inspiration strikes but you think circumstances prevent you from acting on it, then ignore your head and go with your heart. Running your own business is a rewarding, fun, busy add-on to family life and just the challenge my poor nappy-brain needed. So a few tips if you fancy joining me on a self-employed mum adventure:
Good luck to you and I'd love to hear all about your experiences.
I do love the support and compliments I get from my fellow mums. I am regularly asked: “How do you fit it all in – not just one child, but a baby and then your business?”.
There is no real secret to it. But this is how I manage:
1) Firstly motivation – without motivation, there is no way you will fit it all in. If you are motivated, then things do become much easier. This is what motivates me:
2) There is, of course, time management:
3) Set realistic expectations/adapt to the time you have:
I was recently asked if I ever sleep – you know what – I do! I sleep more than my peers, almost eight to nine hours a night (with interruptions from the baby, of course) and I do read too – probably one book a week. So the tips above do work. Honest.
The key is probably to find something you love and the rest will follow naturally.
Margarita Woodley, Red Ted Art
Dear aspiring mumpreneur,
I'm writing this open letter to you to outline some crucial points that I wish someone had laid out for me. I'll keep it as short as possible because I know your time is precious but I'm sure that if you read this through, you'll save a ton of time in the long run.
If you are truly serious about becoming a part of the wonderful world of mumpreneurialism, read carefully what I have written below, you'll gain the information you need to act now and get in the right mindset.
Here are, not necessarily in the best order, my top tips to set you on your way:
So there you have it, the open advice that I wish I could have received when I first started out. I hope that it serves you well and that you go on to be truly successful and accomplish all that you set out to achieve. Maybe you could look me up in the Mumpreneur community and let me know how you're getting on sometime ― I'd love to hear all about it.
So, from one Mumpreneur to another - good luck, stay focused and live each day to the max!
Nikki Backshall, WebMums.com
Research suggests that as many as one in ten mums would like to run their own business. It can be the best way to get control over your working hours and spend more time with children, while still being able to contribute to household income. If you are a mum and want to run your own business, here are my tips.
1 List your priorities. What is important to you and what do you expect in return for running a business? Do you seek to make loads of money or are you simply trying to find a way to spend more time at home with your children?
2 Think about time. How many hours you can devote to a business. Be realistic if you plan to work around your kids. Remember – young children are especially unlikely to understand “mummy’s working”. Write down your which hours are possible, whether that’s 12-2 each day during nap time; 9.30-11.30 to fit in with nursery; 7-9 in the evenings or a combination of these on different days.
3 Research your market. All new business owners must do this by finding the answers to key questions. Will enough people buy your product or service at the price you plan to charge? Is your product or service unique enough to appeal? What competition will you face and how can you be different or better?
4 Write a business plan. Set out your aims and objectives – and the steps you need to take to achieve them. Pop into a local Enterprise Agency or Business Link for advice. See if they offer a free start-up course, which could be a great source of information and advice.
5 Decide your marketing and promotional tactics. Have a promotion planning session, during which you seriously consider advertising, marketing, PR and events. What method(s) are likely to be most effective for your business? Note on a wall calendar promotional activities you will do each month, but spend enough time each day marketing your business – it’s critical to success.
6 Promote your business online. Get a good website designed. Start a Twitter account in your business name. Create your own blog and blog on other sites. Start a Facebook fan page for your business. To make things easier, use Twitterfeed or Friendfeed to link your different networking sites.
7 Get registered. You have three months to let HMRC know you have set up as a sole trader (ie become self-employed), otherwise you could be fined £100. Alternatively, you might decide to form a company by filing the necessary forms with Companies House.
8 Keep good financial records. It’s easier to note down every item of expenditure from the start than to have to deal with an unruly pile of receipts when you have to complete you tax return. Many expenses are tax deductible, while you can also benefit from a series of allowances, too. Visit the HMRC website for more information – or seek advice from a good accountant.
9 Make the most of every customer. It is much easier and as much as eight times cheaper to sell to existing customers rather than having to attract and convince new ones to buy from you, so you must aim to delight your customers if you want them to keep coming back for more. As well as products, this must apply to your services, too. Whichever means is most effective, always maintain good communication with your customers. Keep them well informed and updated. Sort out any customer complaints quickly and satisfactorily.
10 Get help. Before starting up, assess your skills list and identify any that are lacking. You might need to find someone to help with your bookkeeping, PR, online marketing, sales, deliveries – whatever. You might not have the knowledge, time or will to do everything yourself. Providing your business can afford it, buying in help can free you up so your time can be better spent on something else. Explore all free sources of information and advice – including the Start Up Donut, of course.
After you start your business, you need to remain focused on your ideal work-life. If you’re not careful, running a business can easily and quickly take over everything, which means your home life suffers and this can affect how you feel. Have a finish time each day; put your work away when it comes; spend quality time with your family and make sure you set aside time to relax by and do things you enjoy.
Antonia Chitty, Family Friendly Working