When you are a business owner, the word “freedom” might seem like a foreign word. It’s more like there isn’t enough time in the day, right? Or, I’m sure you’ve heard about the old adage “time is money”? If these popular figures of speech are all too familiar to you, you need to separate your business from your freedom. In my Happiness book I write about disconnecting the three pillars of true wealth: time, money and location. For most people, and entrepreneurs alike, at least two of the three are connected. Only when you can truly disconnect the trio, you can find true freedom.
Disconnecting Time, Money and Location
Just because your profit is climbing, doesn’t mean you have to lose sleep by working countless hours. You don’t have to feel chained to your profession. When you remove yourself from the equation, your business can be making money, even when you’re on vacation. For example, do you provide a service that can be delivered to your clients online, instead of in-person? This is a great way to maximize your audience, and therefore your potential profits. You can affect more clients, around the clock, while investing less time because you don’t have to actually be present in the moment.
Do you provide a service that can be delivered to groups, as opposed to one-on-one meetings? A therapist who holds an hour-long group session reaches more clients and makes more profit than one who is seeing just a single client in that hour. Logical, right? Even if you add an hour-long Q&A to that group therapy session, it’s still way more lucrative and beneficial to many more people than treating folks one at a time. This way, you can disconnect your time from the amount of money you make.
The key is to leverage yourself by reaching a larger audience. Now when you decide to deliver some (or all) of your services online, you’ve taken another step and disconnected your location as well. Now you can be present anywhere in the world as long as you have a reliable internet connection. It doesn’t mean you have to replace your current offerings completely. More often, I find entrepreneurs gain the quickest results by adding something to their portfolio instead of removing or replacing something. Most diets fail because we’re focused on removing something bad rather than adding something good. Over time, the new addition can grow to become a larger percentage of your total revenue. Writing a book, for example, can be a great way to add additional revenue (not just from book sales) – not to mentioned the added benefit of finally ticking “becoming an author” off your bucket list.
Look for ways to deliver results to people without having to be present every step of the way. Pivot your business by starting to think about ways to deliver your service group by group, instead of client by client, and you may very well start to break through the income ceiling you’ve felt for a while now.