Some of the most successful people in the world are those who don’t do the work that actually makes them the money.
I don’t know if Alan Sugar knew anything about electronics but I do know he made a lot of money selling electronic items such as record players, televisions and computers as Amstrad many years ago.
He’s probably never soldered any electronic components together in his life… and why would he? He had other people do it for him.
The secret to many successful businesses and individuals is outsourcing.
Successful people outsource the hard work to other people.
I believe successful people have a different way of looking at money and business.
They use the money they have instead of protecting it like most people do.
Most people would rather have a £20 profit instead of a £2 profit but that is where they often get it so wrong.
To make £20 profit could require you to do all of the work yourself but a £2 profit could be the profit you make off the efforts of another person and if you have 20, 30 or more people or products all making you a £2 profit, you make a lot more than £20.
Another thing that successful and wealthy people are acutely aware of is the difference between time and money.
Time is something that you cannot get more of… but you can always get more money.
And with that in mind, they don’t use their time to do something that other people can do better or quicker.
Doing something they don’t know how to do will require them to learn and that can take up quite a bit of their time.
They’d rather pay someone to do the things they can’t do or would rather not do so that they can focus on doing the things they do best or would rather do.
Very often, successful and wealthy people would rather earn £100 doing something they find easy and then pay someone £50 to do a ‘specific task’ for them resulting in them having the specific task done and be £50 in pocket.
In the past I have talked about an electrician friend who was converting an old council building into apartments.
He could have had developed the property quickly by doing more paid electrical work for customers which paid him more per hour than what it would have cost him to hire other trades to do the carpentry, brickwork, plastering and painting… but he didn’t.
Instead, he tried to do most of the work himself and ultimately lost the property to the bank due to failing to pay back loans.
This electrician lost everything because he didn’t work smart and outsource the work he didn’t need to do.
He wanted to do it all himself.
He chose to do it as he enjoyed it, but it was a foolish ‘vanity project’ because it eventually cost him big.
Ultimately, what he wanted was an apartment block with paying tenants giving him a monthly passive income.
Instead he ended up with the bank taking it all away from him and he was left with nothing. Even his wife left him because she was fed up with being in debt and the development dragging on.
Had he bought in the other trades to do what they do best and he carry on doing more electrical work for his customers, he would have got the apartments finished earning him the money he needed to pay off the loans and have more money in his bank which could have also gone towards the loans.
He was in a perfect position to change his future but unfortunately, he chose to do it all himself and that became his anchor which eventually dragged him under.
It is the same in all business models.
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Take selling digital products such as eBooks and courses.
You can create your own digital products yourself which could take weeks or even months working evenings and weekends… or you can you focus on earning the money to pay someone else to create them for you and have them done quicker.
When you have a finished product, you can make money from it and so it is important that you get it to market as soon as possible.
It’s just good business sense.
If you are developing or creating something that you know or believe is going to make you money… why would you delay that by doing it all yourself?
If you have no other option, then I get it… but if you are one of those who do have options, surely it makes sense to capitalise on them.
Previously I talked about a guy in the US called Eric who was making more money offering concreting services to the public, than he was when working a day job.
Eric quit his job to focus on offering concreting services to people wishing to build homes, garages and extensions even though he knew nothing about concreting.
The actually work was outsourced to another company. They did all the hard dirty manual work.
He would place his adverts on social media, talk to any clients who contacted him and then go and measure up and take photos of any potential work.
Talking, measuring, taking pictures and adding $2,000 (£1,624 ATOW) on top of the price given to him by the concreting company was easy for Eric.
What he didn’t find easy was digging out the ground for the concrete, laying hardcore, fitting steel reinforcements, pouring and floating the concrete smooth… which is why he outsourced that bit to those who specialised in that kind of work.
Eric was earning $2,000 per job for less an hour’s work.
By choosing to simply ‘front’ the business and outsource the actual work, Eric was able to take on multiple clients and earn multiple $2,000 commissions.
I also recently read about a guy who was travelling the world and making six-figures-a-year as an agency owner offering online services.
All of the actually work was done by outsourcing it to freelancers.
The guy himself did nothing more than talk to clients and potential clients telling them about the services they offered and then farm out the work to specific individuals when payment was received.
It was all pretty simple.
For him, he just had to talk to people through Skype or zoom, maybe on the phone and send emails and messages.
It was a lot easier and more profitable to him than actually doing the work that his agency offered to clients.
Another example of outsourcing profits are those people who pay writers to write books which they publish to platforms like Amazon kindle.
They also pay people to convert those books to audio books which are then added to platforms like Audacity.
They pay out once to have the products created and once those products are online, they can be sold for many years generating a passive income.
If it cost £1,000 to have a short fiction book written and converted into an audio book, they could quite easily make that back in a month or two.
Even if it took a year to make that investment back, they have many more years to turn a profit.
Just think how popular certain books have been over the years, they keep selling many years after they were first published.
There are dead authors who are banking more money each year than most of the working population!
In this example, a person who spends £1,000 to have a book and audio book created, will create another once they have earned that investment back and they will repeat this until they have a decent amount of books bringing in a large passive income each month.
The power of outsourcing is to simply use other people’s skills and efforts to do the hard work leaving you with the easy work and more free time and you make a – very often substantial – profit from their efforts and hard work.
Running a profitably business that outsources the work has been made easier thanks to the internet and thousands of people needing online services and thousands more offering those services.
You just need to position yourself in between both groups of people and cream off a profit.
Does that sound like hard work to you?
Kind regards
John Harrison
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