(I originally wrote this article a few weeks back for entrepreneur.com, and the awesome editors there allowed me to republish it there. To see the original post, click here.)
How would you like to make $1,000 per hour?
No, you don’t need to go to law school or become a doctor. In fact, you can start making $1,000 an hour or more right now.
This is not an article about some new multilevel marketing company or passive income stream. You can achieve these results in your current business, knowing what you already know.
And best of all — you can make this money consistently.
I recently listened to 80/20 Sales and Marketing by Perry Marshall on Audible. Like these books I mentioned a few weeks ago, 80/20 Sales and Marketing is changing how I think about business. (Whether you are in sales and marketing or not, pick up a copy of this book today. Trust me.)
In the book, Marshall explains how in a typical day, a person does numerous tasks that are worth just a few dollars per hour, and a few small tasks that are worth much more.
Download Your FREE Tenant Screening Guide!
Hey there! Screening tenants can be a tricky business, and this critical step can be the difference between profits and disaster. To help you with your real estate investing journey, feel free to download BiggerPockets’ complimentary Tenant Screening Guide and get the information you need to find great tenants.
How Much is an Hour Worth?
Nearly every task on earth could be outsourced, for a price. If you want to get ridiculous, you could even hire a butler to pick you out of bed, carry you to the bathroom, and brush your teeth for you. While I don’t recommend this, let’s expand on this topic.
If you are mowing your lawn for one hour, how much are you earning during that time? You could have paid the neighbor’s kid $10 for that work, but instead you did it yourself. You earned $10 for that work.
Look at you, big-shot entrepreneur! You should be proud.
Now, maybe you already hire a kid to mow your lawn. But what about checking your email? Your Facebook? How much is that worth?
You could probably get that done for around $10 an hour also. Maybe less.
OK, Brandon, I get it: outsource more. But how does that help me earn $1,000 an hour?
Hold your horses, we’re getting there.
Just as there are certain tasks during the day that are worth very little, there are other tasks that are worth more. For example, hiring new employees.
If you are the CEO of your company, you are likely still hiring your own employees, sifting resumes, doing interviews and making offers. But how much is that task worth, per hour? What would a competent person charge to do such a task for you: $30 to $50 an hour?
Let’s be excessive and pretend we all live in San Francisco. A good HR person might cost you $100 per hour. So by doing all the work of hiring new employees, you are making a whopping $100 an hour. Look at you, hot shot! Your parents would be proud.
But I’m not done yet.
What about the tasks during your day that are worth much more. I’m talking about those special moments when you make a huge sale, land a big client, install a new product or reach 50,000 people on a podcast.
Those moments are worth much more. Those moments, even if they last only a few minutes, can be worth $1,000 an hour or more.
Consistency is Key
Let me ask you a few questions:
- How much time today did you spend doing tasks that were $10-per-hour tasks?
- How much time did you spend doing $100-per-hour tasks?
- How much time did you spend doing $1,000-per-hour tasks?
My guess is you probably spent a lot more time doing $10-an-hour work than $1,000-an-hour work. In fact, I’d guess you are spending 99 percent of your time doing the former and just 1 percent doing the latter.
But what if you could spend more time doing $1,000-per-hour work and less time doing $10-per-hour work?
I know what the naysayers are thinking right now: “In order to have those $1,000-per-hour moments, you have to spend a lot of time on the $10-per-hour administration tasks.”
However, do you need to spend that time on the $10-per-hour tasks? Can you train someone else to do all those tasks for you? Why can’t they do the windup and you throw the pitch?
Everyone can earn $1,000 an hour. Even a fast food employee has tasks that, if only for a few seconds, are worth $1,000 per hour. The key is in consistency, and increasing those moments in your day.
The more time you can spend doing $1,000-per-hour tasks the more money you, and your business, will make. It truly is as simple as that.
If you currently spend 30 minutes per day doing $1,000-per-hour tasks and the other seven and a half hours doing $10-per-hour tasks, you are bringing in $575 per day for your business. But if you spent two hours per day doing $1,000-per-hour tasks, and six hours doing $10-per-hour tasks, you are bringing in $2,060 per day for your business.
Do you see the power in this?
The best part isn’t even the money, it’s time. What would be better? Spending 12 hours per day doing $10-per-hour work or one hour per day doing $1,000-per-hour work?
Take a minute right now and write down what tasks in your business are worth $1,000 per hour? What tasks are worth $100 per hour? What tasks are worth $10 per hour?
Start outsourcing the $10-per-hour jobs out today, followed by the $100-per-hour jobs.
Watch how fast your business explodes.
Photo Credit: http://pixabay.com/