What do the 5%’ers in the World Do to Gain True Wealth?
No one gets out of high school or college thinking that they will be working at a job until they are 65 or until they die. But that's exactly what 95% of the population does.
Then why not do what 5% of the population does? Do what the 5% that have the most wealth do. The 5% that continue to use the same principles that got them to become the 5% - that's why the rich continue to get richer. And No, they aren't any smarter than you and they certainly don't have a secret and No, they didn't all inherit millions.
The used a simple concept known to man - since the beginning of time! Time Leverage!
How You can Do what the 5%’ers Do!
So that's great but what do I do next? Find out how to gain leverage in what you currently do or start something you have a passion for and apply the concept.
- A self-serve car wash - zero employees - 1 clean up/maintenance person. You do whatever you want to, go by the car wash once or twice a week and put the cash in the bank. Money flows when you are not there! Leverage!
- A full-serve car wash – employees. Some regular time on your part will be required. But the main thing to do would be to have an incredible manager so it runs smoothly when you are there and definitely when you are not there. The other consideration is to be sure you have a system set up so everyone can be trained and then left to do their job with minimal intrusion from you or the manager.
- A Laundromat - zero employees - 1 clean up/maintenance person. You do what ever you want to, go by once or twice a week and put the cash in the bank. Money flows when you are not there! Voila Leverage again - sound familiar! Heck since you're on a roll why not have one or two of each?!
- Rental units - that have a positive cash flow (big caveat there!). Obviously be sure you know what you are doing and get coaching from someone who is knowledgeable if you aren't. Hire a property management company to take care of it. More cash flow less time - and you are doing something else as the cash hits the bank!
Get Talent at Wholesale and Sell it at Retail
Any business that can utilize the talents of others that will allow you to focus on what you are good at - but you can still get paid on what others do! You get employees at wholesale and definitely, just like any company out there, sell that time at retail - you get the markup and you saved yourself from doing all of the work on your own!
Work on Having Multiple Sites & A System = BIG MONEY!
Always have multiples if you can of any business you start. That's where the true leverage and economies of scale benefit you. If you have multiple rentals or multiple franchises or multiple car washes you are forced to do a few things;
1. Have a system that works even when you aren't there because you can't be at each location every day all day long. Systems work well, ask Michael Gerber author of The Emyth books. They enable you to go do something else while the system runs the daily operations.
2. Hire good people (if you have to hire employees) that you can trust and allow them to implement the system. I prefer to have streams of income that have very few or zero employees. If there are employees be sure the business is system dependent rather than people dependent. i.e. McDonalds is a systems dependent business model – teenagers that run a multi-Billion dollar company – it better be systems dependent!
3. Leverage your buying power and economies of scale. You can kill the competition of all those folks that think "OK I'll just start this one and work at it until it works really well then I'll start another one". Well another one never comes because they are never satisfied with how the first one is doing. In the meantime those that have multiples can buy in bulk (lower wholesale cost) and are forced to have a system that works when they aren't there (see #1).
So utilize the concept of leverage as you develop your plan for any business or venture that you are looking to pursue and develop.
Those Ideas Should get your juices flowing for now if you want more information just let me know.................
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