Escape the Hustle With Leverage
Did you leave a high-paying career to create your freedom business? Are you now stuck working longer and harder hours for less money? Working up past midnight, day after day, week after week, month after month, waiting for the “To Do List” to eventually get shorter and the results to finally reflect the time and energy you’ve put into this?
Business can be overwhelming and exhausting. I’ve been there. But now, my business provides more than enough money for the lifestyle I love and I only work around 20 hours a week, for 40 weeks a year. Plus, when I am working, I’m doing the cool stuff that I love!
I’ve created that through leveraging 3 key business assets – Products, People and Systems.
In this article, I want to share with you how 3 different coaches and thought leaders I’ve spoken to on my Leveraged & Loving It Podcast are leveraging these 3 key business assets to create businesses and lives that they love.
Lesson 1 – Buy a business
When I chatted with Lorraine Hamilton, she told me she always dreamed of creating a coaching school. As coaches and mentors, it’s pretty easy for us to fall into the trap of creating everything ourselves (I’m guilty of this – I love creation). After trying to create the content for this coaching school herself, Lorraine soon realised that it wasn’t going to happen if she tried to do it herself. When an opportunity to buy an existing coaching school came up, Lorraine instantly saw a way that she could have massive leverage. She bought the business.
In my model, I’d call this leveraging products. Usually, I’m talking about creating products, e.g. videos, books, courses etc. But, instead of creating it from the ground up, which would have taken a long time, by buying the product, Lorraine is now taking students through and putting her unique Lorraine twist on the lessons. She’s leveraged the existing content and the reputation of an established brand, and that is gold!
Lesson 2 – The power of partnerships
In my Leveraging model, another way you can create leverage in your business is through leveraging people. When most people think ‘people’, they usually think about building their internal and external team but it also includes collaboration.
In my interview with business coach David Dugan, he related to me the power of leveraging partnerships. He built his whole business off the back of amazing partnerships.
When he started his business, he had to make at least $10k per month to meet expenses for his family and his property portfolio. He had just 10 weeks to go from 0 to $10k a month.
Firstly, David got really clear on his Ideal Client Avatar. Then he looked around for who was serving those same clients but in different fields. He decided to approach business bank managers. He asked a business bank manager what they needed. This is key. It wasn’t about just benefiting himself, he wanted to build a partnership that would benefit everyone. The bank provided the space, the bums on seats and the nibbles. David provided the talk. He was creating a win-win-win solution: a win for him, a win for the bank and a win for the clients. This grew into an incredibly profitable business.
What I love about this story is how David managed to find a solution that worked for everyone and leveraged the incredibly well known and well trusted brand name.
If you’re curious, David managed to not only make $10k a month within 10 weeks of starting – he has gone on to have a business that continues to have growth on growth.
Lesson 3 – You don’t need to have super rigid structures to enjoy leverage.
The final business asset you can leverage is your systems. Sometimes, we quit corporate because it was too confining and too hectic for our personalities. We can be a little bit resistant to systems that remind us of our days dying in corporate offices.
In my chat with Lisa Murray, I honestly thought we were polar opposites. I wake up with a set list of tasks that I need to do that day. Lisa, wakes up and listens to which project she feels pulled to work on.
This was like scary-city to me. How do you not get distracted by Netflix?
But in addition to having an amazing assistant to keep her on track (leveraging people), she also embraces technological systems that can facilitate the growth of her business – especially the course platform Thinkific. She now uses that as a key system in her business and it has taken the pressure off fighting with other systems to create calls, landing pages, courses etc.
This gives Lisa space in her day to create products at an inhuman speed. She’s found ways to create a structure around her creativity and leveraging a system that means she spends less time in the trenches fiddling with tech and more time doing what she is compelled to do.
Those are three ways in which three different coaches and thought leaders are leveraging the three business assets, Products, People and Systems, so that they can make more money in less time and create a business and a life they love.
Which of these are you going to try?
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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