Greatest Hits
- (L)Earning What I'm Worth
- The Save-to-Spend Budget
- Salary Negotiation Post - Retraction
- Money Types: Carrie, Samantha, Miranda or Charlotte?
- How Jenny Earned $15,000 on eBay
- The Fashionomics of Retail Begging
- Create Other Income Streams
- Challenge: Wear Just Six Things
- Rx for a Bloated Budget
- Stop Wasting Time on Things That Will Never Make You Money
- End the Superwoman Syndrome
- The High Cost of Part-Time Work (+ working mom poll)
- Smash Student Loan Debt
- Prep for More Pay
- Personal Account: My Brain on Sales
- On Becoming a Financial Grown-up
- Pop Quiz from DailyWorth!
- Bouncing Back From Bankruptcy
- Personal Account: Gabrielle's Reflection on Worth
- To Coupon or Not?
Stop Wasting Time on Things That Will Never Make You Money
By Amanda Steinberg Tuesday June 29, 2010
Fact check It drives me crazy when I talk to entrepreneurs who are stubbornly attached to projects, ideas, services, blogs—without a clear path to meaningful results or revenue.
Yes, commitment is required to be successful. I'm just concerned that some of you (entrepreneurs in particular) are misdirecting your energy into activities that don't produce results.
I should know, I've been there. About a year ago, I was fixated on winning Divine Caroline's "Love This Website" award. I was convinced that going all out for this award would put DailyWorth on the map and result in a tsunami of traffic.
We asked all of you, dear readers, to vote for us repeatedly over a three-month period. The net net, after all that time and effort? Virtually no measurable results, no surge in traffic, nada.
Bottom line: It was a giant waste of time.
Know the value of your time
I did learn one invaluable lesson, however: Time really is money, and if the time you are putting into a project, product or marketing effort isn't yielding a measurable return or a clear path to results—cut your losses and move on, or reconsider your tactics.
Bragging rights: How has a change of direction boosted your project, job hunt or business?
Comments
(40)
Subscribe to this comment's feed
Written by Kat Bretcher, June 29, 2010
Written by Amanda Steinberg (DailyWorth founder), June 29, 2010
Thanks, Kat. That's a very refreshing twist on my rant. :)
Written by Mary Collins, June 29, 2010
I'm definitely new to this, but I have found that it pays to try different products. I started out making quilted purses, but with some experimenting, found that quilted eyeglass cases are what sell for me. Also, advertising in google search results after I tweaked what I was doing a bit.
Starting this business really feels like a grand adventure. I'm finding that my urges to experiment with what I'm making and how I'm selling, work well for me. I love the creativity of thinking up and trying new things.
Starting this business really feels like a grand adventure. I'm finding that my urges to experiment with what I'm making and how I'm selling, work well for me. I love the creativity of thinking up and trying new things.
Written by Kelly, June 29, 2010
I think this is especially true in terms of trying to score "validating" opportunities (like awards/competitions) or relationships with people that you feel like may "do" something for you that you or your product can't currently do in terms of access to customers, clients, or resources - but as a writer and performing artist (or for anyone who is in the creative process of developing a product so to speak) - waste, to some degree, I feel is a part of the creative process. But yep, quit hunting for accolades and validation and continue on the path that meaningfully develops yourself, your skills, your product, and your relationships via the process in and of itself - is always time well-spent IMHO.
Written by jacq @ Single Mom Rich Mom, June 29, 2010
I've walked away from 3 jobs where I could see that whatever level of effort I put in would never pay off - one in particular where I could have worked 20 hours a day (and often worked 15) and although it was appreciated, like Cuba Gooding said in Jerry Maguire - "SHOW ME THE MONEY".
I don't think it's a coincidence that jobs with good increases are usually where you have a great boss or manager who really appreciates you and your abilities. My only regret is not walking away sooner from some of these situations.
