How To Start A Consulting Business!
If you ask any Entrepreneur what their two biggest frustrations are it is not enough money and too little time!
I want to share with you a very simple formula that will very quickly increase your income and free up more time for you to do the things in life you love to do.
We all know that we are guilty of wasting a lot of our most precious asset. TIME
What You May Not Realise Is How Closely Time And Money Are Connected!
Let me explain! We are all given the same amount of time generally speaking on the planet! According to the Actuaries the average is 82.5 years.
And yet, even though that clock is ticking we fail to treat time with the respect it deserves.
So here is my Simple Formula for making more money and creating more time in your life.!
STEP 1: How Much Money Do You Want?
Some of you may think this is a silly question, but the SECOND MOST IMPORTANT step in this whole process is to determine WHY you need more money! (the most important step is at the end of this system)
You have to have the motivation to get off your butt and make things happen, so decide how much you really desire for the lifestyle you want!
For example, back in the year 2000 when I created this system I took my then girlfriend (now, my beautiful wife Jenny) to look at the type of home she would love to live in. (she thought I was crazy at the time) We went to look at all of these multi million dollar open homes even though I could barely afford to pay the rent at the time.
I then took her to a travel agent to look at the type of holidays she would like and how much they would cost. And then it was my turn . We went test driving cars.
After determining what type of income was required to have this lifestyle I came up with a number of $300,000.00. I urge you to do this simple exercise. It is a lot of fun.
Why Should You Do This? Within three years of religiously following this system I became a Multi Millionaire and owned one of the largest Airconditioning Companies in Australia.
End Goal: Your Subconscious now for the first time knows how much money you want in your life and why you want it, and like a Heat Seeking Missile it will start thinking of ways to help you get it.
STEP 2: How Much Will You Need To Make An Hour?
Now that you have an income level you desire you should determine a benchmark for how much you need to be making an hour.
You do this by working out how many hours a year you work! eg 40 hours a week * 48 weeks a year = 1920 hours a year.
You then divide this number into how much you wish to make eg: $300,000.00 / 1920 = $156.25 per hour.
End Goal: You now know how much you need to be making an hour to achieve your goal
STEP 3: What Are You Doing WIth Your Time?
Now that you know that you need to making at least $156.25 per hour to achieve your goal you need to look at the type of things that are taking up your time. From this moment forward you should only be working on tasks and projects that generate at least $156.25 or more per hour. Everything else you delegate.
BELIEVE ME – I KNOW THIS FEELS UNCOMFORTABLE IN THE BEGINNING, BUT TRUST THE PROCESS AND WATCH YOUR INCOME GROW!
The formula I use to delegate work is I look at the hourly rate. I this case $156.25 and I ask myself if I can get this task done for 50% or less of my hourly rate. If the answer is YES then I delegate it to someone else. (they will probably do the task better than you anyway)
Imagine you have a company that sells awnings and each sale is $10,000.00 of which you make $2,500.00 profit.
You want to make at least three sales a week to make your income goal.
You have two options to get the work done.
OPTION 1 : YOu do all the book keeping, the typing up of the quotes, cleaning the floors and toilets changing the oil in your vehicles, and paying all the bills all of which could be done for $60.00 an hour or less.
OPTION 2: Or would it make more sense to use that same amount of time generating more leads, doing more presentations and following up?
Of course using logic you would choose option 2. But how many of us are logical? Sadly many of us operate emotionally and decide to do it ourselves because it is easier.
End Goal : Look at all the tasks you are currently doing and determine if you can get the task done for 50% or less of your hourly rate. If you can then delegate it and focus on your high end tasks.
The Most Important Step
Step 4: Can My Business Or Job Generate My Desired Hourly Rate?
You have read this far because you obviously want to improve either your income or use of time, or probably both!
Now that you have learned this powerful system the worst thing you can do is NOT TAKE ACTION ON THE KNOWLEDGE!
The average income in Australia is currently $85,000.00. Now obviously this is a long way from $300,000.00
So if you want to create more money it is time to make a decision.
Do nothing. In which case you will continue to generate the income levels you are currently achieving and miss out on all the things you are dreaming of having in life (that require money)
The other option is to look for a Business or career that will give you the potential to generate your desired income.
This is where the Rubber hits the road ladies and Gentlemen, because 95% of people at this point will just give up and not take the action required to create the income they desire. (It’s no coincidence that only 5% of the population are wealthy)
Now, if you are part of the 5% that do want a Higher income and a lifestyle that you control then I would recommend you look into the Business Model that I use to generate my income.
That is the word of Business Consulting. I believe it s one of the simplest, most lucrative and personally rewarding businesses on the planet!
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