The 80-20 of Side Hustles
Mar 14, 2023The Pareto Principle, or the 80-20 rule, is a well-known concept in business.
It's a useful lesson for managing your time and focusing on the critical few tasks that drive success. It states that 80% of your outcomes come from 20% of your efforts.
It's a powerful insight that can help you prioritise and achieve your goals.
For example:
-
80% of your sales come from 20% of your customers
-
80% of your profits are delivered from 20% of your products
-
80% of your leads are generated from 20% of your marketing
But when you’re building a secondary source of income, the Pareto Principle may discourage you from pursuing it.
Creating a side hustle in your spare time requires sacrificing hours of precious free time with little financial gain. It’s far more efficient earning money in your day job.
It feels like you’re wasting 80% of your time for 20% of the financial reward.
That’s natural. You’re comparing it to things you’ve been doing for years.
Just don’t let that discourage you from pursuing it.
Stay Connected
Thanks for reading. You can get more bite-sized thoughts by joining my readers list. I send one email every other Tuesday, designed to challenge your thinking, broaden your perspective and inspire you to live your best life. To sign up, just enter your email below.
