As we grow old, there are certain principled of life that were instilled into our minds, like “No pain, no gain”. We were told that we have to work hard on something to get more rewards. And that is one of the principles I always believed, well, before.
Have you ever wondered why some people manage to get themselves on the top of success, while other are struggling just to survive at the bottom? What exactly are the secrets of the people on the creme of the crop, these people who do very well in their business?
Yes, building a business online requires hard work, but there are also some shortcuts that could get you on place in just short time.
Before I reveal the concept, I would like to ask you some case questions that could help you understand what the concept…
CQ1: You saw a cute shirt on the store you are in, and it costs $10. You happen to know a store which is 15-minute walk away from where you are now, and it costs $5. Which store do you buy the shirt?
CQ2: Full car gas tank costs you $50, which normally lasts for a week for you. Today, there is a 50% less discount if you full your car tank. However, you have to queue for 2 hours to be served. Do you like the avail today’s discount?
CQ3: You need something done, which would take you 20 hours to finish. Hiring someone to do it for you costs $50. Are you going to do it yourself or hire someone to do it for you?
CQ1: If you decided to buy the $5 pen, you were able to save $5 in your 15-minute walk.
CQ2: If you avail today’s discount, you were able to save $25 and spend 2 hours on queue.
CQ3: If you decided to do the thing yourself, you saved $50 and spent 20 hours to finish it.
How you value your time determines how fast or slow you can achieve success. Rich people use money to buy them time. And most ordinary people sell their time for money. If you have a job, basically you sell your time for money.
The Concept: Think Big and Take Massive Action
You see, successful people think and act differently from the rest. They don’t compete with people who are struggling in their way. Yet, they think big and act big. They do exactly the opposite of what others are doing. I understand that it is easier to do things most people do. However, it is easier to get positive results if you do what other successful people do.
Be Realistic or Idealistic?
Now, I want to ask you. How much would you realistically earn in your job or business in two years time? Once you have finished summing up, multiply it by 10 times. Now, that will be your target revenue or earnings for the next 2 years. While being realistic is a good thing, being idealistic is a better thing. As I said, THINK BIG.
The reason for doing so is because we want to calculate our time value in coming couple of years.
Time Value per Hour Calculation
Let’s put these assumptions:
Realistic Salary in 2 Years: $1,000/month
Idealistic Salary in 2 Years: $10,000/month
You work 20 days in a month, 8 hours per day: 160 hours
Time Value per Hour: $62.5/hour
Now, you may ask yourself, “Can I achieve that new target income without doing some changes in what I am doing now?” Well, let me tell you that you are asking the wrong question. You must ask, “What MUST I do to achieve that target income in two years?” instead. You see, to be the successful person you want to be, you need to have that attitude, the perspective to change whatever has been not working for you.
Now, going back to the appropriate question.. What must you do to be able to achieve your target income? You need to increase your time value by applying LEVERAGE.
4 Kinds of Leverage
These are the four kinds of leverage you can apply to give more value to your time.
Leverage Other People’s Time
You make use of other people’s time to do things for you.
- Outsource – You hire other people, who are good at what they are doing, to do things for you.
- Buy product resale rights.
- Repurpose Private Label Rights
- Purchase Automation Tools (like tools for auto-content syndication, article spinner or article submission)
Leverage Other People’s Money
You make use of other people’s money.
- Coaching other people – You share tips or tricks to people you coach, and then they come back to you with results and insights with your advice. This way, you also learn while earning.
- COOP Advertisement – For example, you found a good advertisement site that gives good traffic. Then, you buy ad space in bulk, and they will sell it to you with discount since you purchased in bulks. Let’s say the original value for each ad space is $100. Since you bought in bulk, each ad space’s discount price is now $60. Now, you sell each ad space to people who are interested for $80. They save $20, and you earned $20 as well.
- Promotional Partners – This is like a referral or affiliate program. Let’s say you have a new product to sell and you find a promotional partner. This partner will buy the rights to sell on your behalf. If they do, they also get commission to each product they sell.
Leverage Other People’s Networks
- Promotional Partners – The idea is the same as the above.
- Other people’s brands or leads – The idea of this one is the same as doing ad swaps or solo ads with other people’s business.
- Other people’s social network – This is probably one of the most common these days. You post your product links, sales pages to Facebook, Twitter and other social networks.
Leverage Other People’s Knowledge
- Coaching – To pay someone to get information can actually give you more money in return. You see, you hire a coach to share tips, tricks and information that could save you from a business-losing disaster. A coach tells you which way to go or not to go, what to do and not to do, what to avoid and what to pursue. They can literally show you the way to shortest curve to success which could take you years if you do and discover the thing yourself.
It is smart to learn from your own mistakes. But it is wiser to learn from other people’s mistakes.
If you think education is expensive, try ignorance.