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How to Work from Home to Add Supplementary Income to Your Life

How to Work from Home to Add Supplementary Income to Your Life

You’ve had enough settling with your current income. Your boss isn’t willing to give you a raise and you don’t have enough time to drive back and forth to multiple jobs.

Having extra income would allow you to pay off debt faster, enjoy a longer vacation, or quit your soul-sucking job. Afterall, life is too short.

But how could you earn additional income and fit it around your busy schedule?

In today’s online world, you have the ability to earn money working from your laptop. There are hundreds of income-generating opportunities but it boils down to choosing one that’s the most appealing to you.

The problem is, choosing your ideal “side-job” is only half the battle. You’ll have to understand how to market your service, build your reputation and treat your side-job as a business if you hope to succeed.

Most importantly, you’ll need to have the right mindset.

1. Set clear goals to be successful

By this point you already know that you want to start a side-job, but before you start you need to know your “why”.

The going will get tough and you’ll need to be clear on why you started in the first place if you hope to succeed. Start by asking the following questions:

  1. Do I love my current job?
  2. Am I content with my work/life balance?
  3. What will I use the extra money I earn from my side-job for?

Write these questions down somewhere you’ll constantly see them to be reminded on why you’ve started in the first place.

Goals without deadlines rarely get accomplished. Don’t believe me?

If you were like most people back in high school you procrastinated until the last minute before you started working on your essay. Now imagine if there wasn’t a deadline. Your essay would take longer to get completed.

It will be challenging when you’re first starting off to know how long different tasks will take to finish, but you’ll need to set an end date.

Start by breaking down your goal into smaller tasks, and use journals to help you review your daily progress.

2. Set clear expectations from the start

“Give me six hours to chop down a tree and I will spend the first four sharpening the ax” – Abraham Lincoln

Before you start working on your side-job, you need to understand what to expect. Here are the most important key things to consider:

Build patience

Once you’ve chosen your idea, it’ll be easy to find others who are succeeding.

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This is where most people run into trouble because they’ll believe they can reach similar success in a short period of time.

Your side-job can take a few months or even years for it to take off. Most people won’t tell you this because it’s not sexy to hear.

If you plan to succeed in building your side-job you’ll need to have patience. Instead of chasing the money, chase the journey.

Choose a side-job you love, so when the going gets tough it’ll be easier to stay committed.

Make time in your busy schedule

Make time to fit your side-job around your busy schedule. This means waking up earlier and staying up late to build your side-job.

Build systems to maintain consistency. Use tools like Google Calendar to block out time throughout your week and follow them with the same importance you do with your current job’s schedule.

Don’t be afraid to fail

It’s tempting to look at other successful people and assume they knew which job they were going to enjoy working with the most.

The reality is that most failed with their initial ideas before they landed in one they loved. So what’s my point?

Stop overthinking which side-job to start with and allow yourself to fail.

Take Jim Carey for example, he was booed off stage in a comedy club in Toronto and failed to land a part in Saturday Night Live. Nevertheless, he didn’t give up and be eventually became the star we know today.

It boils down to this, pick a job you’re curious about and start working. If you realize that this job isn’t for you, move on to your next idea. Eventually, you’ll find a job that you enjoy working with the most.

3. Increase your odds at being successful

There are no shortcuts to success, but you can avoid wasting time. In certain circumstances, it’s worth spending money to save you time and unnecessary headaches.

You can always get by with the “free” route, but be prepared to spend more time and make more mistakes. Through trial and error, I’ve discovered which types of resources are worth investing in the early stages of your side-job.

These resources include:

Website

Nowadays, if you’re running a side-job, you’ll need a website to showcase your skills and build credibility.

With a simple Google search, you’ll easily find dozens of free website alternatives. The problem with this route is that your domain won’t feel professional (i.e. example.wordpress.com), and you’ll need to understand basic HTML to make your website look professional.

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Instead, purchase a unqiue domain name, and build your website with a professional WordPress theme .

You’ll still have to invest some time in building your website with the paid route, but you’ll have access to premium themes that are easy to install.

Be prepared to invest 1 to 2 weeks to build your professional looking website. Don’t aim for perfection, and focus on your main objective.

