Things To Think About When Looking At A Second Income Stream

With little training or experience in marketing or sales I turned over £500 in my 2nd month in business

So here I was 36 years old and no longer married, no longer had the income to support the living I had become accustomed to.  It wasn’t lavish, but comfortable for where we were in our young lives I guess.

So the shock of being a sing mum with with two  young boys aged 5 and 10 years old having to manage on my own, with no one there as back up was petrifying.

 

 The difference an extra salary makes hits you right away.  Not having as much disposable income, if anything not having any was scary.   I had to get really creative in the situation as I am sure many in my position would do.  I was determined to survive a seperation, survive the indignity of being labled a ‘single parent’ and survive the debts.

This drove me to look at how I could earn an income working from home without affecting my day job which was my main way to pay the bills.  At the time I had a mortgage and credit card debt to pay.  Trust me, there were times when I didnt have more than £20 in my back account which had to last me 4-5 days until pay day.  I struggled how to use the £20, do I put petrol in the car, do I top up my travel card, do I buy food?  There were times I juggled with that £20 to make it last 4 days and sometimes had to phone in sick to work, because I couldnt afford to travel in.

I found a network marketing company through a leaflet that came through my door asking for distributors.  It turned out it was a neighbour who lived a few doors down from me.  I signed up with last £1800 in savings and worked like crazy to get that money back before the month was out.  In my first month I turned over £0.04p in profit, 4pence!  Yes you saw right.  I made 4 pence, but I was so excited becausde I could see the potential of leverage and in the following month in became £500. I haven’t turned back since. 

Having a reason WHY

Key to being successful in anything you do, is the reason why you are doing what you do in the first instance.  If you dont have a passion or something to drive you, when there are days you dont feel like getting out of bed, or when you feel like not doing anything in your business, you why has to be the driver to keep you motivated.

For me, it was making the extra income to keep me paying the bills and living in a lifestyle I had accustomed myself to and my kids.  Take time to find out what your WHY is, but make sure it is one that makes you emotional, one that keeps you on track, when you go off track, are low, dissappointed or feeling rejected. 

When will you have time?

It’s important that you factor in the amount of time you will have to work on a second income, because you do have to put in the effort.  If you are looking at making an extra £500 – £1000 a month, then you will possible need to look at 8-12 hours a week.  You will need time to attend online team/business training, have time for your own self development and time to run your business daily.  

To help me I worked out my day by looking at some of the deadspots in my day, ie after the school run, driving or travelling to my full time job I was able to do some personal development, team training catch up.  During lunch times, I was able to contact people, follow up people who were interested and set appointments for the evenings.  For travelling back home I would look at more personal development, ie reading, or listening to a podcast or audiobook, or catch up with friends via phone, text, etc. as well as planning my diary and putting down thoughts as they come to me.

What to look for?

As an analyst I looked at things thoroughly, and I would advise you to do your due diligence to. Here are some pointers that may help you decide if a company is right for you:

  1. Is the company in good standing? How do you check this well you can go to several websites and do a search on the company you are intending to join.
    1. https://bestcompany.com/mlm
  2.  Do they have consumable products that customers will come back to buy from you?
  3. Is there a market place for those products or services?
  4. Are the products competitively priced? Can you see yourself using them?
  5. What are the returns policy and the cancellation policy like?
  6. What support will you get from the team / upline / enroller

Bottomline, if you can see yourself using the products, why not become a customer first, or if you have the belief that this is something you can see yourself using, and see your friends and family using, then go for it.  Passion will help, so will enthusiasm. 

 

Good Luck with finding a second income that makes a difference in your life!

If you felt this post was useful please leave me a comment below.

 

Great Tips on Time Management

I was on a great site called Lifehack the other day and found these great tips for time management. I know that I could do withe managing my time more effectively, so I found these useful myself.

“Are you usually punctual or late? Do you finish things within the time you stipulate? Do you hand in your reports/work on time? Are you able to accomplish what you want to do before deadlines? Are you a good time manager?

