If you could make more money while working fewer hours, wouldn’t you do it?
Despite what the corporate world would have you think, you don’t have to work 14-hour days to earn the kind of money you desire. In fact, you can work much less than that and still hit your financial goals if you follow the right strategy.
The key? Working smarter, not harder.
So, let’s take a closer look at a few tips that can help you make more money while working fewer hours.
Tip #1: Diversify Your Income Streams
Adding more income streams might sound like extra work but in the long run, that’s the best way to increase your earnings while cutting your hours. Sure, you need to put in the initial work to get a new revenue stream up and running, but that product will keep generating money for months and years to come.
Focus on building revenue streams that develop into passive income – that’s income that still comes in that doesn’t require additional work on your part. There are a lot of different options to pursue but products like e-books, downloadable guides, planners, notebooks and self-guided courses are all great choices. While you’ll have to put a little work in up front, those products will continue to sell long after you finish them.
Tip #2: Automate What You Can
If you run a business, you’re probably handling a lot of the day-to-day operations yourself. Many of these tasks are little things like sending invoices, paying bills and sending follow-up emails. While none of these tasks take long to do, together they eat up a significant chunk of your time.
By automating tasks, you can shave an hour or 2 off your workday! Thankfully, there are a lot of apps and financial tools out there to help you do this easily and for little to no cost. In fact, there’s a good chance your bank already offers automatic bill pay options on even the most basic accounts.
Tip #3: Prioritize Your Time
Did you know that most of the progress you see in your business only comes from about 20% of the work you do? That means the other 80% is basically fluff! The key is to maximize what you’re doing with that 20% to drive bigger and better results.
So, how do you do that? Take some time to really examine how you’re spending the bulk of your time. What activities are linked to your actual results? What tasks could you cut out without impacting your progress? Once you know the answer to these questions, you can focus on putting more effort into the things that move the needle on your results and ultimately increase your earnings.
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Working less and making more is entirely possible if you know how to go about it. Start by diversifying your income streams, then automate everything you can to cut back on active working time. Next, analyze where you’re spending your time, so you can focus on the activities that impact your bottom line.
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