Stuck in Loop (Can't Affort Delegation --> Overwhelmed to Earn More)

[TopDirective]

Dear fastlaners,

Top here,

Sure you know it - I am stuck in this infamous loop

1. I do not have money to hire anyone --> doing everything by myself.
2. To make more money, I need to start a new project, however old businesses make money to pay my essentials living costs so I cannot cut them off --> not having time to make more money.​

I am kept being overwhelmed by managing daily crises and pressing problems, and so far any scheduling tactics failed flat.

At home, I already delegated food delivery so I save hours on groceries and doing and pre-cooking meals. However, in business the situation is different. Not every task can be delegated because I lack the budget to hire qualified assistants. And to make the budget, I must move forward, however that means cutting off old businesses and not having even basic finances for rent, expenses etc.

How would you go about a situation like this?

I am sure many people at their beginnings faced this...

So far I am amazed by the sheer amount of valuable posts and people spreading good advice on this forums, so I took some courage and posted a personal problem myself in hope it can provide some solid value for others as well!

Kind regards,
Top

 

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[RazorCut]

However, in business the situation is different. Not every task can be delegated because I lack the budget to hire qualified assistants. And to make the budget, I must move forward, however that means cutting off old businesses and not having even basic finances for rent, expenses etc.

Are you making money from your old businesses? If so why are you keen to shut them down and start something new? What is wrong with putting the effort into what you have already?

-

 

[Bekit]

I'm struggling with the same loop. Here's a couple of recent threads on the topic where I've gotten some good ideas to implement.
Lack of time?
How do you guys even manage your time/energy?
How to break the cycle of "Hard timesDisciplineGood TimesLazinessHard Times"?

However, in business the situation is different. Not every task can be delegated because I lack the budget to hire qualified assistants. And to make the budget, I must move forward, however that means cutting off old businesses and not having even basic finances for rent, expenses etc.

After looking through your evernote list, it looks like you are spread thin across a huge number of different tasks. This looks like the amount of tasks that a 5-10 person team would implement, and if you do them all by yourself, you'll just have to accomplish them very slowly, a little at a time.

One common theme I noticed in all these tasks though - they're all oriented toward getting more income.

In other words, you just need to sell more stuff.

That seems to be the sole purpose for most of the things on your list.

This raises a few questions in my mind:

1. Can you identify the one project that's likely to sell the most stuff?
2. Can you identify the one task that gives you the highest likelihood of selling more of that thing?
3. Can you devote all your focus, time, and energy at tackling that one task until it gives you the outcome of more sales?

Because that's where you'll get the highest leverage from your time.

You'll also get income.

And then you'll be able to afford the qualified assistants who will be able to help you.

 

[TopDirective]

Are you making money from your old businesses? If so why are you keen to shut them down and start something new? What is wrong with putting the effort into what you have already?

-

Yes, old businesses cover my living costs and are my only source of income. I cannot cut them off even 20% at this point.

I'm struggling with the same loop. Here's a couple of recent threads on the topic where I've gotten some good ideas to implement.
Lack of time?
How do you guys even manage your time/energy?
How to break the cycle of "Hard timesDisciplineGood TimesLazinessHard Times"?



After looking through your evernote list, it looks like you are spread thin across a huge number of different tasks. This looks like the amount of tasks that a 5-10 person team would implement, and if you do them all by yourself, you'll just have to accomplish them very slowly, a little at a time.

One common theme I noticed in all these tasks though - they're all oriented toward getting more income.

In other words, you just need to sell more stuff.

That seems to be the sole purpose for most of the things on your list.

This raises a few questions in my mind:

1. Can you identify the one project that's likely to sell the most stuff?
2. Can you identify the one task that gives you the highest likelihood of selling more of that thing?
3. Can you devote all your focus, time, and energy at tackling that one task until it gives you the outcome of more sales?

Because that's where you'll get the highest leverage from your time.

You'll also get income.

And then you'll be able to afford the qualified assistants who will be able to help you.

Thanks for taking a look! Lol yeah, 5-10 team would do haha, but currently I am all by myself working 90 hours a week.

Yes, all of them are towards making more money so I can pay assistants to maintain the basic customer support for these businesses and free up some time.

Thanks for the questions, doing them now!

 

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[ZCP]

raise your prices
eliminate costs so money goes further
sell higher margin work
delegate / automate
eliminate the distractions and get into 'deep work' to be more efficient in the time you have

 

[TopDirective]

raise your prices
eliminate costs so money goes further
sell higher margin work
delegate / automate
eliminate the distractions and get into 'deep work' to be more efficient in the time you have

Thanks! I indeed increased prices just before posting this on my small products 8-7€ to 15-18€ and sales did not decrease!

The "flow state" you are talking about is also very interesting, I have done a weekly analysis of my year and found out that I was most productive during "black-out" period in summer, where I literally would not go out, would not even write a journal, just hustle day by day (shooting a videocourse).

 

[biophase]

Couldn't see your evernote list, could you post a sample here?

 

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[GoGetter24]

If your old businesses are just making enough to cover basic living costs, and are taking up all your personal capacity: why don't you just shut them all down and go back to having a job?

A job at least pays your basic living costs, only takes up 40 hours a week, which gives you your evenings and weekends to regroup, and plan/execute your next business play.

It sounds like you're stuck in a trap. Your businesses are trapping you; they are wind to your front rather than your back. If that's the case, shutting them all down (or at least the time-consuming ones), and starting again is the only rational course of action.

Don't flog a dead horse, and don't flog a sick horse either.

 

[TopDirective]

Couldn't see your evernote list, could you post a sample here?

Yeah, I managed to work it out so it is almost finished, but thanks!

If your old businesses are just making enough to cover basic living costs, and are taking up all your personal capacity: why don't you just shut them all down and go back to having a job?

A job at least pays your basic living costs, only takes up 40 hours a week, which gives you your evenings and weekends to regroup, and plan/execute your next business play.

It sounds like you're stuck in a trap. Your businesses are trapping you; they are wind to your front rather than your back. If that's the case, shutting them all down (or at least the time-consuming ones), and starting again is the only rational course of action.

Don't flog a dead horse, and don't flog a sick horse either.

Thank you for an honest advice! I was actually able to 3x my revenue this year by recording a videocourse for the small businesses.

Right now it is not necessarily the businesses that are slowing me down, but the constant micromanaging of daily tasks and starting new projects (N), like:

- N: Writing down a personal profile for a mentoring group
- Contacting ~10 people regarding business
- N: Preparing FB campaign
- N: Writing automated email flow
- N: Design and planning the launch of my social media
- Giveaway campaign

 

[GoGetter24]

- N: Writing down a personal profile for a mentoring group
- Contacting ~10 people regarding business
- N: Preparing FB campaign
- N: Writing automated email flow
- N: Design and planning the launch of my social media
- Giveaway campaign

Do one thing at a time. Flitting between different tasks is one of the most sneaky and insidious forms of procrastination there is. It gives you the false feeling that you're doing work, without the unpleasantness of focused grinding on a task until it's finished.

Pick for example "automated email flow", and work on just that and nothing else, until it's operational. It's the context-switching that kills the productivity and chews the hours without result. No matter how painful it is, stick to that one task until it's done. Then you can move onto the next one.

 

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