The more you work IN your practice, instead of ON your practice, the lower your profits and the more stressed you will be.
The key is to use leverage and diversify enough so that when the market changes, the practice is not just reliant on you and all of your eggs are not in one basket.
There are numerous ways that will give you more time, more money and freedom without working every single hour in the day.
There are numerous ways that you can have the benefit of 1% of 100 people’s efforts, instead of just 100% of your own.
Here are 3 to get you started:
1) Delegate or Outsource
There was an article on Forbes, pointing out that “entrepreneurs like to think they’re self-sufficient.”
Unfortunately, it’s that kind of thinking that can get you into trouble.
No entrepreneur is really self-sufficient.
The truth is that one person alone can’t handle it all, although we like to think that we have control over every aspect of our businesses.
But then work gets in the way, which means that retaining control over the smallest aspects of any company is tough; as we strive to manage every last bit but usually ending up in serious frustration.
We can’t do it all. Nobody can.
You simply must delegate or outsource (if you have no staff) if you want your business to thrive and you want to enjoy a successful life.
2) Get a Business Partner
Having a business partner can be one of the greatest forms of leverage for both you and your partner, especially when done correctly.
This doesn’t mean you take what you currently have and give half of it away to someone who’ll be your partner, and it doesn’t even mean that you’ll start a new venture and split everything 50/50.
You can set up revenue sharing and equity partnerships for new or existing ventures based on what each person brings to the table.
3) License Your Ideas or Strategies and Let Others Do the Work
You might have some great ideas or business processes, but don’t want to put in all the work to make and market your own product.
Maybe you just want to make some of the product, then let some professional put the finishing touches on it, do all the marketing and distribution for it, take care of all the customer support and business development… then you just take a check every month for having the idea and getting it started.
This is what licensing is like for physical products, unique business processes, technologies, information, and more. Meanwhile, you can focus on your primary business or go work on more content.