How to finance your project part-time

Making money usually takes money, in one form or another. You can save money by bartering or by doing some of the tasks yourself but in the long term, you must actually invest some cash to get your business up and running.

Domain names, hosting, premium WordPress themes, read-proofing services, technical implementation, Aweber are just a few of the expenses you’ll incur as a internet entrepreneur.

Now, most people think that they can avoid spending money by looking for best deals (like $1/month hosting), using free themes or dedicating the time required to get complicated, usually technical tasks done themselves. This is not very effective. Spending 10 hours in order to save $9 is not a good way to build your business. Working somewhere else in those 10 hours and earning even $5/hour and a total of $50 is.

This is where freelancing comes. Most successful Internet entrepreneurs quickly realized that you need to pay a lot of money in order to get your business working and this money is not going to fall from the sky.

This is why they’ve started working as freelancers on platforms like www.elance.com and www.guru.com. They’ve marketed their main service (copywriting, as a VA, as a designer and so on) and then worked on their online business in the remaining time.

Why is this an effective technique you may ask?

Well, in average a freelancer earns about $10/hour as long as he’s qualified in something and uses common sense. You get about 40 hours of effective work hours per week. This means 160 per month. If you divide your time 50 – 50, you’ll invest 80 hours in freelancing and 80 in working on your business.

At 80 hours invested this means $800 in income, $800 which you can use almost exclusively to develop your online business. And in the remaining 80 hours dedicated to your business, you can do valuable tasks, tasks as creating content, publishing on your site or improving your conversion instead of looking for a hosting deal for three hours.

Now this becomes a little more difficult if you are working full-time, if you have a job and you are developing your IM business part-time. In this case, you must analyze your income and what is your hourly revenue. Then each time you are faced with a task, ask yourself “is this task worth at least 50% of my hourly income or should I simply pay the full price or simply hire someone to do it for me?”.

You’ll soon learn that if you don’t know how to use WordPress, it’s cheaper to pay someone $15 to set-up your blog than to spend 10 hours learning how to do it yourself. You’ll learn that your time or to be more specific, your valuable time, that time that allows you to be focused, creative and energized is your true important commodity, not your money.

Money comes and go. Time that can be invested towards something truly valuable but it’s wasted in menial tasks, $3/hour tasks or even $1/hour tasks (can you imagine that I’ve lost almost 10 hours once looking for $1 hosting instead of paying the full price of $7.95 per month?) … can never be recovered. Money can.

So take good care of your time, invested it where it matters most, where it brings the biggest revenue, similar to how a banker would invest in a portfolio and look for ways to supplement your income by freelancing. Don’t worry, you are not giving your dream up, you are simply getting more resources to get what you truly want a little bit faster.

And if you have no true skill that you can market, go today on www.elance.com and see what you could learn in order to earn money there.

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