Advertising
Advertising

5 Time Management Techniques to Run a Successful Side Business

5 Time Management Techniques to Run a Successful Side Business

Running a business is hard, and running a business on the side is even harder. While you handle your normal duties which take up most of your day, you have limited time to handle what most people take care of on a full-time basis.

But while you may think that you are busy each and every moment of your day, you are probably wasting time which could be spent more productively. A survey of employees found that over 60 percent of workers admitted wasting at least one hour every day – and that’s just the amount of time they know about. Even a dedicated worker like yourself can waste time in ways which you would never think about.

Here are a few tips for how you can spend your time more effectively and ensure that every second is used to build your side business. Never forget that time is money.

Advertising

1. Too little is better than too much

You should know that it is important to craft a schedule in advance which details how you plan to spend your day. But all too often, people craft their schedule by stating that they will focus on this one particular task for an hour, then immediately snap to another task for another hour and so on.

This is a bad approach to take. The problem is that if you end up going over schedule with your first task, then you will have less time with your second. This puts pressure on you both for finishing the first task quickly and rushing the second task when you have limited time.

Instead, place a period of “white noise” in between your tasks. This buffer zone will give you more flexibility in your schedule and a time period to handle less important tasks.

Advertising

2. Ignore your e-mail and phone

One of those less important tasks is handling your e-mail and answering phone calls. How often have you been in a “working” groove, only for it to be broken up by a phone call which you have to handle for the next 15 minutes? Distractions like these end up breaking up that groove and make it harder to get back to work.

Unless you get a truly critical phone call, don’t answer it when you are working. During a “white noise” period, you can take a moment to return any calls or answer any e-mails which are important. But don’t let your phone and e-mail dictate when and how you work. Remember that there are successful individuals even today who don’t use e-mail at all.

3. Do not multi-task

You may be that superhuman genius who can handle five tasks at the same and do them all efficiently, but I doubt it. In fact, multitasking can even affect your IQ as you feel like you’ve accomplished a whole lot with a bunch of small tasks even though you have done nothing.

Advertising

So focus on one thing at a time, and don’t stop until it is complete. When that is finished, then move to the next task. If you only have the time for a few major tasks while you handle your other duties, that will be better than completing many unimportant duties.

4. Something is better than nothing

Sometimes you are just really busy with your other duties and have only a half hour of spare time. You may think that there is no point in working on your side business with so little time.

But many strokes, though with a small ax, can fell even the hardest oak. This is one of the keys to generating a residual income—those small periods of time add up over the months and years a. At a bare minimum, you can take care of relatively unimportant tasks during those moments to ensure that you can handle bigger tasks for when you have the time. Never think that there is a moment so small that you can’t do something to help your side business.

Advertising

5. Review what you have accomplished

If you have a bad history of wasting time, this step is probably the most important one of all. It is very easy to feel like you have been busy the entire day, only to realize later that you have done nothing. This scenario is dangerous because it can take a while to realize just how unproductive you have been, and thus you can fall into this trap for days or even weeks.

To avoid this, take a moment at the end of every day to review what you have done, where you may not have been productive, and what you need to get done tomorrow. I like to do this as the final thing before I go to bed, but the important thing is to understand where you can improve.

Take care NOT to use these review sessions to beat yourself up for your mistakes. Frame your accomplishments positively, and just acknowledge what you can do better.

More by this author

5 Fixes For Common Sleep Issues All Couples Deal With 8 Signs You Have A Strong Personality That Might Scare Some People How to Achieve Quick Success at Work Even If You’re Lacking in Clear Direction You’ll No Longer Be Fooled by Skillful Liars If You Know This Concept How I Kill Boredom at Work to Regain My Productivity

Trending in Entrepreneur

1 How to Start an Online Business That Will Grow and Succeed 2 15 Best Entrepreneurs Books to Start Reading Now to Be Successful 3 How to Start a Small Business with Little to No Money 4 The Lifehack Show: Staying On Top of Your Game as an Entrepreneur with Frank Fiume 5 10 Employee Engagement Ideas to Improve Teamwork

Read Next

Advertising
Advertising
Advertising

Last Updated on April 6, 2020

How to Make a Career Change at 50 for Great Opportunities

How to Make a Career Change at 50 for Great Opportunities

Turning 50 is a milestone in anyone’s life, after all you are half way to 100! But seriously, turning 50 is often a time in life when people can sit back and take a look at where they’ve been and contemplate what the future holds.

