Takeaways from a 4-Hour Work Week
I have been reading Tim Ferris’s book off-and-on in hopes of really mining some critical information on productivity. What I found was specific pieces of information that a person can leverage in order to make a dent in their current status of living.
I am writing this summary of Tim Ferris’s (how-to) book in the context of my vision and goals.
I have always wanted to travel much more than I already have. I am thankful for the opportunity to have traveled (mainly on vacation) to a few island countries along with a few locations within the continental US. My dream however, is to live in Barcelona (regardless of Catalan’s independence) and do so comfortably. I would like to find a high rise apartment overlooking the Spanish villas and/or ocean. I also would like to embark on a career as an actor, amateur-professional motorcycle racer, and entrepreneur.
Huge lofty goals yes, but not impossible if you have the right base. Ferris’s book points directly to the point of building up financial autonomy through a hands-off business. This business has a primary goal of revenue generation that maximizes profit with low expenditures and overhead. Furthermore, this business should not require the ca
As I read through Ferris’s book I took note and bulleted a few points of importance to remember.
The 4-Hour Work Week Notes
GTD- Getting Things Done Mentality/ Save Time / Get Right to the point
-Email only at 10am, 12, 4pm
-Keep conversations short to what’s up and I am in the middle of something
-Focus on the things you need to do.
“Ever Tried, Ever Failed, No Matter, Try Again, Fail Again, Fail Better.”- Samuel Beckett
(You must start at your computer with a clear list of priorities and/or questions that need answers.)
Make a daily to-do list on a piece of paper versus a computer.
(Have 2 mission critical items on the list)
· Your goals need to be specifically defined
o Timeline/ Quarter Growth
· 2 months of work projects = 1 month vacation for you to travel and do something great.
o Build out projects that can generate revenue on their own.
- Which will allow you to travel.
· Have a target goal for each day
· Research and hit targets with limited time
· Buy property, rent it, and then travel continuously as the rent increases.
Target Monthly Income/ Target Goals
· You should be able to write down a target monthly income and have a plan as to where the cash will specifically be going.
· Monthly Income: Having/ Being/ Doing
- Includes what things you really would want to have over a course of time.
-Pertains to your everyday necessities
§-What things do you really want to do:
· Hiking Mt. Whitney
· Racing Motorcycle
· Building Exo-Suit/ Launching other projects
· Use Google Adwords and AdSense
o Utilize A/B Testing to see what works and then cut after you find what does not work.
· Online Affiliate Marketing
o Utilize affiliate marketing strategies in order to gain revenue for your site and for yourself.
o For apps, you can use affiliate marketing as a way to generate revenue.
Product Growth/ Building a lean B2C Business:
· If you have a new product or idea invest in sales-testing first.
Trial Testing/ Lean Market Testing:
- Look at your resume, the groups you belong to and see if they have a common belief in a product.
- Pricing low is shortsighted
- Your product should be explained/defined in one sentence
- Charge between ($50–200)
-If it is a hard product that you are selling:
-Use Shopify to create a billing solution
Reselling products from lower cost manufacturers:
-Contact manufacturer and request (wholesale pricelist) usually 40% off retail.
Becoming an Expert in a field and Selling knowledge:
-Join two-three trade organizations that are focused on the topic at hand.
-Read 3–5 top selling books on the topic
-Search best-selling NYT lists
-Form a website that you can then add the reviews and the general focus/synopsis of the books on.
-Give a free 1-hour seminar
-At a university try and get in to be a speaker, tell them you are a member of X,Y, organization.
-Ask to speak at certain trade-shows
-Optional: Offer to write one or two articles for a trade magazine (Cite the accolades from step 1 or 3).
-In order to remain as a credible export in the area of interest.
Micro Testing your product
Google Adwords to test
Embed Mailchimp to allow your users to subscribe for email updates.
Create content videos
-Run affiliate marketing across websites (focus on customer verticals)
SEO A/B Testing
Google Optimizer allows you to test pages.
99 Designs and Crowdspring
Offer one or 2 purchase options only
Do not offer multiple shipping options (1 fast method and charge a premium)
-No overnight shipping
No phone orders do online only
Do not do international shipping. (Customs farms +tariffs and duties.)
Filter your customer
Do not accept payment through Western Union
Look like a larger company
Question to Answer:
-How can you get paid in US dollars while working remotely in another country?