I don't think it's a coincidence that jobs with good increases are usually where you have a great boss or manager who really appreciates you and your abilities. My only regret is not walking away sooner from some of these situations.
Written by Lori, June 29, 2010
Amanda,
Thank you for this. It's extremely helpful. Many times i get caught in a feeling or flow w/ my intuition without having a clearly defined revenue model. I think the key for me (and likely many women) is finding a way to be aligned with what you want to offer the world, how you can connect with your deepest purpose and how you can be a savvy business woman at the same time.
thanks for the reminder about the tremendous value in using our time carefully and wisely.
with real beauty,
Lori
www.realbeautyis.com
Thank you for this. It's extremely helpful. Many times i get caught in a feeling or flow w/ my intuition without having a clearly defined revenue model. I think the key for me (and likely many women) is finding a way to be aligned with what you want to offer the world, how you can connect with your deepest purpose and how you can be a savvy business woman at the same time.
thanks for the reminder about the tremendous value in using our time carefully and wisely.
with real beauty,
Lori
www.realbeautyis.com
Written by Kate Hanley, June 29, 2010
Totally agree and love the wake-up call to stop wasting time, energy, and potential income on projects that don't pay off. I started my site as a way to build credibility in my field (and explore topics I'm passionate about without having to get permission from anyone else) and in that way, it has paid off with a lucrative (mostly) career doing what I love (mostly). But that was my vision when I started it three years ago. It's time to establish a new vision for the site. Just because you do it once doesn't mean you don't have to do it again, and again, as time moves on and your circumstances and goals change.
Thanks for the kick in the pants.
Kate
Thanks for the kick in the pants.
Kate
Written by Mayra Mejia, June 29, 2010
I believe that everything of value takes effort. Just because a project is not yielding results does not mean it won't be successful. This is not to say that some projects will not be failures, they must if we are to learn how to do it better next time around. There is a lesson in everything we fail at and in everything we succeed at and to dismiss either is missing the point. As Amanda points out she did learn a valuable lesson on time and money.
"I was fixated on winning Divine Caroline's "Love This Website" award." I believe that here lies the problem Amanda. You can't win tons of traffic with an award. Relationships must be earned.
"I was fixated on winning Divine Caroline's "Love This Website" award." I believe that here lies the problem Amanda. You can't win tons of traffic with an award. Relationships must be earned.
Written by Sarah, June 29, 2010
What I would like to know is how to get a new business going. I started my own business last year, and have had steady clients for awhile. However, I need new clients, and more clients to really make some money. But advertising costs so much. What are other ways I can get my name out there without spending more than I make?
Written by Pat Chiappa, June 29, 2010
Aha - but how do we know, BEFORE we spend our precious time, whether or not something will have been a waste of time and not made any money? It's easy after the fact to say, "well that wasn't worth my time."
Was your quest of the Love this Website award really a complete waste of time? I'm guessing something good came of it, maybe not in the form of your expectation of it ($$$$) but something of value.
I'm just asking...
Was your quest of the Love this Website award really a complete waste of time? I'm guessing something good came of it, maybe not in the form of your expectation of it ($$$$) but something of value.
I'm just asking...
Written by sara renzulli, June 29, 2010
I am a fine artist. I have been selling my work in sporting art galleries across the country for 15 years. I would be considered a "successful" artist. But even a banner year barely constitutes an income.
The drop in spending on indulgent items like art has closed galleries all over the country. Art is a tough sell right now.
I developed one of my other interests - needle felting. I make small animals and sell them in my etsy shop. I had no idea what to expect and no plan but it turns out I can not needle felt fast enough. While I still paint (I did all day today) I know the money is in the smaller more attainable items. I have to remind myself that shifting gears does not mean failure; it just means making the most of your time.
The drop in spending on indulgent items like art has closed galleries all over the country. Art is a tough sell right now.
