If you’ve ever read Tim Ferriss book, the 4 Hour Work Week, you’d soon realize the underlying message here is to LEVERAGE YOUR BUSINESS. To leverage your skills, your resources, your talents, and the most important leverage point… your time.
But time and time again I see people jumping into businesses that make them the instant “cog in the wheel.” The other day I was reading a local newspaper in Miami about a pizza shop owner and how he was so proud to be in business for 20 years. He was quoted as saying…
“Every time you come in the store you know the owner will greet you.”
Uh… is this something to be proud of?
I mean, that’s the last thing I want to be doing everyday: waking up at 5am to make the dough, heat the ovens, clean the shop, and get ready to open the doors by 8 am only to sweat my ass off to make pizza’s and the occasional sub sandwich.
And then to be happy to do that every single day…
I don’t think so.
This guy is missing the point of owning a business: to not work hard.
Or at least that’s what I want… not work “hard” for the money, but “smart” for the money. He’s definitely not thinking smart.
Here’s how to instantly start leveraging your time and in the end to make money on autopilot while your sleep.
Create It Once, Sell For Life
You can’t do that with a consulting business. I know personally.
I was stuck in those “consulting” shoes for a while. Made lots of other people money, one client is on track to make $1 million dollars this year, but once it was over… it was over. No more flow. No asset to sell. No more leverage.
Are you a consultant working with clients?
Guess what… you’re trading time for money.
The key to getting out of this “cog in the wheel” syndrome is to create a product.
I’m sure over the years you’ve developed a better knowledge or skill on particular subject so the next best thing than actually doing it for people is to teach them in your product.
The easiest product to create is an audio or video course. For example, I created a product many years ago called Raffle Secrets (yes, don’t make fun of me) that taught non-profits how to create a winning raffle. The simple formula for that product was:
- 50 – 80 page ebook
- 2-3 Audio Interviews with Experts
- Audio transcripts
A simple product that I sold for $27 and surprising enough it actually made money. But the cool thing about it was that I created ONE TIME and each day, each week, and each month regardless of whether I was doing ANYTHING on that site – it made me money.
With a product you can…
Create a Sell-able Asset
There’s a reason why Doctor’s can’t sell their “business.” It’s because it’s a practice… as in another pizza shop. You’ll always see the owner in the shop. Ideally you want to create a sell-able asset that does not have YOU attached to it or YOU needed to run it.
With a product it’s not dependent on your physically showing up to make it work and years later you can “cash out” of the product. On many of my websites, I cash out years later of which I spend rarely any time on after it’s built, created, and the marketing systems are in place.
It’s kind of a set and forget business.
So the ULTIMATE place you ant to be at is to create a business that
Works WITHOUT
Generates Leads WITHOUT YOU
Makes You Money WITHOUT YOU
Everything WITHOUT YOU
and the only way to do that is to…
Create a Product.
Rich Schefren at Strategic Profits has an amazing course called Rapid Product Creation Secrets that will teach you everythng you need to know on how to create a cash producing product. Check it out.
On another note, what’s your biggest takeaway from this post? Leave a comment…
Chris
