640 - Household Economics Stage 5

You have found pockets of time to make a little extra money here and there. Now you are enjoying making the extra money and even are relying on it. This new stream of income is usually a little unconventional in the sense that it's not W2 work. Your family loves how flexible it is because you are still available for them and there's extra money. You are challenged by how flexible it is. You still have all of your previous responsibilities but now you the additional ones the new stream of income demands too. It's time for a "reorganizing of the company."

Just the Facts

This is just the facts people, no one is debating that women do more house work than men. Men normally go to work for 8-10 hours and the rest of their time is considered to be leisure. How much leisure time do women claim to have? Women on the other hand (generally speaking) do the house work and take care of children or pets, doesn't leave much leisure time. And once you have a side hustle that is consistently bringing in money for your family, YOU have more responsibilities and almost no leisure time. This was mirrored in my childhood. Dad worked then golfed…a lot! And mom took care of the home, my sister and I, and she created a business in our basement. She was always working. As a business owner, which we established you are now, you are thinking about the daily operations of your business, ways to develop your business skill set, ways to grow the business, additional services or products you want to offer, and possibly being responsible for workers.

Fire Yourself

Let's revisit stage 1. Remember you didn't have a lot of extra money but you did have time? You were the one painting the walls or making the things you wanted. It may be time to evaluate all those tasks and hire someone to do them instead. Does it make sense for you to spend a day painting your walls OR would the time be better spent on your business because now you can afford to pay someone instead? Even if your family is counting on the money you bring in, could you do one more organizing job to pay to get that room painted? You spend more time in your business AND you get the room painted? It's the same thing with hiring a house keeper or book keeper.

The Tradeoff

There is always a trade off right? Either you spend time or money. I say spend your money on tasks that don't take you out of your business hours and instead use that time to get more experience in your business. In Home Planning Day, you can evaluate just the next 120 days. What do you want accomplished? How much will it cost? And who will do it? Then all you have to do is run that plan.

It doesn't mean you are boujie because you hire someone in your home. The first hires I always recommend are a house keeper, book keeper, or an executive assistant. And my first hires were contractors for only like 5 hours a week.

A. That person is likely grateful for the work. I was so thankful that people let me clean their homes so I could send my kids to private school. You could really be helping someone out.

B. Hiring someone to do those tasks not associated with your business or the non CEO tasks reduces your task switching and increases your focus on your business.

In stage 5, you are focusing on finding body doubles to give you more time to commit to overseeing your business and be more cognitively available for your family.

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