Online business profits have never been higher, and those who are running them have never been able to do as little work as they do now.... continue reading
Online business profits have never been higher, and those who are running them have never been able to do as little work as they do now. While getting an online business up and running may take a lot of work, once you have everything going, you can start to sit back, work less, and still earn more. Want to know how? Keep on reading.
Why did you start your own business, for financial freedom and freedom of time right? To be able to do what you want with your time? You have to avoid getting sucked into the pitiful of actually working more and more in your business and being trapped more in it then you were in a job before.
Use The 80/20 Rule
So the question is how do you work more on your business then up inside your business? The first thing that you want to do is optimize and prioritize. This is crucial; this is something we do every quarter. You want to apply the 80/20 rule to everything you do in your business and in your life. Eliminate everything that doesn’t make the cut, that’s the 80%. You are going to keep the 20%; the top 20% of things that you do that makes sense.
What you can’t eliminate – prioritize. Once you have everything prioritized you want to take a look at it and see what you can batch, what can you do weekly rather than daily or what can you do monthly instead of weekly? Batch things together and your time will be used far more wisely. Batching is such a great concept.
You need to systemize everything in your business, you don’t just have a blog, you have a business and you have to think of it that way. Systemizing is crucial. Just think of it this way; everything you do you want to clearly define, every stop and every process, everything that is done in your business, it is very important.
Think of a machine that has many parts, you want to build this machine so that all parts are optimizing and working well together. This is a hard one; don’t be the bottle end, you have got to get out of your own way, because so many times it is so easy to have happen, you can be in your own way for everything getting done and you can be in your own peoples’ way for everything getting done. You shouldn’t be in that crucial process but if you are a control freak this can be very challenging but you will get over it. You have to let go, once you start letting go just a little bit your business will do so much smoother.
Automate & Outsource
Next, after you systemize everything you have to ask yourself what can I automate and what can I outsource? We say automate everything you can. If you are a big social media person use a tool like Sendible to schedule that out for a week so you have to do it every day. This makes perfect sense. Do weekly email follow up rather than scrambling to get that email out on Friday. Write them out and schedule them in advance.
Also outsource all the processes and jobs that do not need your brain. As soon as you have it figured out give it to someone else to do. This is a huge lesson, if you take one thing away; this is a very big one. This is going to be counter intuitive for a lot of folks but you want to make yourself redundant. Unlike the way you think in a job; you have to count on me for stuff.
When you have your own business you don’t want to be the only guy who knows how to polish that widget at the last minute before it can ship. Your business is not going to grow, you are #1 and your only job is to grow your business so you have to make yourself redundant and make yourself a manager. As your business grows you will be a manager of managers and focus on the strategy and focus on growing that business.
One of the biggest time wasters that many who have online businesses do is that they continually work and work at something that they’re horrible at. If you’re a terrible writer, then don’t bother drafting and re-drafting the same blog entry over and over. There are several sites that are loaded with talented writers who you can hire and pay a fair fee to do the work for you. They may charge you a bit for that blog entry, but when you think about it, you probably would have lost a lot more if you were to redo the blog entry over and over.
If you’re horrible with coding and you can’t build a website, don’t worry about it. There are a lot of web developers that will be able to not only create the website that you envisioned, but they will probably be able to put something together that’s better than you ever imagined.
Bottom line is this: do what you do best. For anything and everything else, hire someone else to do it.
Build A Good Team
On this topic – build a good team. Get the stars, the people that are hungry, and that want to do new things, and that want to take on new responsibilities. Find those people and bring them into your company.
Another thing that is important, that the Zappos guy brings up, is that people have to fit in your culture. For our culture you have to be sharp and a little bit weird. We don’t want boring geniuses working with us. You have to be fun to be around and you have to be smart because we are looking for people to introduce new ideas into our company.
You are going to have to define your own corporate culture, but once you do, stick to it. That is our rule, we only work with stars and don’t make exceptions to that because once you bring people in that ruin your culture or that bring you down just a little bit, it is going to keep going down and it is not worth it, ever. That is something we really stick to and suggest you do too.