There are a lot of businesses who charge an hourly rate for a service, working this way will enable you to make money and sometimes very good money as professionals charge quite high hourly rates, but at the end of the day you’re still exchanging time for money.
There’s an old saying, you’re never going to be rich until you can make money in your sleep, and it’s very true. Sure you might earn a lot charging an hourly rate and if you’re smart with your money you might become wealthy, or affluent, but never rich.
In order to make a lot of money you will have to work a lot of hours, losing work life balance, increasing stress and lowering your quality of life. So I want to talk to you today about a client I’m working with in order to help him stop exchanging time for money and instead working on creating more passive income streams.
Danny Kennedy is a personal trainer in Melbourne, for a long time he’s trained clients out of Albert Park and gotten them amazing results. He’s very good at what he does and works with some pretty high profile athletes.
But as a local personal trainer he is only ever exchanging time for money and he has to be present in order to train his clients. So what we’re doing is helping him create an online presence so that he can have a global exposure and create products where his time is not necessary. Products where the time is invested in creating the product but after that it doesn’t really matter whether we sell 1 or 1,000 it won’t require any extra time on his behalf. We’re also working on developing online personal training programs so that he can reach a larger audience and sell lower cost programs to more people that requires less of his time, enabling him to train more clients at once.
In order to do this Danny has set up a blog and is working on building his audience and his profile online. He’s doing this through creating in depth content resources aimed at helping people make changes in their life and teaching them about his philosophies. This increases his audience and exposure, impressing them enough to sign up to his mailing list where he can then provide more value and continue to promote his different products.
So far he has created some amazing content around how to lose weight, how to build muscle, DUP training, carb cycling and how to lose weight and drink alcohol. All of the information he provides gives a lot of value to the reader, which encourages them to follow him and eventually buy his products.
This change to his revenue model allows for Danny to stop exchanging time for money and to grow a business worth much more than a typical personal trainer. Sure it’s hard going at the start but in the long run it will be well worth it.
This type of thinking is appropriate to many types of businesses who charge by the hour, have a think about your business – how can you get out of the rat race and start making money while you sleep?
Author: Biz Think Tank
BizThinkTank is a dedicated small business website, with a wealth of regularly updated tips and articles. Whether you’re looking to start a business or grow your business, you’ll find a wealth of handy advice and information.