When their business starts to seriously take off, many business owners find themselves “trapped” by success.
They’re making good money, but they have so many clients to handle that they’re overworked. Often, their personal health and personal relationships start to suffer.
Not to mention that they reach a ceiling in their business. They can’t scale it up.
Because there’s only one of you, you need to find ways that your business can make money without your direct effort. In this video, filmed at the Titanium Mastermind in the Dominican Republic, Chris Lakey details how.
GET PAID ON SALES, NOT HOURS
Firstly, you must get paid on products sold, instead of hours worked.
You only have 24 hours in a day, so there will always be a limit to your income if it’s based on your time. However, there’s no limit to the volume of products you can sell.
For the sake of example, let’s consider a self-employed chiropractor. His clients pay him by the hour, and he’s afraid to take a vacation because he’ll lose his income during his vacation time.
Instead, he can create chiropractic products to sell to his clients that don’t require him to show up and put in the hours.
WORK THROUGH OTHER PEOPLE
Secondly, you need to find a way to work through other people.
If you’re doing well, your business will get to a point where you have too much work to handle yourself.
The chiropractor should offload all the tasks he does not specialize in – bookkeeping, customer service, tech – to specialized members of his team. He could also hire other qualified chiropractors so that he doesn’t need to serve every client himself.
MULTIPLE STREAMS OF REVENUE
If you can build multiple streams of revenue into your business, it will be a stronger and safer business.
Are there other related products that the chiropractor could sell to his existing clients? Could he take a by-product of his existing work and re-purpose it into another product in a different market?
TURN UP THE VOLUME
You should look for business opportunities that allow you to easily turn up the volume without too much extra work.
For example, in direct mail marketing, it doesn’t take much more work to mail more pieces. However, you will naturally scale up your results. The same goes for internet marketing. You simply increase your traffic budget and watch your results increase with no extra work.
BUILD AN ARMY
Finally, can you build an army of others to make money for you? Think affiliates, sales representatives and joint venture partners.
If you can, it’s like cloning yourself. Your business makes money without your direct effort.
The MOBE Titanium Mastermind goes into more depth on this topic. Members learn how to use leverage and scale their businesses through successive revenue ceilings. To learn more about the Titanium Mastermind, click HERE