Mentors

The best way to learn is from those who are already in the position you’d hope to be in one day.

This is why mentors are a valuable resource to have as you’re building your side-job. They’ve already learned from their mistakes and know how to overcome the obstacles you’re currently facing.

But where can you find mentors? Mentors come in different forms. You can access them by reading books, listening to podcasts, joining paid masterminds, or paying for one on one coaching.

Start by reading books on your chosen field and gradually work your way up to purchasing your mentor’s premium resources.

Take a look at this guide if you want to learn about how to pick a good mentor for yourself:

A Good Mentor Is Hard to Find: What to Look for in a Mentor

Premium courses

When you’re looking to learn specific skills or overcome a specific struggle, courses are a great option. Why? Because they’re often cheaper than hiring a mentor, and still provide tailored guidance on how to reach a specific goal.

The best courses will come from your mentors. Often times they have courses in their blog or recommend ones that have helped them achieve results.

Once you’re at a mentor’s website, be on the lookout for their “products” or “resources” page.

Network with like-minded people

“Your network is your net-worth”

As you’re starting your side-job, it’s important that you surround yourself with like-minded people. You’ll benefit receiving support from others experiencing the same challenges, and continue to stay motivated.

Think of starting a side-job similar to starting a business, you’ll be marketing your product/service, handling incoming orders, managing your accounting and so on. In other words, you’re an entrepreneur running your small business.

Often times, the entrepreneurial journey is a lonely one. Even if your spouse or kids support you, they won’t fully understand what you’re experiencing. That’s why attending conferences, joining masterminds and attending local meetups can help you reach higher levels while staying motivated.

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4. Be so good you can’t be ignored

By this point, you already know that starting a side-job isn’t easy.

Most people fail because they’re not prepared, but not you. You’re already equipped with setting clear goals, what to expect, and the different ways to increase your odds at succeeding.

What if you still want more guidance with choosing a stable side-job? Here are some popular side-jobs that are in demand and that may be a good fit for you:

Blogging

Blogging has become more popular these past few years.

Today roughly 6.7 million people blog on blogging sites,[1] and 23% of online time is spent on a blog or social media. This number will continue to increase as new technology makes it easier to stay connected online.

Pros:

  • Easy to build
  • Multiple ways to earn income (i.e. affiliate marketing, advertising, courses, etc.)

Cons:

  • Slow at building income (i.e. it can take months or years before you earn sustainable income)
  • Time-consuming to create content with little to no audience

Helpful resources:

Freelance writer

Freelance writing is similar to blogging except you’re strictly writing for other businesses. As blogs continue to grow in popularity, the demand for freelance writers will also rise.

Pros:

  • Strong demand for freelance writers
  • Ability to increase your rate as you gain more credibility

Cons:

  • Challenging to find your first customers
  • You may need to write for free or for a low rate when first starting off

Helpful resources:

Virtual assistant

Roughly 69% of U.S. entrepreneurs build their businesses online.[2] As online businesses continue to grow, they’ll need virtual assistants to help them manage their website, marketing, etc.

Pros:

  • No experience required to start
  • Gain exposure in a wide range of tasks

Cons:

  • Competing with offshore workers can force you to charge low rates
  • Work on many tasks you dislike until you specialize in one or more tasks

Helpful Resources:

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Facebooks Ad consultant

Roughly 80% of Americans use Facebook[3] and almost 1/4 of your time online is spent on social media. That’s why more businesses are starting to invest more money in Facebook Ads.

For the businesses who don’t want to invest time to learn how to manage Facebook Ads, they’ll hire Facebook Ad consultants.

Pros:

  • Many FREE resources available to learn how to manage Facebook Ads
  • As low as $5 entry cost to test ads

Cons:

  • Facebook’s algorithm and policy are constantly changing, making it difficult to keep up.
  • It can take a few weeks or months to view ad progress

Helpful resources:

Amazon FBA

Amazon has grown into one of the largest online retailers and accounts for 43% of all online sales.[4]

Amazon FBA (fulfillment by Amazon) allows you to resell items online without shipping to the buyers directly. You’d go to different stores to find profitable items, and ship them back to Amazon. Since Amazon ships about 1.6 million packages per day, you’ll many opportunities to earn a profit.

