What's the one resource you can never replenish? Might feel like it's 'words' - especially if you've got writer's block. But the real answer is TIME.

As you build your writing business, there are lots of areas you'll learn to master - but time is the biggest. Time mastery is one of the cornerstones of any successful business. Let's take a look.

Ever been strapped for cash?

I'm guessing most of you are thinking, "More like "ever NOT been strapped for cash?" Same thing goes for being pressed for time. (Got to love the descriptive verbs there - strapped, pressed - they pretty much nail the feeling, don't they?)

I heard a somewhat profound statement about this struggle. The speaker said that most people who feel like there's never enough money to stay afloat have a very hard time accounting for where their money went. Same thing goes for people who feel like they don't have enough time to "get it all done."

How do you solve the money thing? Financial folks tell us to keep a record of what we spend. Actually, if you've ever tried to lose weight, you've probably been told to keep a food diary - it's the same idea. You're more careful about what you spend, or what you eat, just because you're more aware of it.

Why does time management matter for freelance writers?

After all, isn't flexibility what puts the 'free' into freelance? Yes. Of course! Because you're not punching a clock, or spending your day commuting, you've got the freedom to have lunch with a friend, pick up a sick child from school, take care of small children, or whatever else you want and need to do. In fact, lots of people get into freelance writing because, as they assess the situation, all they've got is talent and time. It's a way to turn a few hours a day into a steady income.

But what if you want to move beyond just taking what comes your way - and actually build a business?

One of the first lessons - and it may be a strange mental adjustment for you - is that your time is actually THE most important commodity you have.

If you ever took an Economics class, you probably remember the part about 'opportunity cost' - maybe you still even have nightmares about it! Basically, it states that for each action you take (or investment you make), you shut the door on other possibilities.

Think about it - what other resource do you have that can't be replaced? Your time is extremely valuable. You will never get back the two or three minutes it takes you to read this article (no pressure for me or anything!). It's up to you to direct, to master your time. You cannot afford to waste it.

Time mastery is a cornerstone of any successful business. You don't find Bill Gates playing Sudoku (probably), or Oprah watching soap operas - they're entrepreneurs, people of action, people who know how much their time is worth. Are you any different?

Are you up for a challenge?

Over the next few weeks, we'll dig a little deeper into time mastery. Why? Because even though we could talk about the nuts and bolts of writing sales copy or press releases, until you've got your time under control, you'll never be able to apply what you learn. So here's the challenge - for the coming week, just track your time. From the time you get up to the time your head hits the pillow at night, keep track of what you do, and how long you do it