I developed one of my other interests - needle felting. I make small animals and sell them in my etsy shop. I had no idea what to expect and no plan but it turns out I can not needle felt fast enough. While I still paint (I did all day today) I know the money is in the smaller more attainable items. I have to remind myself that shifting gears does not mean failure; it just means making the most of your time.
Written by Nicole, June 29, 2010
I think that Amanda's point is that once you embark on something that does use precious time, you need to continuously evaluate whether or not this activity is profitable or useful to your ultimate goals. You need to look at the situation as an outsider looking in would, and not let your own feelings of getting caught up in the activity/effort impact whether you believe its valuable to your business. I don't think she's saying that all efforts are always a waste or time or that one shouldn't try new things unless they KNOW it will be profitable. I think she's simply saying to take a step back and know when to cut your losses.
Written by Juliet, June 29, 2010
Wow...thanks for the reminder. It's amazing how long we will go against our own gut instincts when it tell us to move on, just like the a bad relationship. We keep seeing potential when there really isn't any there or it would have manifested into something you love.
Here's to valuing a really big commodity....My Time...As the saying goes...Time is money....
Here's to valuing a really big commodity....My Time...As the saying goes...Time is money....
Written by Mary@The Writer's Block, June 29, 2010
Thanks for this article. It resonates with me and where I'm "languishing" right now with regard to next steps in my vocation.
For me, I think it must be first a matter of the heart. I have tried "businesses" and endeavors that promised huge returns money-wise (and really DO pay off for some people), but ended up being not only a huge waste of time but also COST me money in the long run.
I really have to stop myself and evaluate true passion, true calling, true heart's desire. Where is the BEST place for me? What are my BEST gifts? The "good" is often the enemy of the "best."
I'm convinced that answering those soul-searching questions will point me to a business that will be tailored to me and my gifts and therefore, profitable. Also, when I'm tuned into those goals, the "time-wasting" activities are easier to spot and nip in the bud.
For me, I think it must be first a matter of the heart. I have tried "businesses" and endeavors that promised huge returns money-wise (and really DO pay off for some people), but ended up being not only a huge waste of time but also COST me money in the long run.
I really have to stop myself and evaluate true passion, true calling, true heart's desire. Where is the BEST place for me? What are my BEST gifts? The "good" is often the enemy of the "best."
I'm convinced that answering those soul-searching questions will point me to a business that will be tailored to me and my gifts and therefore, profitable. Also, when I'm tuned into those goals, the "time-wasting" activities are easier to spot and nip in the bud.
Written by Amanda Steinberg (DailyWorth founder), June 29, 2010
Thanks Nicole - to add to it (@Pat and everyone else who's saying -- how can you know unless you try?) - I wrote this piece in reaction to witnessing multiple dear friends and readers in recent weeks spend enormous time on activities that they intended would contribute to building a main source of income (I'm not talking about hobbies here) without looking at results through a critical lens.
In all of my businesses I spend lots of time experimenting - it's the only way. Some would argue my life is one giant experiment in pushing boundaries (my poor husband). I wrote this to hopefully, in a tough love kind of way, ignite some critical thinking in women who perhaps become too attached to their ideas. We all become attached - and that can be a good thing. Perseverance is critical. So is knowing when to change it up or cut your losses.
As to the "how do you know when to cut your losses?" Great question. Would love to hear others' ideas.
In all of my businesses I spend lots of time experimenting - it's the only way. Some would argue my life is one giant experiment in pushing boundaries (my poor husband). I wrote this to hopefully, in a tough love kind of way, ignite some critical thinking in women who perhaps become too attached to their ideas. We all become attached - and that can be a good thing. Perseverance is critical. So is knowing when to change it up or cut your losses.
As to the "how do you know when to cut your losses?" Great question. Would love to hear others' ideas.
