Starting your own business comes with a lot of dilemmas. Among them, I’d say the most challenging one is making the choice between making money now or tomorrow. If you are like me and decided to quit everything to build your own dream, this is probably because you were quite good at what you were doing in the first place. This talent comes with a counterpart; the temptation of reproducing what you were good at. After a few weeks, I start feeling the pressure of making money again. At first, I told myself; “oh, it’s along adventure, I have plenty of time in front of me”. But that the honeymoon fades away, the reality (like having to pay bills with my line of credit!) hits me harder. So far, I can’t complaint about the success I’m having with my online business. However, I’m already thinking about what I am currently doing vs what should I do.
Making Money Now
One thing I’m good at is writing. I could easily write over 4,000 words each day for 5-6 days in a row. For the record, as I am writing this line, it’s noon and I’ve already wrote my 4,000th word of the day. The other thing I’m good at is financial analysis. I love the stock market and I enjoy sharing my passion for it with others. This is probably why I was also good in the financial industry as a private banker; my clients felt that passion and trusted me.
As per my original plan, my goal is to write 35 articles per month outside of my blogs. Most of them are paid articles where I can make anything between $50 and $100 per post. This is not an incredibly high ticker, but it helps me building my audience and testing my ideas at the same time. Therefore, if I write 30 articles in month, I should make around $1,600-$1,700. This would represent about 20% of my last month income. Between sponsored articles, my membership website and this side gig, I can almost break even each month.
But writing 1 paid article per day is a lot of work. Those kinds of articles are not always “fun” to write. I mean, they are when you write one or two a week, but when you have to pull out your brain and analyze a different company each day, this becomes more like a job than a business project. This is what happens when you focus on the “make money now” part of the business.
Making Money Later
While the short-term standings of my business looks good so far, I’m well aware I’m burning a lot of energy in making money now instead of making money later. The beauty of a business is how it grows and snowballs into something bigger and bigger. At one point, it just goes by itself and minimum efforts result into maximum outcomes.
But in order to reach this point, one must work to make money later. I also call this part my job; “working in the soft”. For example, when I worked a whole week on the new design and features of my membership websites; I didn’t generate any immediate sales. However, while I was making “nothing”, I also created a much better investment service:
This new design enables me to convert more visitors into members and I will be making a lot more money in the future. However, doing these kinds of upgrades requires time and energy and while you are at it, you are not making money now. Still… I’m convinced this is the way to go.
Finding a balance
I’m half-way in the month of August and I’m currently meeting my article writing pace objective so far. However, I intend to find a better balance and liberate more time this week to work on “making money later”. After some thought over the past weekend, I realized that working on larger projects motivates me to the highest point possible. Last night, I worked until 10pm, woke up this morning at 5am and ran my 10th best 6K (out of 150 activities). All this because yesterday night, I was studying components for one of my bigger project. This morning, I’m all about writing stuff and working in the “NOW”. But in the next few days, I’ll concentrate my week on the “LATER” part. This way, I should be able to almost break-even for a few months in a row and then, I should break a lot more then “even” if you know what I mean ;-).