- MAKE YOURSELF INTO A PRODUCT
- DO FEWER THINGS.
It’s impossible to automate aspects of your business if you do everything personally. Train staff to handle certain aspects of your business and simplify your output. Identify strengths and streamline your offerings, focusing on the items that you can train your staff to replicate.
- CREATE CONTINUITY.
- SELL YOUR SYSTEM CHEAP AND MAKE MONEY ON THE REFILLS.
- BECOME THE MIDDLEMAN.
- BECOME A TEACHER.
- BECOME AN INVESTOR.
Position yourself as the authority in your niche. Develop products like videos or books that share your secrets of success. The beauty of a book is that, once the hard work is over – it’s written, edited and published – you simply collect proceeds while you move on to your next project.
Billing for each service or product you supply is volatile. Your revenue and your client’s expenses vary wildly. By selling a subscription at a flat rate, you create reliable income and provide clients with predictable expenses. Both parties are invested in maximum efficiency – maximizing quality and minimizing hassle.
We’re talking here primarily about businesses that produce tangible goods. The best two examples of this model are printers and Keurig coffee makers. The devices themselves are relatively cheap. The profit is in cartridges of ink or individual coffee refills. If your machine makes a great cup of coffee or great quality copies, once consumers own the device, you’re guaranteed continued business.
Find a way to broker business and let other folks do the work for you. Becoming an Amazon affiliate is a great example. You link to their site, they sell, and you make money. There’s also a fortune to be made in consolidating and coordinating the transportation of goods.
Find ways to teach other entrepreneurs how to acquire the skills necessary for opening their own business modeled on yours. Say you own a successful pizza shop. You could write a book or create a series of instructional videos on your family’s recipes, or you could market a consumable version of your plan for opening a profitable pizza shop. You can even generate greater consumer awareness for your business.
Money makes money, but it’s important that you’re careful about how you invest as an entrepreneur. Here’s my tip: look at your clients and assess their needs. Find a company that addresses those needs and invest there. Not only will you be forging a bond between your company and others that focuses on enhancing client relationships, but you also cement your position in your customers’ minds as the business that caters to their desires. Once you’ve done the groundwork, you’re the good guy who makes money without effort.
About the Author: MIKE MICHALOWICZ (pronounced mi-KAL-o-wits) started his first business at the age of 24, moving his young family to the only safe place he could afford – a retirement building. With no experience, no contacts and no savings, he systematically bootstrapped a multimillion-dollar business. Then he did it again. And again. Now he is doing it for other entrepreneurs. Mike is the CEO of Provendus Group. He is also a former small-business columnist for The Wall Street Journal; MSNBC’s business makeover expert; a keynote speaker on entrepreneurship; and the author of the cult classic book The Toilet Paper Entrepreneur. His newest book, The Pumpkin Plan, has already been called “the next E-Myth!” For more information, visit mikemichalowicz.com.