Pros:

  • Low-cost entry barrier
  • Amazon Seller App makes it easy to determine if a product is profitable

Cons:

  • Pooled inventory means the product you ship may not be the one your customer receives
  • Not all of your items will sell

Helpful resources:

Start earning additional income!

Imagine working from home and earning enough additional income to pay off your debt faster than ever before!

But that’s not all, you’re earning just as much income from your side-job than you are with your full-time job. You’re empowered knowing that you’re not obligated to work in a job you hate.

You’re surprised to what happens next, your relationships improve, and you’re more motivated than ever to wake up each morning.

All after working long hours, setting clear goals and investing in yourself.

Amazing isn’t it? You know you have the resources you need to build a sustainable income working from home. It won’t be easy but anything worth pursuing isn’t.

Start learning additional income and see how your life begins to change.

Featured photo credit: Pexels via pexels.com

Reference

More by this author

Christopher Alarcon

Finance Analyst and Founder of the Financially Well Off Blog & Podcast

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Last Updated on November 3, 2020

How to Use the Prioritization Matrix When Every Task is #1

How to Use the Prioritization Matrix When Every Task is #1

It takes being productive to get things done correctly and on time. So how do you know which tasks are essential and which can wait? The answer is in the Prioritization Matrix, also known as the Eisenhower Matrix.

The matrix took its name after Dwight David Eisenhower.

Eisenhower was a general in the US army and the 34th President of the United States from 1953 to 1961. As a five-star general and a Supreme Commander in the US Army, he drafted the strategy for an Allied invasion of Europe.[1]

Eisenhower had to make tough decisions every time about which tasks to prioritize out of many he needed to focus on daily. So, he came up with the famous Eisenhower Matrix, or the Prioritization Matrix.

What Is the Prioritization Matrix?

The Prioritization Matrix is a tool for rating your tasks based on urgency. It helps you know the critical activities and those tasks that you should bypass and can be useful in project management, small businesses, or personal tasks.

Eisenhower famously said of the matrix:

“Most tasks that are urgent are not important, and most tasks that are important are not urgent.”

This quote became the maxim for Eisenhower in managing his time.

There are four quadrants in the Prioritization Matrix, which help in comparing choices of what to do first and last, allowing you to prioritize projects and create strategic plan[2].

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Eisenhower Matrix Template

    The quadrants are:

    • Do
    • Schedule
    • Delegate
    • Eliminate

    Do

    Do is the first quadrant in the Prioritization Matrix, and it incorporates important activities. That is, those tasks you need to carry out urgently — crises, deadlines, and issues that need your urgent attention and are highly relevant to your life mission.

    Hw do you know which task falls into this quadrant?

    Start by analyzing your priorities, and then establish if it falls within the ‘do it now’ criteria. If the task is achievable within a day, or within 24 to 48 hours, it’s urgent.

    Another approach you can adopt in prioritizing tasks in this category is to adopt the “eat the frog” principle by Mark Twain. This principle recommends that you do the most urgent activities as soon as you wake up.

    Here’s a practical example.

    Let’s say you need to draft a content strategy and submit a report to your manager. It’s Saturday, and the deadline for submission is Monday. Can we say the activity is urgent? Definitely!

    Schedule

    The second quadrant of the prioritization matrix is Schedule. The Prioritization Matrix classifies tasks in this category as important but not that urgent.

    They are long-term objectives and tasks with no immediate deadline. Those tasks could include meditation, journaling, studying, family time, and exercising.

    You can plan out activities in this quadrant for some other period. For instance, you should exercise for good health, but you can allocate time to do it.

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    Schedule these activities in such a way that they don’t transfer to the “Do” or “Urgent” quadrant. Ensure you have sufficient time to carry them out.

    Delegate

    The third quadrant of the prioritization matrix is Delegate.

    These tasks are not important to you but are quite urgent for others. This is where teamwork comes into play.

    You can technically perform tasks in this category, but it makes sense to delegate them. Delegating tasks will ensure you have more time to pursue activities in your first two quadrants.