Can you change careers at 50? It’s not uncommon for people in their 50’s to consider a career change, after all if you’ve spent 20 to 30 years in a career, chances are that some of the bloom is off the rose.

Often, when we are starting out in our 20’s, we choose a career path based on factors that are no longer relevant to us in our 50’s. Things like our parents’ expectations, a fast paced exciting lifestyle or the lure of making a lot of money can all be motivating factors in our 20’s.

But in our 50’s, those have given way to other priorities. Things like the desire to spend more time with family and friends, a slower paced less stressful lifestyle, the need to care for a sick spouse or elderly parents can all contribute to wanting a career change in your 50’s.

Just like any big life changing event, changing careers is scary. The good news is that just like most things we are scared of, the fear is mostly in our own head.

Understanding how to go about a career change at 50 and what you can expect should help reduce the anxiety and fear of the unknown.

What are Your Goals for a Career Change?

As in any endeavor, having properly defined goals will help you to determine the best path to take.

What are you looking for in a new career? Choosing a slower less stressful position that gives you more time with family and friends may sound ideal, but you’ll often find that you’re giving up some income and job satisfaction in the process.

Conversely, if your goal is to quit a job that is sucking the life from your soul to pursue a lifelong passion. You might be trading quality time with family and friends for job satisfaction.

Neither decision is wrong or bad, you just need to be aware of the potential pitfalls of any decision you make.

Types of Career Changes at 50+

There are four main types of career changes that people make in their 50’s. Each type has it’s unique set of challenges and will very in the degree of preparation required to make the change.

Industry Career Change

In this career change, a person remains in the same field but switches industries.

Advertising

With an industry change, a person takes their set of skills and applies them to an industry that they have no previous experience in.

An example would be a salesperson in the oil and gas industry becoming a salesperson for a media (advertising) company. They are taking their skill set (selling) and applying it to a different industry (media).

This type of career change is best accomplished by doing a lot of homework on the industry you want to get into as well as networking within the industry.

Functional Career Change

A functional career change would be a change of careers within the same industry.

For example, an accountant at a pharmaceutical company who changes careers to become a human resources manager. It may or may not be with the same company, but they remain within the pharmaceutical industry. In this case, they are leaving one set of skills behind (accounting) to develop a new set (human resource) within the same industry.

In a functional career change, new or additional training as well as certifications may be required in order to make the switch. If you are considering a functional career change, you can start by getting any training or certifications needed either online, through trade associations or at your local community college.

Double Career Change

This is the most challenging career change of all. A person doing a double career change is switching both a career and an industry.

An example of a double change would be an airline pilot quitting to pursue their dream of producing rock music. In that case, they are leaving both the aviation industry and a specific skill set (piloting) for a completely unrelated industry and career.

When considering a double career change, start preparing by getting any needed training or certifications first. Then you can get your foot in the door by taking an apprenticeship or part time job.

With a double change, it’s not uncommon to have to start out at the bottom as you are asking an employer to take a chance on someone without any experience or work history in the industry.

Entrepreneurial Career Change

Probably one of the most common career changes made by people in their 50’s is the entrepreneurial career change.

After 20 to 30 years of working for “Corporate America”, a lot of people become disillusioned with the monotony, politics and inefficiency of the corporate world. Many of us dream of having our own business and being our own boss.

Advertising

By this time in our life, we have saved some money and the financial pressures we had with young children have passed; so it’s a perfect time to spread our entrepreneurial wings.

Entrepreneurial career changes can be within the same industry and using your existing knowledge and contacts to start a similar business competing within the same industry. Or it can be completely unrelated to your former industry and based on personal interests, passions or hobbies.

A good example would be someone who played golf as a hobby starting an affiliate marketing website selling golf clubs. If you are considering an entrepreneurial career change, there are a lot of very good free resources available on the internet. Just be sure to do your homework.

