That’s one of the main things that got me started.
And of course the fact that a j.o.b. rewards me solely for my time, which in turn means that: If I want to make more cashola, I need to put in more hours and I’m essentially selling part of my life.
I don’t know about you, but that’s not a situation I’d like to be in…
So starting and building your own business is the way to go, in my humble but accurate opinion. Yet, many people go about it the wrong way…
In many ways their business closely resembles the job they left behind to start it. In the way that they still need to put in more hours if they want to make more money. The only shift that happened was the fact that they get all the profits instead of a measly paycheck.
Let’s take a look at an (offline) example, and we’ll tie it into internet marketing in a second.
Video: Don’t like reading just like myself? Go ahead and watch the video instead:
The non-leveraged business
As an example of a non leveraged business let’s take a look at Bob. Bob left his job as a golf instructor to start a business himself, which he named Clubby Bob’s School of Golf(he’s not good at coming up with catchy names, just like myself).
Let’s take a look at his business model:
Bob used to give private golfing lessons getting an hourly wage of $20/hour. Now in his own business he’s doing the very same thing, offering private 1-on-1 golfing lessons to anyone who’s willing to pay him $100 per hour.
You’ll notice how the cash amount increased.
Also note that Bob now has expenses, so he might net $50 on his one hour instruction he just gave. Congratulations Bob, you just made more money by doing the same amount of work!
It’s definitely better than his job right?
The numbers don’t lie… (even though they’re made up to make a point)
But, and this is very important to understand: He is still working like an exmployee. If Bob wants to make more money, he needs to give more golfing lessons which cost him more of his time. He’s still trading his hours for money!
The Semi-Leveraged business
My buddy Bob here is pretty darn ambitious and he wants to grow his business and make more money. After a long night of brainstorming he came up with the idea of starting to give group lessons, which is pretty pretty cool.
Let’s run some completely made up numbers here and see what happens.
Instead of Bob teaching a single person, he’s now taking on a group of 5 people. He’s making each and every one of them pay him $50 for his training. In the same hour it would take him to personally train only one person (and make him 100 dollars), he’s now teaching a group of people paying him $250.
Pretty good right?
Now, he still has his imaginary expenses, so after that his profit comes down to 200 imaginary dollars for the hour, which is four times the amount he didn’t actually make before (as this is all fictional numbers here).
I hope you see the point here. By spending his time wisely he’s able to influence more people and make more $$$ as a result of it. We’ll go into how exactly this ties into your business in just a second.
The leveraged business
After a couple of months in business, Bob’s golfing school is doing pretty well. But Bob isn’t all that excited anymore. He’d much rather play golf himself than teaching it, so he’s thinking of a way to free up his time.
He came up with 2 things to further improve his business:
1. He hired a golfing pro to teach his classes. So that instead of him teaching his class, he’s now free to do whatever he wants during that time while paying his instructor $50 per hour for his time.
2. While hanging around of Facebook he clicked on an ad from a rival golfing coach. The page he landed on was selling an online course with video tutorials for aspiring pro golfers. Inspired by this, he decided to create his own course and sell it online.
Let’s take a look at what Bob achieved over the course of a couple months, and what you can learn from his business.
Getting more leverage in YOUR business
Alright, this is probably why you’re reading this blog post, not to read about some made-up golf lunatic… er fanaticus. “Completely coincidental” there’s a couple of great lessons you can learn from Bob to help you get more results with the same or even less effort.
Here’s what how to gain more leverage in your business:
1. Try to waste the least amount of time you can with people 1-on-1. Unless you get paid a hefty amount for your time (coaching).
For me personally it’s often not worth my time.
And I don’t mean being an asshole to people emailing you with questions. They came to you specifically to get their burning question answered, so don’t let them down.
But… Why not answer their question in a smarter way?
Let’s say you get the same question over and over again.
Here’s what I would do:
I simply shoot a video answering the question in detail (yes, this will take some time) and I would send that video over to people if they ask me the question. So instead of me taking time to answer the same questions over and over again I simply refer them to the video with the same information.
Which reminds me…
I remember Frank Kern saying something pretty similar. When asked on advice on an upcoming launch by a celebrity (I believe, can’t remember who it was) he replied with:
“Sure, I can teach you the launch strategy… Or, I can just grant you access to this training course that I have created that’s going to teach you the exact same thing.”
2. You need to communicate with your followers and subscribers, but the vast majority of your time should be spent on one-to-many types of communication. Things like videos, blog posts, podcasts, etc that can literally be watched by hundreds or thausands of people all around the globe, even while you are sleeping yourself!
Not only will this help you bond with your current audience, it allows you to grow your list and social media influence. Given that you do provide value to these people of course.
It’s one of the best ways of leveraging your time and energy.
If you haven’t created a piece of content yet, or you know you haven’t done so enough. Then this is the time to take action! I challenge you to go ahead and shoot that video, write that blog post or record that audio file.
Just do it.
Before I reveal what I think is the best way to create more leverage in your business, I’d like to offer you something cool (and free by the way):
I have created a training video on how to overcome the ONLY 3 real objections people have that are keeping them from buying from you and how to sell more stuff in the most ethical way possible.
So, if you would like to learn how to take the content you’re creating and use that in a way that gets you new leads, raving fans and customers, then click this link here to get instant access to the video.
The Ultimate Form of Leverage
In conclusion to this blog post I’d like to give you the single best way to create more leverage (again in my humble but accurate opinion). Which is to have your own product you can sell.
Having your own product is powerful.
Your sales page, whether through words or video, is a tool of mass communication. Just like your blog, YouTube video, or other content you create. After you create your sales letter or sales funnel, you don’t need to create it all over again for every visitor.
But this page is more powerful…
Your sales funnel is a great way to collect leads, as long as you send traffic to it. Your sales funnel converts those leads into customers. 24 hours per day, 7 days per week! As long as you keep getting new people into your funnel, that funnel will spit out money.
Given that you have set it up the right way that is.
Now, there’s one more huge advantage to having your own product. If you think back to Bob in our example above, he hired somebody else to teach his class and he paid him part of the profits.
And you can do the same!
When you have your own product, you can setup your own affiliate program. This is where you get other people to promote your product to their list and you give them a cut of the sales you make.
They do the work of getting more people to your sales page, and you make money when those people buy from you. It doesn’t get much better than that!
The methods above are the best ways of creating more leverage for yourself and to run your business while having a life at the same time.
Got an ah-ha moment? Go ahead and comment below with your number one takeaway from this blog post. \
Share this blog post with your team, list and anyone you think will benefit from this post as well, greatly appreciated! ;)
To your abundance,
Ps. Be sure to register for my live blogging training this Tuesday to learn how to create, grow and monetize your very own blog. Click Here to Register