This is a special episode takeover by my business coach, James Wedmore. Check out The Mind Your Business Podcast with James Wedmore
We’ve been conditioned to believe that the more we work, the more we earn. And often we use “busy” as a badge of honor – we equate success with working more hours and how hard we put effort into our work.
But I bet, there’s not a single person in the world who wouldn’t like to work less and make more money at the same time. And maybe like me, you probably started your business because you wanted to have ownership and control of how you spent your time. You do not have this dream to be chained to your desk all the time and work ridiculous hours.
So what does it really take to GROW YOUR INCOME and INCREASE YOUR RESULTS while actually WORKING LESS? And Is it really possible?
Listen to today’s episode – it’s a podcast takeover with my business coach, James Wedmore. He shares with us what it really takes to build a thriving online business from different angles, how to MAKE MORE and WORK LESS. I love how he approaches business and makes things super tangible and tactical and I wanted to share this because it speaks to exactly what I wanted when it came to my business.
I hope this episode improves your relationship with time, moves out of the hustle mindset and encourages you to take action and scale your business that’s aligned with your life.
In this episode, you’ll learn:
- the time-money connection
- shifting from employee to entrepreneurial mindset
- what is leveraged offer and why do you need to have one if you want to make more
- what actually is a premium price
- how the ascension model can help you increase the results in your business
- plus smart steps you can do to make more and work less
Episode Show Notes
How do you MAKE MORE and WORK LESS?
- Break the chains of time-money connection.
If you are an entrepreneur, you must once and for all shed the identity of the employee paradigm and step into the world of entrepreneurship – this is an important piece.
You need to recognize that money and the ability to make and attract money are not contingent upon your work. Does it mean you just sit on the couch all day and collect checks? No, work is still required but know that it’s not directly correlated with money.
So what happens when you’re still trapped in this mindset?
- You’ve decided that there’s a constraint to your business growth.
Since you’ve been running your business from a finite source, your mind is already set that there’s a limit to the growth of your business. There’s this cap or a ceiling and for some of us, it’s a pretty low ceiling.
But why is that? It’s because we know that there are only so many hours in the day and there’s only so much energy you have making your hours and output of work limited to that.
- You convinced yourself that money is more valuable than time.
When you run your business from this paradigm, you’ve completely, utterly convinced yourself that money is more important than time because you’re willing to give away a finite precious resource for money.
You must understand and keep in mind that time is more valuable than money. It is because money is an infinite resource. You spend time, you can’t get it back. You spend money, you can get it back and sky is the limit.
- Don’t focus on making money instead focus on making a machine that make money.
Smart entrepreneurs focus on making a machine that makes money and that’s what you want to do. You want to understand the model that you’re working from and build the machine. You want to do what it takes (effort, time, energy and money) to build the machine and then we need to get that machine to work for you.
To make more, we want to be more strategic in all of our thinking. And when we’re being smart and strategic in our business, obviously we want leveraged offers. Every single online business and online expert needs to have a leveraged offer.
But what is a leveraged offer?
A leverage scalable offer means whether one person buys or 1 million people buy, it does not matter. It’s no different. This also means we’re going to do the work once but it’s going to have multiple outputs.
Any type of leveraged offer (online course, a membership, any digital product of sorts) is where it doesn’t matter how many people buy it. Your time doesn’t go up and your cost doesn’t go up.
Here’s one good example of how James leveraged offer on his business:
Years ago, he promoted someone else’s programs and when people bought it through his affiliate link, he included a live event in person. He then recorded the whole thing and sold these recordings.
Applying this leverage thinking, he had four benefits just from these one 3-day event which generated an additional $20-30,000 in his income:
- He got paid through commissions
- He had a new course – he turned the event’s recording into a new training which he had sold
- He received testimonials from the event and had used this in his marketing
- He made an additional offer
- Have a strategic way of getting your leverage offer in front of many people as possible.
If you don’t have a way where thousands of people can see the offer at once, you’re not really doing something to make more work less. Understand that once you’ve built that machine to sell that leveraged offer, it should be built in such a way so that the more people that see the offer, the more people buy. You have to keep in mind that the offer and the sales process have to be leveraged and scalable as well.
- Always have premium pricing.
Premium price means you’re in the top 10% of your market for comparable type products and services (and sometimes it’s even going higher than that).
If you don’t have premium pricing that’s probably because you’re thinking that if you have it priced lower, people will choose you over your competition. That means you’re playing the price game as your unique positioning in the marketplace which could probably do you more harm than good because you’ll probably attract the freebie seekers instead of attracting really committed, serious and awesome people that you’ll love working with. So why not offer a premium service, a premium product and charge what it’s worth.
(Check out Episode #111: How to Raise Your Speaking Fee (even if it’s currently zero) if you’d like to start charging (or charge more) for speaking gigs, but aren’t feeling confident with how to approach this with potential clients.)
- Having an ascension model in your business
What is an ascension model?
The ascension model is understanding the concept of lifetime customer value (LTV) which is the journey you take your customer through in your business. It is easier to get someone to say yes again to continue working with you than to go chase new people. And the higher your LTV is in your company, the more successful your business is going to be.
Now that we have a leveraged offer which means we can bring in more people, we have it at a premium price and we’ve brought them in through a leverage sale system, next is we stack that with a second or third offer so that it’s easier to sell to existing people and keep them in our world.
James shares how he utilizes this model in his business. People who enrolled in his program have the option to upgrade to 1:1 coaching. Once their membership ends, they can renew and stay in the program
This is one of the most effective ways that you can be making more with less or no effort from you is when you have a backend offer in place where one product leads to the next one.
- Hire and outsource
This is the one you’re gonna need the most and is the easiest, most powerful way to work less. You can just start with one person, even a part-time virtual assistant to take a few things off of your plate. Just getting a couple of hours a day back is going to be such a difference for you.
- Automate things
Once you start outsourcing and delegating, now you can start looking at automating things. Think of how can you automate more in your business. Invest in tools that allow you to automate things whether it’s calendar invites or weekly processes and check-ins and reminders. All these little things – that little five minutes here, 10 minutes there, that if you’re not consciously looking at it, they all add up and will eat your day. So when we get to automate those things, we get our time back.
- Repurpose and reuse your content
Look at ways in which you can rinse and repeat. Ask yourself, how can you repurpose and reuse your existing content because you are the bottleneck as an online expert. You have to create so much content as it is so you might as well leverage and reuse it.
If you’re interested in the concept of batching listen to Episode #98: Cara Harvey: Productivity for Content Creators and learn how to be intentional with your planning, content batching and overall time management to free you up for what matters most.
- Delete those things that are not scalable.
Sometimes we hold on to those things that keep us busy and they drain us a bit. If you’re still doing some low-value activities that in your heart you know that you shouldn’t be doing, it’s time to get them off your plate.
Once you learn to let go of these unscalable, you open up yourself and your business for more scalable and smart money-making opportunities.
Links mentioned:
Check out The Mind Your Business Podcast with James Wedmore
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Did you enjoy this episode? Here is some related content that you may be interested in:
- How to Raise Your Speaking Fee (even if it’s currently zero) – Ep #111
- Cara Harvey: Productivity for Content Creators – Ep #98
- 3 Enhancements I’ve made to my online program that you should steal – Ep #90
- Bonus Training: How to Get Eyes on Your Business in 2022 – Ep #128
- 3 Reasons Why Those Guest Appearances Aren’t Getting You New Leads – Ep #86
- Is Guest Speaking Wasting My Time? [My 2020 Speaking Recap] – Ep #68
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