Practical Tips on Making a Career Change at 50+

So you’ve decided to take the plunge and make a career switch in your 50’s. No matter what your reasons or what type of a career change you are embarking on, here are some helpful hints to make the transition easier:

1. Deal with the Fear

As stated earlier, any big life change comes with both fear and anxiety. Things never seem to go as smoothly as planned, you will always have bumps and roadblocks along the way. By recognizing this and even planning for it, you are less likely to let these issues derail your progress.

If you find yourself becoming discouraged by all of the stumbling blocks, there are always resources to help. Contacting a career coach is a good place to start, they can help you with an overall strategy for your career change as well as the interview and hiring process, resume writing / updating and more. Just Google “Career Coach” for your options.

I also recommend using the services of a professional counselor or therapist to help deal with the stress and anxiety of this major life event.

It’s always good to have an unbiased third party to help you work through the problems that inevitably arise.

2. Know Your “Why”

It’s important that you have a clear understanding of the “why” you are making this career change. Is it to have more free time, reduce stress, follow a passion or be your own boss?

Having a clear understanding of you personal “why” will influence every decision in this process. Knowing your “why” and keeping it in mind also serves as a motivator to help you reach your goals.

3. Be Realistic

Take an inventory of both your strengths and weaknesses. Are your organizational skills less than stellar? Then, becoming a wedding planner is probably not a good idea.

This is an area where having honest outside input can be really helpful. Most of us are not very good at accurately assessing our abilities. It’s a universal human trait to exaggerate our abilities while diminishing our weaknesses.

Advertising

Requesting honest feedback from friends and co-workers is a good place to start, but this is another area where a career coach can come in handy.

4. Consider an Ad-Vocation

Sometimes, making a career change all at once is just too big of a change. Issues like a severely reduced income, geography and lack of benefits can all be impediments to your career change. In those cases, you may want to start your new career as an ad-vocation.

An ad-vocation is a second or ad-on vocation in addition to your primary vocation. Things like a part-time job, consulting or even a side business can all be ad-vocations.

The benefit of having an ad-vocation is being able to build experience a reputation and contacts in the new field while maintaining all the benefits of your current job.

5. Update Your Skills

Whether it means acquiring new certifications or going back to school to get your cosmetology licence, having the right training is the foundation for a successful career change.

The great thing about changing careers now is that almost any training or certifications needed can be free or at very little cost online. Check with trade associations, industry websites and discussion groups for any requirements you may need.

Learn How to Cultivate Continuous Learning to Stay Competitive.

6. Start Re-Branding Yourself Now

Use the internet and social media to change the way you present yourself online.

Changing your LinkedIn profile is a good way to show prospective employers that you are serious about a career change.

Joining Facebook groups, trade associations and discussion boards as well as attending conventions is a great way to start building a network while you learn.

Here’re some Personal Branding Basics You Need to Know for Career Success.

7. Overhaul Your Resume

Most of us have heard the advice to update our resume every six months, and most of us promptly ignore that advice and only update our resume when we need it.

Advertising

When making a career change, updating is not enough; this calls for a complete overhaul of your resume. Chances are that your current resume was designed around your old career which may or may not apply to your new goals.

Crafting a new resume emphasizing your strengths for the new position your looking for is key. There are many places that will help you craft a resume online and it is a service included with most career coaching services.

8. Know Your Timeline

There are a lot of factors when it comes to how long it will take to make the career change.

Industry and Functional career changes tend to be the easiest to do and therefore can be accomplished in the shortest period of time. While the Double Career Change and the Entrepreneurial Career Change both require more effort and thus time.

There are also personal factors involved in the time it will take to switch careers.

Generally speaking the more you are willing to be flexible with both compensation and geography, the shorter time it will take to make the switch.

Final Thoughts

Changing careers at anytime can be stressful, but for those of us who are 50 or above, it can seem to be an overwhelming task fraught with pitfalls and self doubt.

Prospective employers know the benefits that come with more mature employees. Things like a wealth of experience, a proven work history and deeper understanding of corporate culture are all things that older workers bring to the table.

And while the younger generation may possess better computer or technical skills than us, if you’re willing to learn, there are a ton of free or nearly free resources available to you.

Deciding on a career change at 50 is a great way to experience life on your own terms.

More Tips for Career Change

Featured photo credit: rawpixel via unsplash.com

Read Next