If your answer is “no” to any of the questions above, that means you’re not managing your time as well as you want. Here are 20 tips on how to be a better time manager:

  1. Create a daily plan. Plan your day before it unfolds. Do it in the morning or even better, the night before you sleep. The plan gives you a good overview of how the day will pan out. That way, you don’t get caught off guard. Your job for the day is to stick to the plan as best as possible.
  2. Peg a time limit to each task. Be clear that you need to finish X task by 10am, Y task by 3pm, and Z item by 5:30pm. This prevents your work from dragging on and eating into time reserved for other activities.
  3. Use a calendar. Having a calendar is the most fundamental step to managing your daily activities. If you use outlook, calendar come as part of your mailing software. Google Calendar is great – I use it. It’s even better if you can sync it to your mobile phone and other hardwares you use – that way, you can access your schedule no matter where you are.
  4. Use an organizer. The organizer helps you to be on top of everything in your life. It’s your central tool to organize information, to-do lists, projects, and other miscellaneous item
  5. Know your deadlines. When do you need to finish your tasks? Mark the deadlines out clearly in your calendar and organizer so you know when you need to finish them.
  6. Learn to say “No”. Don’t take on more than you can handle. For the distractions that come in when you’re doing other things, give a firm no. Or defer it to a later period.
  7. Target to be early. When you target to be on time, you’ll either be on time or late. Most of the times you’ll be late. However, if you target to be early, you’ll most likely be on time. For appointments, strive to be early. For your deadlines, submit them earlier than required.
  8. Time box your activities. This means restricting your work to X amount of time. Read more about time boxing: #5 of 13 Strategies To Jumpstart Your Productivity.
  9. Have a clock visibly placed before you. Sometimes we are so engrossed in our work that we lose track of time. Having a huge clock in front of you will keep you aware of the time at the moment.
  10. Set reminders 15 minutes before. Most calendars have a reminder function. If you’ve an important meeting to attend, set that alarm 15 minutes before.
  11. Focus. Are you multi-tasking so much that you’re just not getting anything done? If so, focus on just one key task at one time. Close off all the applications you aren’t using. Close off the tabs in your browser that are taking away your attention. Focus solely on what you’re doing. You’ll be more efficient that way
  12. Block out distractions. What’s distracting you in your work? Instant messages? Phone ringing? Text messages popping in? I hardly ever use chat nowadays. The only times when I log on is when I’m not intending to do any work. Otherwise it gets very distracting. When I’m doing important work, I also switch off my phone. Calls during this time are recorded and I contact them afterward if it’s something important. This helps me concentrate better.
  13. Track your time spent. Egg Timer is a simple online countdown timer. You key in the amount of time you want it to track (example: “30 minutes”, “1 hour”) and it’ll count down in the background. When the time is up,the timer will beep. Great way to be aware of your time spent.
  14. Don’t fuss about unimportant details You’re never get everything done in exactly the way you want. Trying to do so is being ineffective.
  15. Prioritize. Since you can’t do everything, learn to prioritize the important and let go of the rest. Apply the 80/20 principle which is a key principle in prioritization. Read more about 80/20 in #6 of 13 Strategies To Jumpstart Your Productivity.
  16. Delegate. If there are things that can be better done by others or things that are not so important, consider delegating. This takes a load off and you can focus on the important tasks
  17. Batch similar tasks together. For related work, batch them together. For example, my work can be categorized into these core groups: (1) writing (articles, my upcoming book) (2) coaching (3) workshop development (4) business development (5) administrative. I batch all the related tasks together so there’s synergy. If I need to make calls, I allocate a time slot to make all my calls. It really streamlines the process
  18. Eliminate your time wasters. What takes your time away your work? Facebook? Twitter? Email checking? Stop checking them so often. One thing you can do is make it hard to check them – remove them from your browser quick links / bookmarks and stuff them in a hard to access bookmarks folder. Replace your browser bookmarks with important work-related sites. While you’ll still check FB/Twitter no doubt, you’ll find it’s a lower frequency than before.
  19. Cut off when you need to. #1 reason why things overrun is because you don’t cut off when you have to. Don’t be afraid to intercept in meetings or draw a line to cut-off. Otherwise, there’s never going to be an end and you’ll just eat into the time for later.
  20. Leave buffer time in-between. Don’t pack everything closely together. Leave a 5-10 minute buffer time in between each tasks. This helps you wrap up the previous task and start off on the next one.
If you would love to find out more ways of being productive on a day to day basis, you can get my guide to  23 productivity secrets that will help you get more done.

Do you have any tips to be a better time manager? Feel free to share in the comments area!