Three Powers Levers To Making Big Bucks
I've been dabbling in both online and offline money making ventures since the age of 17, that's going on 8 years now...
My biggest discovery was that of the three power levers.
"I'll outwork everyone, every single day" I told myself for years.
A solid work ethic is essential for success in any field, but it's essential you understand (and harness!) the three power levers in order to work smart before you work hard.
These three power levers will save you time, increase the quality of your product/service and allow you to make money without putting up your own money!
Leveraging the time of others allows you to work ON on your business instead of IN your business.
Whether you're running an online freelancer business on Fiverr or a ecommerce gym appararel store instead of spending your time fulfilling orders which will make your business revenue in the short term by leveraging others (i.e. hiring a virtual assistant from Upwork.com) you'll be able to spend time working on the future of your business.
You must not expend your energy on the small day to day items of work, this is easily outsourced.
You must spend your finite time and energy on building the future.
Be a builder, formulate your strategy be it a better way to offer your service or designing a new line of apparel.
Lever #2 - Leveraging the Expertise of Others
I'm not a wizard when it comes to graphic design and editing images for my book covers and website... and I don't try to be.
The time required to learn, let alone become great at certain skills such as image editing are not worth the time.
It's more efficient to leverage the expertise of others to do these tasks.
Work out how much your time is worth...
If, when you're working ON your business you calculate your time to be worth $50 an hour it does not make sense to spend hours upon hours reading 'Photoshop for Dummies' when a proficient graphic designer can be hired for $25 an hour!
Lever #3 - Leveraging the Money of Others
Leveraging the financial resources of others is a must when we're talking about making money through means such as real estate.
Here in Australia a 1 bedroom unit can be financed without putting ANY money of your own on the table...
Buying below market value and arranging a suitable tenant can see you building a positive cash flow portfolio of investment properties without outlaying a cent of your own (provided you're able to draw equity).
"SJ, but if I've got my own money shouldn't I just use that instead of leverage and borrowing?!"
Not necessarily. The key here is opportunity cost.
If all of your money is tied up and an opportunity glances by you're not going to be in a position to take it! You must already stay ready....
Ensuring you're somewhat liquid is one of the keys to ensuring this is the case.