    You should also monitor the tasks you have delegated. It will only amount to a sheer waste of time if you don’t have a tracking system for delegated tasks.

    Eliminate

    The last quadrant highlights your productivity killers. They are tasks that are not important to your goals and not urgent. The only way to boost your productivity is to eliminate them.

    Some examples are constantly checking your phone, watching movies, or playing video games.

    They could also be bad habits that you need to identify and delete from your daily and weekly schedule.

    Successful people have learned how to prioritize and stick to what’s important. They have learned to find a better person for a task or eliminate less significant tasks.

    Let’s consider two inspiring personalities that have designed their prioritization system.

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    Warren Buffet developed a two-list prioritization model to determine which task deserves his best attention. The bottom line is bypassing things that are important and useful but not top of the priorities.

    Mark Ford, a business advisor, marketer, self-made millionaire, and author devised his strategy:

    “Start work on the most crucial priority, take a break, work on the second most important task, take a break, then sort out the less important activities and any tasks he received from other individuals by afternoon.” [3]

    How to Use The Prioritization Matrix

    Using the Prioritization Matrix can be tricky if you’re new at it, but by following a few simple steps, you can learn to utilize it in the best way possible.

    1. List and Rank Your Priorities

    Highlight all the tasks you need to carry out in a day. Then, classify them with weighted criteria based on urgency and importance.

    Identify any activity that requires prompt action. I’m referring to a task that if you don’t complete that day, it could produce a grave consequence. For instance, if you don’t submit your content strategy, other content writers cannot work. It means you need to check for high-priority dependencies.

    2. Define the Value

    The next step is to examine the importance and assess which of them impacts your business or organization the most. As a rule of thumb, you can check which tasks possess higher priority over others. For instance, you need to attend to client’s requirements before you take care of any internal work.

    You can also estimate value by examining how the task impacts the people and customers in the organization. In a nutshell, the more impact a task has on people or the organization, the higher the priority.

    3. Take out the Most Challenging Task

    Procrastination is not a symptom of laziness, but avoidance is. The truth is that you will typically avoid tasks you don’t want to do. The former CEO of Goldman Sachs, Lloyd Blankfein, once said he would take out the most dreaded task first thing when he got to the office.

    Brian Tracy called these tasks the frogs you need to eat. That will remove the nagging dread, which mounts pressure on you when you postpone necessary tasks[4]. This is where the Prioritization Matrix can help; eat the “Do” frogs immediately.

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    If you need help overcoming procrastination, check out this article.

    4. Know What’s Important to You

    As long as you are in this cosmos, you will always encounter different choices that may be contradictory to your goals. For instance, a fantastic promotion that requires excessive travel will isolate you from important relationships. If you are not priority-conscious, you may accept it, even though your family is your priority.

    Therefore, it makes sense to identify what is important to you and to prepare yourself not to compromise those important things for immediate pleasure or gain.

    Yogi Berra captioned it this way:

    “If you do not know your destination, you might end up somewhere else.”

    5. Establish Regular “No Work” Time

    YouTube CEO Susan Wojcicki established a rule not to check her emails between 6 pm and 9 pm. According to a CNN Business report, she was the first woman to request maternity leave when Google just got started. She prioritizes dinner time with her family despite being the CEO of YouTube[5].

    Is it possible to cut out time for our relationships and interests outside of work?

    Of course, and that’s why you need to set out your “no work” time. This approach will enable you to renew your energy levels for the next task. Also, you will be in the best position to introspect as you are not in your usual work zone.

    6. Know When to Stop

    You can achieve everything on your list sometimes. After you have prioritized your workload and assessed your estimates, remove the remaining tasks from your priority list and focus on your most urgent and important tasks.

    Conclusion

    It’s not enough to be successful at work. Ensure you make out time for your family and an important relationship in your life.

    Getting started and finding time may be tricky, but with some practice using the Prioritization Matrix, you’ll find that you are more productive and better able to divide your time between the things that are important to you.

    More Tips on Prioritizing

    Featured photo credit: William Iven via unsplash.com

    Reference

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