Wow, what a week it’s been! From catching up on work after the holiday weekend to being awarded an annual bonus and taking the first steps to open my own business, I’ve been going non-stop. Lest you think this is a complaint, I have to say how absolutely motivated and excited I am (but certainly a wee bit tired)!
In an effort to maintain my 2012 goals, keep my full-time job, and manage my part-time work and budding business venture, I need to lay some ground rules for the next few months. The last thing I want to do is to run myself ragged and eventually burn out. In the name of securing some semblance of sanity, here’s my newest set of rules for managing my time and money:
- Make time for me. I will be sure to include activities that I love such as reading and commenting on blogs, reading my design magazines, watching a few episodes of Mad Men, and playing with my little kitty terrors. I will also try my best to keep exercise as even a small part of my day because those endorphins do wonders for my go-go-go lifestyle.
- Reach out to friends. I may have honed the skill of time management, but I’m definitely not Superwoman. Therefore, it will be extremely important to know (and respect) my limitations. I will be reaching out to friends and colleagues to “pick their brains” about a varied assortment of topics: branding, coding, networking, etc.
- Shut down at a reasonable hour. There won’t be many nights of burning the midnight oil for this lady because I know the value of a good night’s sleep. By forcing myself to shut down by midnight at the latest, I can typically guarantee myself at least 7 hours of sleep (wahooo!).
- Slow down when necessary. Rome wasn’t built in a day and neither will my business. I’ll certainly need to remind myself of this and to do so, I’ve printed/taped up a photo of the Colosseum in my office. I’m a huge fan of visual reminders and this will help me steer clear of the “it must be.done.now” mentality.
- Treat myself. Nope, this isn’t the green light to regress back to my spendaholic ways, it’s a reminder that it might be necessary to grab lunch or dinner out if things get a little too hectic. It will be important to balance my miscellaneous spending budget with my schedule’s need for flexibility. I will also be treating my friends to dinner and/or drinks in exchange for their knowledge, so there will definitely be a (small!) uptick in spending.
- Finance business expenses through tax refund and monthly cash flow. Apparently, I should be getting a tax refund that’s just over $1K. Usually, I owe taxes because I make a decent amount of money and try not to give the Government any “free loans.” However, mortgage interest is a beautiful thing and has led me straight to a nice, fat tax return this year. Once that money is depleted, business expenses will have to fit into my monthly cash flow in order to maintain moving forward with my annual goals for the year.
Additionally, I’ll be adhering to my own set of personal check-ins for how I manage multiple jobs:
- Am I content working this much?
- Am I still engaged with family and friends?
- Am I taking time for myself?
- Do I feel balanced?
- Can I still make AND manage my To-do list?
- Are my sleeping, eating, and exercising habits still in check?
- Am I genuinely happy and/or motivated by this job (or the income)?
- Am I reaching (or on my way to reaching) my goals?
Be very careful in your new business that you do not start spending money because you like to spend money. Then justify that it is for the business. Or I can deduct this. I spent thousands the first few years on these ideals. I was stupid and let's face it I like to spend money. It is a habit. I also cannot stress to you enough how hard you have to work and how discipline you will have to be in almost all areas of you life to run your own business. Also if this business turns a profit in the first year get a good accountant, pay your quarterlies and don't mess with the IRS. Good Luck.
Just found your blog from Budgeting in the Fun Stuff and love what I see so far. I manage a heavy workload / crazy schedule by planning an escape route and giving myself pep talks. "The weekend is almost here and then you can go skiing or sleep in or whatnot." That keeps me going.
Sounds like there is a lot on your plate. Glad you are regulating yourself so you don't burn out. I found your site from your article in BFS. Congrats on finding your way out too.Jai
Sounds like you are in the flow my friend. It's nice to have a lot going and need to remind yourself to slow down. I've been taking it a little too slow and I am reminding myself that I have a lot of goals to accomplish for the year, so I actually still need to push myself because I already relax too much!
Thank you for this comment–I definitely will be careful, will be taking my time to ensure I'm doing this correctly, and I am fully prepared to work my arse off to set this venture up for success! Most certainly, I will not be spending because there are options for write-offs–no way, no how. Yes, the hosting fees will be included in the reporting, but the lunches, etc. that I've mentioned will be paid from my personal monthly budget.This will be a slow moving process for a bit, but that's because I'm being cautious in terms of my income, stability, etc. My recent posts sound a bit more aloof & fly-by-the-seat-of-my-pants because I'm so excited but that doesn't mean that I'm plowing forward without taking stock of how this all fits into the big picture.
Hi, Jana; thanks for stopping by! I agree with planning escapes. For now, mine will be small indulgences because I've already committed most of my weekends to business-related projects, but I will also be taking some vacations this year. Thinking of that free time (and inspiration) is quite motivating to be putting in these crazy hours!
Thanks, Jai! Thank you for stopping by as well; I love seeing new readers/comments! I think the biggest reason I'm able to keep all of this up is because the business has evolved out of an absolute passion (and hobby) of mine. This has been in the making for years!!
Thank you! I've certainly come a long way, and I really have no intention of slowing down anytime soon. That said, it is important to have seasons of down time as long as they are temporary. I'm sort of coming out of one of my own, so I know you'll do the same in no time!
#1 and #3 Definitely. Follow those up with the personal check ins and you will do what you always do which is…Achieve and Excel like no one else I know.