Written by Anne , June 29, 2010
How did you know this is what I'm struggling with today? I've been volunteering on a project that is about to file for nonprofit status. I spend time 2-3 days a week on this collaboration. I've been feeling like I need to move on, but I feel so guilty about it! I desperately need to find a job and support my family and yet because I have the "free" time I keep working on this project, which is really someone else's vision. A job has yet to fall out of the sky for me - which is why I keep "working" on this project - but heart is very heavy about it and I don't feel excited. I want a real job with a real salary, or something close to that. The nonprofit is a worthy cause and it may start to pick up funding that might pay a salary, but I see that as being at least 5 years down the road. Meanwhile, I feel like I'm being strung along and worst of all, people in the community keep telling me that they think this IS my job, as if I was being paid.
Written by Petula, June 29, 2010
Unfortunately, I can't think of anything where a change has resulted in marked improvements or whatever. I need to identify what the time wasters are and figure out the solution.
Written by Mayra Mejia, June 29, 2010
"how do you know when to cut your losses?" I think that as a society we have become so afraid of making mistakes that we miss the great lessons in life. Learning a lesson in any area of our lives requires realization which may vary from person to person. Learning to trust ourselves is probably the biggest lesson we need to learn from making mistakes. We all have the answers within us, but more often than not we just don't listen, we just don't trust.
Anne, I believe that your situation is asking for you to believe in yourself and have courage. If you want to find a full-time job disclose your plan with the non-profit and start looking. We all need to learn to speak up for ourselves at some point in our lives. It is part of our growth. As per other people telling you it is your job, that's their opinion but not one you need to listen to or follow. There is a very good reason what the concept of ignoring exists. It is very powerful, use it.
Amanda, thank you for providing this amazing forum and your thoughts. I am grateful!
Anne, I believe that your situation is asking for you to believe in yourself and have courage. If you want to find a full-time job disclose your plan with the non-profit and start looking. We all need to learn to speak up for ourselves at some point in our lives. It is part of our growth. As per other people telling you it is your job, that's their opinion but not one you need to listen to or follow. There is a very good reason what the concept of ignoring exists. It is very powerful, use it.
Amanda, thank you for providing this amazing forum and your thoughts. I am grateful!
Written by Kenia, June 29, 2010
I believe the key to deciding when to cut your losses, or figuring out if/how to alter your plans for moving forward, is talking to experts and others who have done what it is you are trying to do. Naturally, as you begin something new to you, your knowledge is going to be limited. There may be errors in your plans that you don't see, but will be plain to someone with more experience. In addition, there is just too much information out there to realistically acquire it all yourself. I think a lot of women feel like they should be Super Woman, and believe they can do it all themselves; but they need to network with others, delegate, and be willing to ask others for information rather than figuring it ALL out themselves (also a major time-sucker).
Written by Debra, June 29, 2010
Thank you for this timely article. I am working hard at a blog that I just love (helping people find peace and reduce anxiety so that they can sleep better at night and live the life of their dreams!) It is a labor of love- it would be nice to eventually make an income with this project as well. I think I need to develop the business end of this blogging project. I could use some mentoring in that department... thanks so much.
Written by Angela Keller, June 29, 2010
this is so timely for me I fee like i've just read my horoscope. I am a jewelry designer and I have spent so much time and money trying to be a big business, I am finally resoving myself to enjoy what I get from being a small business handcrafter.
Written by Mayra Mejia, June 29, 2010
This may be a good resource for anyone who may be interested:
Lists 50 Women Bloggers
http://www.ignitesocialmedia.com/50-women-bloggers-you-should-be-reading/
Lists 50 Women Bloggers
http://www.ignitesocialmedia.com/50-women-bloggers-you-should-be-reading/
Written by Debbie, June 29, 2010
Great point even for those of us that are not independent business owners.
Written by Anna, June 29, 2010
I think this post would have been much more helpful if you had included what change you made that helped increase traffic. What worked better? How did you track, etc.? I understand your point, but kind of think this is a useless rant. I think you have much more valuable information to share related to this issue and the post could have been fantastic.
