Online business leverage with freelancing (concept from One Minute Millionaire).
I loved this chapter of the book. It opened my eyes on business leverage concepts. Since One Minute Millionaire was about offline business and real estate investing, I’ve decided to brainstorm the concept to see how it applies for online business.
5 types of leverages described in the book were:
OPM – Other people’s money.
In short, this means using other people’s money to the benefit of both parties. Let’s say you found a killer product to promote online, and you have the right angle. But you don’t have cash. You persuaded John to give you $1000 on your online campaign, agreeing that you will split the profits. And then you brought $3000 in sales. John gets his $1000 back and + 1k for each of you. Win-win.
OPE – Other people’s experience.
Essentially, this means modeling the person who is already profoundly successful in your business. If you cannot meet him/her personally, attend their live events/seminars/webinars, read their books and articles and everything you can get your hands on. This can save you years of pain and frustration.
OPI – Other people’s ideas.
You just take an idea from other people, that you really like, and take action on it. In internet world it’s simple – a lot of successful bloggers and leaders share their ideas openly and encourage you to act on them. So listen closely to the ideas of highly successful people and adopt them.
OPT – Other people’s time.
Most of the people will gladly sell you their time, knowledge and/or resources. Some of them will volunteer their time for your business (good analogy with internet will be guest-blogging).
OPW – Other people’s work.
Difference between OPT and OPW is the fact that people from first group don’t need a “job”, but they can sell you some of their time, occasionally (call it gigs, if you will). With OPW you are looking for people who need stable and secure jobs, not a one-time opportunity.
For online business leverage we will take a look at the last 2 types – OPT and OPW.
And while other type of leverages are very important in internet world too, I believe that 2 last ones have the power to transform your business into huge money-making machine. In the quickest time possible.
As soon as you start earning couple of thousands per month from your internet business, it’s wise to invest in OPW and OPT. Why? Because you can’t be at 20 places at the same time. When we start online, a lot of us are forced to do everything yourself – keyword research, building sites, writing articles, on-page optimization, building backlinks, running ppc campaigns and so on..
Do you know that most of these jobs can be outsourced for $2-3 per hour?
So if your main business relies on blogging – invest in a backlinker. For $300 per month you will be able to increase your traffic by a large margin, and you will have a piece of mind, knowing that most your posts will be found on Google and read.
Note: always search for a good manual backlinker with solid results from previous jobs. Guys who use automated softwares like SenukeXCr and such tend to be lazier. Not only that – they can ruin your website with these automated links. So encourage your manual backlinkers by paying them more or giving occasional bonuses – manual backlinking is hard work, but it’s what your business truly needs to thrive.
Someone might say – I don’t need a backlinker, I’m doing paid advertising! Well, good. Then invest in PPC expert. They are a bit more expensive, close to $500/mo, but they will run and manage all your campaigns and research for new keywords. Just a tiny $0.5 decrease in CPC (cost per click) will save you thousands in a long run. And most PPC experts will be able to do far more.
If you rely on other types of paid advertising (like solo ads, banners, etc) – invest in someone who will split-test your campaigns. Seemingly small 2% increase in conversion will bring you thousands in additional profits.
That’s the foundation of online business leverage.
To increase the leverage even further you can outsource your keyword research, building affiliate websites, creating videos, managing your social accounts and anything else you can think of. You can even hire “idea generators” for your business, if you are feeling lazy or unmotivated.
Hiring/inviting great guest bloggers can give you additional exposure and different material for your readers. It can also give you some rest from writing :) Just don’t overdo it. Remember, it’s your website – and your content should be dominant. Oh, and never hire someone to write articles for you, no matter how good the writer is – he doesn’t have a clue about success in internet world. And most of these articles are usually bland and boring.
Another good idea for additional business leverage is to hire someone to grow your social accounts daily. Imagine what you could do with thousands of targeted friends/contacts across all social networks. That’s a cheap job, but results could be phenomenal.
Your worker can add 20-25 friends on Facebook, 50 followers on Twitter, 20 on LinkedIn, some on Pinterest and so on. I wouldn’t give my main Gmail to anyone though, to build G+ following. However, you can create a new gmail account and give it to your worker, to overcome that obstacle.
Of course this has its dangers. You should never give this to a person who has less than perfect feedback and good reputation. That’s why you should use Odesk.com for such types of work. It’s easy to determine what kind of person you are dealing with just by looking at their previous feedback.
And that’s just a tip of the iceberg. You can get much more business leverage if you just sit and think for a while. Doing it online it’s easier and opportunities to expand are virtually endless. Just use your income wisely :)
Let me know your thoughts.