Years ago I shoveled snow as a young man in Brooklyn NY as a way to supplement my $1 allowance per week. On an average snow day, I made $50. which was a fortune to me, being 12 years old in 1966. The following year, I invited a friend into my little “business” and paid him a share of what I charged. I made $92 one day and there were several snow days that year.
The following year, I rented my neighbor’s snow blower for $25 per day, after using it to clean my neighbor’s property for him. I made over $260 on one particularly busy day.
Reflecting on that experience, I realized I had employed a very powerful business principle without realizing it.
Maybe the most powerful concept I learned at that age was LEVERAGE.
What is Leverage?
It’s the application of a small force to control a large force. Like using a large set of bolt cutters, to crack a very small, very hard bolt. It’s easy when you have leverage. In life, it’s using a small effort or a series of small efforts to create a larger outcome.
Leverage is also a smile from the “right” person at the right time or a nod indicating a decision. It changes things. That’s leverage. I am willing to bet that you will find the opportunity to apply leverage all throughout your life when you start thinking that way.
What Leverage Can You Get in Your Business?
I have a diverse group of clients, authors of best selling books, a business education and training company, even other business consultants. The one thing in common with all of them is they are working too hard and want Leverage. There are several ways to get it, lets explore a few here.
Writing Your Book:
There are several great programs out there which teach you how to take your book and your skills and become an “expert” in your field and how to capitalize on that.
One of the best programs I know of are from my friends Steve and Bill Harrison, who have been training authors for years on how to create, publish and promote their own best selling book on any topic. Recently they released a program on how to take that book and build home study programs and speaking opportunities.
You should check it out and see if you like what Steve says in this next video: http://www.bigticketbreakthrough.com/ The end result of that training is that you will have created a “Big Ticket” program that you can sell for several hundred to several thousand dollars.
Will everyone who takes the course be successful? Probably not, but the chances are good that if you enroll in the program and work hard, you can take the steps required to make it work.
The real trick to making it work is how much leverage you will get when you have a book. If it’s true that a book conveys your authority and can become your most powerful lead source, then it makes perfect sense to write one.
Consultants & Coaches:
You bill your clients based on your time or sometimes your production. There are sales consultants, technical consultants, business consultants, life coaches and many other types. You are the master of your universe, no one does it better than you and you know what it takes intuitively while others may struggle to even figure out what you did.
Your credentials are built on your results and your income rises only if you can:
- Bill more per hour
- Bill more hours
Sometimes if you are REALLY good, you can do both. But there’s a limit. No matter how much they pay you, you are still selling hours. REAL leverage gets you out of the work for money business and instead lets you amplify your labor into multiple streams of income.
Coders, Hackers and Content Creators:
You write code, you don’t market yourself. You build content, you may make a nice living doing both.
Would you prefer to work with several people who do your work for you, working for you and getting paid for managing that group? I bet you would and now you can.
All small businesses can get leverage but the BEST ones know the amplification factor.
The Key To Leverage is KNOWING What You Need Leverage On and HOW to get it.
Think about leverage this way; we all need and want more time and money.
All you are really doing here is trading off something of value for something of more value. Obvious, right? Well… not exactly. If it were completely obvious, then everyone would be thinking this way. By the time you are done reading this article, you will change how you think. You will be constantly looking for leverage.
A Great Example of Using Leverage.
“But I don’t have the money to trade for more free time!” – A common complaint. But it’s not always true.
Let’s say you teach people how to levitate. Everyone wants to levitate, right? The problem is you don’t have enough clients to fill your week at $600 an hour. Someone says to you “Hire a salesperson to sell your hours for you.” and your answer is “I would, but I don’t have the money” but you would be overlooking an opportunity to use leverage.
Let’s say you found someone who is not working and explained to them: “I will give you $100 an hour for every hour you book for me, I have 30 hours a week that you can fill.” This means that someone could make $12,000 a month, that $144,000 a year by selling your services.
What type of salesperson could you hire for $144,000 a year? A pretty good one I assume. But yet, it didn’t actually cost you a penny. That’s Leverage!
If you don’t know how to hire a salesperson as I describe above, here’s how you do it: How To Hire Sales Superstars
Think about your life and where you can use leverage.
- Do you want to work fewer hours?
- Do you need people to shop for you so you can spend more time with your family?
- Babysitters are great leverage, but what about sleep-overs? Swap sleep-overs and save the babysitter costs.
In the office you may already have an assistant but if you don’t, or if you need a special project done consider a part-time personal assistant. How about a Personal Assistant that will do an unlimited number of tasks for you for just $69 a month! They are in another country and yet serve people from 35 different countries. They speak perfect English and can handle a long list of tasks. For example:
- Make airlines reservations and reserve your limo on each side of the trip.
- Set restaurant reservations
- Get your show tickets in NYC
- Find out why there’s a charge on your card you can’t identify.
- Locate the best price for an Apple MacBook 13″ Retina with free shipping.
- Research how many small businesses went out of business in their 1st 5 years.
- Look for competitors to a new idea you have just thought of.
All these tasks can be accomplished with a Personal Assistant costing you just $69 a month. Think I am kidding? Take a look: https://www.timesvr.com/plans – The point is that you can add more time to your day a little at a time and then as you get used to delegating, you can get more and more.
Shift Your Thinking, Change Your Life!
Look at everything in your life and ask where you can get leverage. Look at your day and prioritize, can you assign tasks you don’t want to do? Everything can be done by someone else except the things you love to do and the things that are your real job.
“But I don’t see where I can get leverage in my life or my business…”
I know it’s sometimes hard to see exactly where you can get leverage, you are probably a little too close to your own tasks to see how they can be delegated. If you are open to it in your personal life, ask a friend to help.
Sometimes in business, you need a fresh set of eyes.