Will Your Startup Become a Job or a Sizable Company?
Are you selling your services for an hourly rate? When you first start a business it is completely fine to trade your time for a fee. Sooner or later you have to focus on other earning alternatives that rely less on your valuable time. If you don’t, increasing your income can only mean you will be increasing your personal workload. Let’s face it, do you really want to work 80 hours or more per week?
Some possibilities that amplify your earning power include investment properties, subscriber sites, angel investing, building a highly niche and sizeable community online, revenue-sharing partnerships, affiliate marketing, etc. All of these examples create consistent income without trading time for money.
To get on the right track, take a good look at your business model to determine if you’re maximizing your time. If you are trading time for money, consider incorporating one of the above ideas into your current business model.
Remember, entrepreneurs who understand the power of leveraging and scaling their businesses become millionaires by bringing more value to the marketplace than their competitors, not by working longer hours.