How to do – time, money and energy
Most of us have practical limitation – time, money and/or energy. To find out how to start your business, determining where your limits are. The space between where you currently are and your limits is your ‘play zone’.
- Time
I used to have a fulltime job with two young children. I got up, prepared for supper, packed up the kids for school and day home, drop them off, ran to the office, ran back from work to pick up kids, supper, helped homework, cleaned them and put them in bed. The rest of the nights and weekends were spent for other errands. When I became a freelance, I got more time to spend for the family, getting more involved into school volunteer and other children related activities. Typically I worked after they went to bed. I often finished my drafting early in the morning and woke up at 7:00 next morning to pack lunch for older one. The rest of the day I was running around and then went back to work at night. The result was quite predictable – exhaustion.
This is an example of poor time management. I overlooked the time to look after myself. In the reality, many mothers know we have practically no freedom when kids are little. But, whenever it becomes possible, I want all mothers (and fathers) to start looking after themselves.
Anyway, my point is you need to count the time to maintain your health as a part of your business management. Why? Because you should be dependable if you are in charge of the business. If you are mentally or physically unstable, it will affect on your business. So, if you want to be successful, you should maintain your personal life first of all.
Time is limited. And you are not a robot. Determine the realistic time you can commit for the new business project without ignoring necessary time to maintain your family and yourself.
- Money
Budgeting is a very effective way to assess the possible scale of your business to start. You shouldn’t start bigger than you can. Having the future vision of your business, work with the amount you can spend for now. Make some money first out of it and then invest more.
- Energy
This is often affected by the time, money and other factors. Some people find more energy when the time is posing while others get too overwhelmed and discouraged. Some gather up the energy to survive when they are financially tight but others worry and even get depressed under the same pressure.
Know your pattern and work with it. You should be aware under what kind of circumstances you work well or not.
After you get a good idea of your potentials, assess where you currently are.
Summary:
How much time can you make for the new business? Do you count a decent time to maintain your health and your family’s first?
How much can/will you invest?
Evaluate your performance level under pressure. How energetic do you currently feel? Will you be able to function well with expected stress to start the new business?