Written by Holly Brown, June 29, 2010
Thanks, Amanda. It's so easy to get distracted. I am just beginning my virtual assistant business and of course the most challenging thing is finding clients. It's easy to get caught up in things like Facebook!
Holly Brown
www.avirtuallymindfulassistant.com
Holly Brown
www.avirtuallymindfulassistant.com
Written by Alison Armstrong, June 29, 2010
After a few other adventures, I started selling Avon and I LOVE it. I've made more money at this than anything else I've ventured into side project wise previously, and as stated before by others, the difference has been because I'm really enjoying what I'm doing, and it doesn't feel like work to me. I don't mind putting a lot of work into it because I'm having a good time.
Written by Suzanne, June 29, 2010
Great post, Amanda! It reminds me of many of the inspiring messages in Barbara Stanny's book Overcoming Underearning. She talks about having a profit motive, which involves saying no to projects/people that are not going to help you reach your income goals.
Written by Sunny, June 30, 2010
Sometimes it's just hard to figure out what the time wasters are when you're a one-woman show (http://www.SunnySaves.com). When you mind map and look at all of the elements "necessary" to run a successful small business (content creation, networking, marketing, sales, bookkeeping...), it can be difficult to pinpoint what you can eliminate. In my case, I feel like all of the above are equally important!
Written by Jaime @ DenimDebutante, June 30, 2010
It's all about finding a balance... and, if you hadn't had that failure, you would have realized the importance of your time. Silver linings are always there. :)
Written by Kate, June 30, 2010
THAT right there has helped me immeasurably! I'm trying to get an art business to the point of making money and it's been (and still is) a huge struggle, but I'm learning that if something, a particular idea, doesn't take off, leave it and either leave it for good, or come back to it later and get on to something that WILL make a profit. At the moment I've found that art is not really selling, but art ON something, like on shirts - DOES! Who knew? So I've been actively painting on clothes to get my (either name, can't quite decide yet) "Art With Attitude" or "Wear It Like You Mean It" clothing out there. People like making a statement, maybe I'm just the vehicle to help them.
I Love your input on Daily Worth and read it always. Thank you for your efforts!
I Love your input on Daily Worth and read it always. Thank you for your efforts!
Written by Jett of JETT DU ARC, July 01, 2010
feel the same way, I am a fine artist , trying to get my etsy website out, inspite of techno fear. am inspired by everyone working on staying focused, that's what i am going to try to do. Any one has any idea where i can get techno help?, to set up etsy shop
Written by Faith, July 03, 2010
This is wise advice. People seem to think that there is a magic formula to e-commerce and getting noticed. Much has to do with simple time and persistence in crafting one's niche and slowly (emphasis on slowly) building word of mouth.
The comment about art being a hard field to get into is worth listening to. There is so much focus on pep talk that the obvious is overlooked- it is hard to make money on art and on crafted goods. Period. Effort is an essential but not sufficient condition for success. It can often take years before any results are happening.
The comment about art being a hard field to get into is worth listening to. There is so much focus on pep talk that the obvious is overlooked- it is hard to make money on art and on crafted goods. Period. Effort is an essential but not sufficient condition for success. It can often take years before any results are happening.
Written by Sarah, July 05, 2010
Dear Amanda,
This article really made me think and reassess my list of projects. I'm a fine artist, and I sell my paintings through exhibitions and online, through ugallery.com. For a while, I've been doing so many things- like 9-12 shows at different venues a month, teaching, making/selling art cards, selling prints online- akin to throwing spaghetti on the wall and see what sticks. Now I really becoming more discerning about venues and curators for my exhibitions, and concentrating on making the best work I can and making each piece better than the last, and doing a better job promoting the shows I do have. and I believe it's for the better, because it shows: sales are up, enough for me to publish a book of my work, and hopefully things will get better and better, with hard work and a bit of luck.
Best of luck to you and all your dear readers.
