by Kelly K. O'Neil
If you became an entrepreneur, you probably set up your business so you could "do it your way." You wanted creative freedom--no bosses, no time clocks, no limitations! However, like many business owners you may have had a rude awakening to find your customers are your boss, the time clock extends to well past midnight, and you are limited by your time and energy. So you may find it hard to believe it when I tell you that you can earn more by doing less! You might even think I've lost my sanity. The truth is you will lose your sanity if you keep working harder and harder and expecting to earn more and more. That may be a path to wealth or it may be a path to burnout! I'd like to share my secret strategies for earning more while working less. I do it, my clients do it, and now you can do it too! Re-commit to your initial goals for becoming an entrepreneur and get balance back into your life. Here are some success strategies to guide you:
1) Move away from trading money for time
You don't have to charge an hourly fee like many attorneys. Charge by the project and develop package prices like coaches, massage therapists, and personal trainers. Offer a flat fee for consulting jobs, promote 3-month and 6-month packages, and set up group sessions. You can coach 10 people over the phone and bring in significantly more income for the same amount of time. You can also bundle services and products, like the colon therapist who packages colonic sessions with cleansing herbs. Or charge for your value by accepting a percentage of profits such as the ghostwriter accepting a portion of royalties instead of a straight fee.
2) Create continuous income sources, called "continuity income"
With continuity income sources, you work less and the money still flows in. An example is a membership site where members may join for $9.99/month or $99/month and you only need to post the information or give the teleclass one time to multiple recipients. Newsletter and other subscriptions are also continuous income sources. Additionally, offer a monthly recurring service such as website maintenance, ezine writing, article distribution, or coaching sessions. Yet another way to develop a continuous income stream is to clone yourself. Start an affiliate program for others to sell your products or train others to teach your seminars, classes, etc.
3) Develop passive income streams
I'm a big believer in developing passive income streams. You do something one time and it continues to generate income. An example is an eBook. You write it, put up a sales page, or put it on your website, and it sells 24/7. You can then turn the information in the eBook into a CD, DVD, workbook, teleclass, e-course, live workshop, and more. If you want to get started generating passive income from products and don't have the time, money, or expertise to develop your own initially, become an affiliate of an existing infopreneur. I have an affiliate program you can join and anyone can become an Amazon associate and sell books off their website. Another source of passive income is referral fees. Set up arrangements with your referral partners to give and receive finder fees for solid referrals.
4) Set up systems for success
Systemizing is essential for business growth. At UpLevel Strategies we operate on the premise of KNN—Kelly Not Needed. If something is dependent upon me, then a system is broken. I want my business to run without me so that I can lie on a beach in Cabo and know that my clients are being well taken care of and that the office is running smoothly. The best systems expert around is Beth Schneider of Process Prodigy. Check her out at www.processprodigy.com.
5) Establish a winning team
No, you don't have to do it all yourself! You may believe you "can't afford" to hire any staff, but you don't have to think only in terms of employees. Utilize contractors, experts, freelancers, and delegate lower cost functions to professionals to free up your time to do what you excel at, while only paying for services when you need them. Your team can include your attorney, banker, insurance agent, tax accountant, virtual assistant, web master, graphic designer, copywriter, technology guru, and business coach. All these experts take a task off your plate so you can work less as they contribute to your earning more. Another way to leverage your time is through partnerships with like minded business owners. You can create actual partnerships, joint ventures, strategic alliances, and power partner referral agreements.
 Kelly K. O'Neil, Chief Strategy Officer, UpLevel Strategies, Inc.
Award Winning Strategic Coach and Marketing to the Affluent Expert Kelly O'Neil publishes the 'Arrive!' weekly ezine for small service businesses and information marketers. If you are ready to learn the best strategies to market to the affluent so that you can make more money and have more freedom and fun in your small business, get your FREE tips now at www.uplevelstrategies.com.
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