Every day thousands of people join the ranks of home-based business owners without first pondering whether they actually have the time to operate a business successfully.

That's not to say that operating a home business on a part-time basis can't be done successfully. It can... with managed use of your time. But it may mean giving up a few of your favorite pastimes - such as having a couple of beers with the guys on Saturdays or gluing yourself to the TV on Sunday nights to watch Desperate Housewives. If the thought of doing either of those things makes you cringe, you may want to ask yourself how serious you really are about building a successful home-business.

If you decide that you are willing to make the sacrifices, the first thing to do is to sit down with pencil and paper and list everything you do each day step-by-step. Take stock of the time you spend doing wasteful, time-consuming things and eliminate all that isn't necessary. After doing so, most people find that they have two to three hours each day that can be utilized in a more constructive or efficient manner.

Efficient time management boils down to planning what you're going to do, and then doing it without backtracking. Start by making a list of the things you want to do tomorrow each evening before you go to bed. Organize your daily errands to take care of as many things as possible in one trip. Not only will you save time you'll also save money on gas. The important thing is to think of time as your most valuable asset, because it is. So organize it accordingly. Decide what has to be done each day and from there it's just a matter of arranging priorities.

Set aside a specific time to do household chores that need to be done and a specific amount of time to devote to them. For instance, just one hour per day devoted to yard work would probably make your lawn the envy of all your neighbors. Whether it's painting your house, fixing leaky faucets or mowing your lawn and trimming shrubs, do one particular job each day and you'll be amazed at your progress.

Once you start listing and planning what you want to do, and then carry out your plans, you'll find that you have more time than you thought you would to devote to your home business.

Finally, and above all else, when organizing your time, don't forget to set aside some time for relaxation. Be sure to schedule time when you and your family can be together. Although it is easy to do when first starting out, do not become so pre-occupied with your business that you exclude other people - particularly your family and friends..

Taking stock of the time you waste each day, and from there, reorganizing your activities is the key. It may not always be easy to do, but you will find that once you get into the habit of setting priorities and following a set pattern to accomplish your daily goals that you will realize a greater fulfillment in your business and your personal life.