Episode 543 – How to Leverage Your Time in Your Cleaning Business
The Ladder to Entrepreneurship:
When I was a kid, I wanted to make MONEY but had NO idea how. My first job was working for $2.35/ hour at Carl’s Junior. From there I moved on to a telemarketing job for $10/ hour.
I then upgraded to being a waiter for the same two bucks an hour, but this time I had tips, but still I only made maybe $10/ hour.
Then came my huge shift into car sales for commission. I ended up making $30K ($15/ hour) my first year, $40K ($20/ hour) my second year and then left after making $50K ($25/ hour) because I realized ANY “capped” salary wouldn’t be enough for me. Trading my time for money no longer interested me. Instead, I wanted CONTROL and IMPACT on MY terms, so I started my business.
The problem is, I went right back to $10-$20/ hour work and made $40K profit my first year.
Honestly, $10/ hour work and $100/ hour work FELT the SAME, I couldn’t tell the difference. I kept trying to “manage my time” better without realizing no matter how “efficient” I was with my hours, if I was doing $10/ hour work, I could never make more than $20K/ year. This caused me to hit the ground running every day, and finish exhausted, with a HUGE list of things “undone” and have NO IDEA what I actually DID that day!
The REAL Problem:
A Huge Realization:
It’s a simple framework YOU can implement TODAY actually!
There are three types of income:
- Unleveraged LOW Income (under $100/ hour)
- Providing your service, paying bills/ payroll, driving, etc
- Trading your time for SMALL money
- Low demand, high supply- anyone can do it, lots of people want to do it
- Constant alarms/ reminders to do this work
- Learn once and rarely have to step out of comfort zone or grow
- Has to be done over and over- worth ONLY what the service is
- You want to be here LESS than 10% of the time
- When you are just starting- don’t tell yourself you “can’t afford it”- if it’s profitable, you CAN afford it, if it’s NOT profitable YOU certainly shouldn’t be doing it!!
- Unleveraged HIGH income (over $100/ hour but limited by your time)
- Sales, doctors, lawyers, etc
- Trading your time for LARGER money
- High demand- Low supply- lots of people want to do it, few can or will
- Fewer reminders
- Requires more personal growth to compete
- Still has to be done over and over, just for MORE money
- You make much more, but ONLY when you perform the work
- Can spend 20-60% of your time here
- Be careful because it “feels” like you are making money and you are, but it’s still NOT owning a business
- Leveraged Income (can make any amount, but INDEPENDENT of YOUR efforts)
- Creating systems, building a culture
- Trade your time ONCE and get paid indefinitely
- HUGE demand virtually NO supply
- ZERO reminders- doesn’t “feel” like you are “getting stuff done”
- Requires tremendous and consistent investment in yourself/ personal growth
- Do it once, get paid forever
- Spend AT LEAST 33% of your time here- the more the better
- Creates long term wealth!
So many of the people we coach start with unleveraged low income like I did, trading time for money, then move to unleveraged high income and many, if not most, of our top level clients are in the leveraged income stage.
Control & IMPACT:
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