Time is Your Only Limited Resource – 5 Ways For You To Use It Wisely

August 15, 2008 - Written by Gyutae Park  

As I get more and more involved with Internet marketing, I’m realizing a very important concept – that time is the only truly limited resource.  You can always make more money without limit but time is something that you cannot collect, turn back, or gain. No matter what you do, there will always be only 24 hours in a day.

Of course this is relevant to life in general, but it is especially important to Internet business where we try to do everything and anything to make money online. Are you making the most of your time?

Lately I’ve been running into this issue because I simply have too much on my plate. Just to name a few: a full time job at a top SEO agency working for demanding clients, a frequently updated Internet marketing blog, an affiliate marketing competition with Tyler Cruz, multiple web projects in the works, added features to Winning the Web, numerous online properties, a few hobbies, a girlfriend, and time with friends. As you might expect, life can easily get chaotic and unfocused.

I think it’s important for all Internet marketers and entrepreneurs to realize the importance of time as a limited resource. We often get caught up with monetary costs and try to do everything ourselves – even as the clock ticks away and opportunities are missed.

I want to go over with you some effective tips to make the most of your time as an Internet marketer. As you’ll see, time does not necessarily equal money.

1. Learn effective time management
First of all, learn some basic time management skills. Many people struggle with laziness and poor time management and lack efficiency in what they do. Don’t be one of them. What separates the winners from the losers is a solid work ethic and an extraordinary ability to get things done. Create a schedule for yourself with clear set goals. This way, you’re more likely to be productive with your time and maximize your potential. If you need more guidance on this, head over to Amazon.com and pick up a book on time management.

2. Remember the 80/20 rule
The Pareto principle (or 80/20 rule) states that 20% of your activities yield 80% of your results. This is especially true in Internet business where just a few of your efforts lead to your greatest sources of revenue. So why not focus on the 20% that works instead of wasting time spinning your wheels? Of course it may take a little experimentation to figure out what actually works, but there are a few obvious activities that won’t ever make you money by themselves: reading blogs all day, making plans but never executing, networking online via social media, and checking analytics, income stats, and email. Know what your most effective efforts are and be sure to spend the most time there.

3. Focus on your strengths, outsource everything else
As an Internet entrepreneur just getting started, you may be tempted to try and do everything by yourself – site design, marketing, site copy, blogging, etc. Although this may be a good learning experience in the beginning, you definitely cannot afford to be a “jack of all trades” forever. Your efficiency will go down, you’ll drive yourself nuts, and your sites will suffer. Choose something you’re extremely good at, stick to it, and outsource everything else. For example, if you’re a great marketer but can’t write for beans, hire a blogger and spend all of your time and effort promoting. You’ll be amazed at how far you can go with that strategy.

4. When possible use money over time
You’ve probably heard the saying that “time is money”. But is it really? Like I said, you can always make more money, but you can’t manufacture time. Knowing that, would it make sense to spend a couple hours trying to save $10? $50? $100? A philosophy that I am trying to adopt is that it’s more efficient to spend money than it is to spend time – especially when running an Internet business. For example, rather than collecting data manually yourself, buy or build a tool to automate the process. Similarly, if you can afford it, buy a site in your niche rather than starting from scratch. Time > money.

5. One project at a time
Another struggle I have with time is simultaneously starting more than one project. I get way too ambitious and think I can do a lot more volume than what I’m physically and mentally capable of. Because of this, many of my projects turn out mediocre and suffer from lack of care and attention. In order to combat this limitation, I suggest working on just 1 project or venture at a time. That way, your work is more likely to see success and you won’t spread yourself too thin.

Are you using your time wisely? What can you do better to maximize efficiency and productivity? Leave a comment below with your thoughts.

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Posted in Articles, Business Motivation
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Comments

16 Responses to “Time is Your Only Limited Resource – 5 Ways For You To Use It Wisely”

Ryan Ray on August 15th, 2008 Subscribed to comments via email

I agree with this all the way,

I have many projects up my sleeve, and I’m so anxious to finish them all at once. But I’ve been recruiting help and focusing on one project at a time. It’s worked great so far. Great tips for time management

 
wisdom on August 15th, 2008

Good points in this post about time management. However I disagree with point #5. Sometimes you have to wait for things to be finished on oneproject, so you can’t do anything during this time, so its better to have another project to work on in this case.

 
Michael Lindsay on August 16th, 2008 Subscribed to comments via email

As I am just beginning to establish an online presence, I REALLY appreciate these tips as I have already fallen prey to several of your time killers! Great article. Thanks!

 
Bruno Auger on August 18th, 2008

Yes working on only one project at a time does cut down on wasting your time. A lot of people make that mistake in promoting too many things and wonder why they don’t get no sales.

 
Quitting The Day Job on August 19th, 2008

#4 is a big one, but I am just too darn stubborn to pay someone to do a job I could do. It is probably because I have been burned too many times by people who fail to do the job at the same level I would have done it at.

 
Free Avatars on August 20th, 2008

Point 5 is one i can relate to, so even though i cant actually focus on just one due to natural bottlenecks, i keep my number of active projects to a minimum at any given time, which is as close as i can get!

 
CoolProducts on August 29th, 2008 Subscribed to comments via email

Great read. I love the part about how it’s more efficient to spend money rather than time. So true, yet something I think is often overlooked.

 
Armen Shirvanian on October 15th, 2008

That was nice to be reminded about how time is more valuable than money. One could think that their time would not return, while money spent to save time could be recouped by future efforts.

 
Matt Helphrey on December 17th, 2008

Time management is the hardest thing for me. Namely because Im always up late and tend to sleep in. Work in progress though…

 
Exotic Cars on April 30th, 2009 Subscribed to comments via email

Its really nice to read all your post.Time management is really important to be successful.Money goes it comes again by working harder & better but if times goes that time will never come again.This is one of the most important principle in very one life but many of them fails to follow including me.
Thanks for this post.

 
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