If you feel like you aren’t making progress with your online business, then you need to listen to what we are talking about in episode 19 of the How to Sell Online podcast.
Get ready to move your online business forward in a “Beyoncé in a jet” kind of way.
Before you can get on the jet with your online business though, there is something that you’ve got to do first. You’ve got to recognize where you currently are and determine what’s the reason you are stuck on a hamster wheel and not making any real forward progress.
Side note: My kids want a hamster. I’m not sure how I feel about that. #teamnohamster
Are you on the right wheel?
Can you put it on auto-pilot?
How I Grew My Hourly Income 75%
I haven’t talked about this a lot on the podcast, but my first venture into the business world was actually a tutoring business, not an online business. It didn’t take long after starting that little business until all my time slots were full. Since I only had an extra 2 hours each night and I was charging $20 an hour, there was no way I could make more than $200 per week while doing it alone.
One of the biggest epiphanies in all of my time as a business owner came around this time.
A friend and fellow teacher saw that I was making a little money on the side, and she wanted in, but she didn’t want to deal with billing the parents or finding the kids to tutor. That’s when the light bulb went off. I could pay her $15 per hour and charge the parents $20 per hour. This would mean I’d make $5 for every hour that someone else worked – sign me up!
So, I did this with one teacher friend…
And then another…
…then another…
Soon I went from making $20 an hour on the side to making $35 an hour – with barely any extra work.
This doesn’t just apply to my little tutoring business. It’s a concept that applies to any business. There are strategies where you can give yourself a raise and automate that hamster wheel – but it takes work.
Here are the steps so you can get off your hamster wheel:
Get in Your Online Business Jet
You’ve got to look around at what you can use to speed up the process of growing your online business without it taking over your entire life. For most of us, the answer is sitting in our pocket.
Do you think it would help your online business if you could get in front of someone with a HUGE audience like Taylor Swift? Umm, heck yea! But it doesn’t have to be someone with millions of followers. We have students that have gone through the $0-100k System workshop and found a jet in influencers with hundreds of followers – not hundreds of thousands.
Maybe you aren’t that far into your business yet and instead of someone promoting your product, you need cash to buy the products.
Well, your jet is going to be different.
You could save your way to that pile of cash you need or you could speed up the process and sell a bunch of the unused stuff you have laying around your house to buy inventory for your online business.
Find your jet.
We DON’T All Have the Same Amount of Time in a Day
You’ve heard it time and time again: We all have the same 24 hours in a day so why aren’t you as successful as _______ (fill in the blank of ultra-wealthy person here)
The truth is, we DON’T have the same amount of time as them because they’ve learned how to leverage their time. Warren Buffett, Jeff Bezos, and Beyoncé have learned how to create THOUSANDS of hours in a day by leveraging other people’s time.
As an individual, you can only do so much. In fact, you will quickly reach your earning potential if you never leverage other people’s time. When I was a tutor, I was able to earn more money, serve more students, and create more income for my teacher friends by following this principle.
You’ve got to create more hours in your day.
The Scarcity Mentality in Online Business
If you want the most out of life, you’ve got to break free from the scarcity mentality.
Yes, you can certainly run an online business by yourself but the size in which you can grow it will be capped. That means your earnings will be capped.
Who wants that?! Isn’t one of the reasons we wanted to open our online businesses because we didn’t want that cap on our earning potential?!
If you can break free from the scarcity mentality and understand that the pie is so much smaller when you’re doing everything yourself, your online business will blossom. Most of us (including me) think that when we take money out of our business it hurts it, but the opposite is true in many cases.
When you give, it grows.
When you learn it goes faster.
Additional Resources
