Would you like to double your income?
Discover a new way of making money.
Dan Lok describes in FU money several ways of making cash, linear (salary, bonus, sales etc), windfall (lottery, inheritance, prizes etc), passive (stocks, property, internet sales of set it and forget it products, and finally leverage. Its leverage that provides the best opportunity and what I am going to focus on here. Many in the 1% keep working hard despite have the money spend their days at the beach. Why? Leverage.
What is leverage?
Leverage is building strategic alliances to build business opportunities. Many entrepreneurs try to do it alone with their money. They will spend thousands on websites and thousands more on product development. They control the entire value chain because they want 100% of the reward. Not a bad thing to want but it rarely works. This strategy has a high fail rate.
Many entrepreneurs avoid the leverage strategy because it’s slow!
Too many business owners see their companies as get rich quick schemes. A very expensive lottery ticket. Businesses take a long time to grow and will evolve as strategies, products, and market opportunities collapse. So many business owners just quit after they fail once or twice. The whole point of being in business is to learn what works and what doesn’t! It usually takes successful entrepreneurs 100’s of times and hundreds of products to get that one product that works.
So how do you leverage?
Glad you asked! It first involves creating a product that works for you. Then finding partners along the value chain to speed that product to market. Lets use an eBook. You can build a custom website which takes time. You can hire an expensive firm which burns money but its perfect. OR you could for example leverage Amazon to sell the product. Find a writer, marketer, and graphic artist through Fiverrr and build the product in 5 days for pennies on the dollar because you keep development cheap at first until you consistently make money then you go for scale and efficiency which will be years and years from now. There are exceptions of course but they are exceptions for a reason. Most entrepreneurs plod along for years, begging family and friends for money. You can do it for $25. Everyone can get $25!
You’ll make money slowly but you’ll make money!
By changing your approach constantly you eventually land on system that is yours and that works for you. Its repeatable and brings the level of income that at least helps to pay the bills if not does it! But most companies are small and very very few make millions in the short term. But most that stay with it can in the long run if they leverage with business partners who have scale to do it.
Set a goal and pursue it slowly and you can easily double your income. Be open to what that product is. Be open to where you market it. Be open to failing a lot. And most importantly use strategic partners to keep you expenses down and deliver product to the market cheap and fast. THAT is how you double your income!