This article really made me think and reassess my list of projects. I'm a fine artist, and I sell my paintings through exhibitions and online, through ugallery.com. For a while, I've been doing so many things- like 9-12 shows at different venues a month, teaching, making/selling art cards, selling prints online- akin to throwing spaghetti on the wall and see what sticks. Now I really becoming more discerning about venues and curators for my exhibitions, and concentrating on making the best work I can and making each piece better than the last, and doing a better job promoting the shows I do have. and I believe it's for the better, because it shows: sales are up, enough for me to publish a book of my work, and hopefully things will get better and better, with hard work and a bit of luck.
Best of luck to you and all your dear readers.
Written by Dana, July 05, 2010
thank you everyone for great reading. I too am with you all being my husband is my biggest obstacle. He is of the opinion that a full time job with a paycheck is the only way to go even though it never pays enough. Besides it makes me depressed. In my gut and my heart feel there is another way, I need to do something I can be passionate about and believe me working my tail off to make someone else alot of money is not my idea of being passionate.I am currently venturing out of MLM that after 3 months has yeilded nothing signifigant, so time to move on but to what? I have been trying to figure this out because after so many ventures that were unsuccessful I have figured out that I am ready to find my niche in the world, you know find my passion and earn a living at i not necessarily get rich just earn a decent living. But how do you figure out your passion? love and GOD BLESS to all. Thanks for listening.
Written by Rachel, July 12, 2010
Hey, Dana, I have a similar situation with my hubby who looked askance at my MLM venture. He has started to be much more supportive, though, now that he sees I can bring something into the household. I think MLM gets a bad name...it really hinges on the product. I tried selling makeup before, but I couldn't really get excited about it. I think that's the key. You have to really believe in what you are offering. For me it's natural foods that are easy to prepare. If you want to check it out, you can contact me through my website www.rachelw.mywildtree.com. Best of luck!
Written by Sonja, July 12, 2010
I recently switched careers and started a job that pays less, but is steady and low-stress. This shift in stress level has drastically changed my quality of life and I found I had the creative energy to start up my handmade jewelry shop on etsy again.
I hear a lot about multiple streams of revenue and I am working hard at making my jewelry business a success. My goal is to do what I love and I am hoping that not only will I find success in my level of happiness, but in my pocket book as well.
I decided to not worry much about "working" etsy right now. I just am focusing on my creations, making them as unique as possible. Finding joy in what I do will bring success!
I hear a lot about multiple streams of revenue and I am working hard at making my jewelry business a success. My goal is to do what I love and I am hoping that not only will I find success in my level of happiness, but in my pocket book as well.
I decided to not worry much about "working" etsy right now. I just am focusing on my creations, making them as unique as possible. Finding joy in what I do will bring success!
Written by Areforever, July 13, 2010
Interesting post that reminds us to prioritize our time as well as we can. Also, it's important to constantly reevaluate what's worth you time and money and what isn't. It's a very painful lesson to learn that sometimes you need to stop wasting time (and money) on things that are not working and give them up.
Written by Refund Status , August 03, 2010
I hope that we are aiming for 56 hours of sleep (eight hours during the night, seven nights) rather than 48 (only six nights). Sleep is an important part of our lives, there is a time for the body to repair itself, updating the spirit (or work through the issues, as often happens in dreams), and prepare attack of the thing we run ii dead body on a given day. This means that the healthy immune system, better emotional / spiritual capacity, control of lighter weight, productivity and ultimately more (not to mention the life of habit more / better health). I know that sleep often feels like a waste of time, but it is not. I also know that many of us get much sleep less than eight hours per night, but research tells us again and again and again to work on this mark eight hours.
I LOVE the interaction with people from all over the globe. Once I got it through my thick skull that the small annoying stuff wasn't worth the energy I exuded on hating it, my business picked up and I had my best year ever.
And now, I've added another love to my list of dailies, my blog! I like spending time with my friend, I love writing and I love helping people. The three things that make the time involved more than worthwhile!