Tweet

Think Big and Grow Your Business

Written by: Anne Bachrach

Article Overview: Contrary to common belief, most successful entrepreneurs aren’t born into money or possess above average IQ’s. Most of them are self-made and many of them do not even have college degrees. It doesn’t take genius to become successful; it only takes the proper mindset, desire, and commitment. How do you gain the proper mindset? By learning to think outside of the box. Let me ask you a question, if you quit tending to your business, would it run on its own? The likely (and logical) answer is no. Sadly, many entrepreneurs go from being chained to their job to being bound and gagged to their business. If your business cannot run without you - you’ve got to start thinking outside the box! One of the quickest ways to grow your business is to gain leverage. You do that by creating a business that does not solely rely on you

Think Big and Grow Your Business

Contrary to common belief, most successful entrepreneurs aren't born into money or possess above average IQ's. Most of them are self-made and many of them do not even have college degrees. It doesn't take genius to become successful; it only takes the proper mindset, desire, and commitment. How do you gain the proper mindset? By learning to think outside of the box.

Let me ask you a question, if you quit tending to your business, would it run on its own? The likely (and logical) answer is no. Sadly, many entrepreneurs go from being chained to their job to being bound and gagged to their business.

If your business cannot run without you - you've got to start thinking outside the box! One of the quickest ways to grow your business is to gain leverage. You do that by creating a business that does not solely rely on you.

Focus on Residual, Recurring Income

Successful entrepreneurs don't think in terms of an hourly wage - they think about inventive ways to create income that does not require their constant handling. The goal is to optimize their income in as little time as possible (if you haven't read The 4-Hour Work Week by Tim Ferriss, you should). Not surprisingly, successful business owners rarely waste their time doing the bookkeeping, checking email, or trying to figure out how to use that new software. They are focused on the high-ticket actions, such as creating residual income.

Examples of high-ticket passive income streams are tenant payments through rental properties, flipping properties and stock portfolios. Let's look at ways to create residual income streams.

• Writing eBooks or educational resources

• Affiliate marketing

• Writing articles for Adsense-share websites

• Selling stock images

• Building a blog network

• Selling premade website templates

• Selling Private-Label-Rights (PLR) material

• Developing iPhone applications

• Creating software programs (you create once, yet sell multiple times)

• Creating informational products or home-study programs

• Partnerships with complementary companies not in direct competition

• Commissions on joint-venture product sales

• Franchising your original or unique business model/systems

Frankly, building passive income isn't as difficult as many people make it out to be. It comes down to being able to think outside the box and expand your mindset to accommodate a successful reality. The goal is to create a source of residual recurring income in the least time investment possible.

For example, let's say you want to focus on creating an eBook as a passive stream of income. You have two options: write the eBook yourself or hire a skilled writer to do so. Once the eBook is created, you sell it for $27 on your website.

In order to reach $40,500 in sales each year, you only have to sell 1,500 copies. This may sound like an unattainable number, but it breaks down to selling 125 eBooks each month or four copies each day for an entire year. Does creating a stream of passive income sound far more attainable now? That's because you have just learned how successful entrepreneurs think.

When you shift your mindset from limited to expansive, you're focusing on the big picture, not agonizing over the little tasks. The main advantage of running an online business is that you can build streams of passive income with minimal investment.

Delegation 101

Another key to growing your business is to delegate the time-consuming, non-income driving tasks to someone else. Does Jennifer Lopez concoct her own perfume or create sketches for her fashion line? No, she delegates to her team. All she is obligated to do is attach her face to the finished product. She does little work, yet reaps the rewards of residual income.

This is the ultimate example of expanding your mindset to think inventively, creatively to create passive income, yet investing little time. Mastering delegation is one of the key components to growing your business. Effective delegating is all about hiring others to take responsibility for the tasks that aren't worth your time (e.g. editing photos, coding a website, writing landing pages) or are incredibly easy to do (e.g. answering emails, bookkeeping). This frees up your valuable time to take on the income-driving tasks like getting more clients, conducting live events, brain-storming on new product ideas.

Making the transition from where you are to where you want to be starts with thinking outside the box. Remember, the key is to leverage your business so it is not dependent on your daily attention. Create residual income streams and delegate non-income driving tasks to a virtual assistant or employee. Follow these tips and your business will grow beyond your wildest dreams.

Related Articles
  Twelve Strategic "Grow Goals" To Grow Your Business According To Your Strategic Thinking Business Coach
  Hydroponic Grow Closet: The Perfect Place to Grow your Own Food
  Pursuit of Leadership Happiness
  The Dreaded "To Do" List
  Targeting Your Niche Made Simple – Start Small, Grow Later

Article Tags: business growth, entrepreneur, mindset, passive income



Related Forum Posts
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: My 3 best business books - 1. Think and Grow Rich - Napoleon Hill 2. The 7 Habits of Highly Effective People - Stephen R. Covey 3. Permission Marketing - Seth Godin Think and Grow Rich seems more powerful each time I read it or dip into it. The 7 Habits not only offers some very effective ways to organize your life (which I have yet to master!), but also some great quotations and thought provoking statements including this by Nazi concentration camp survivor, Viktor Frankl: [i:2naxzsom]Between stimulus and response, man has the freedom to choose.[/i:2naxzsom] Seth Godin's Permission Marketing is a good read for anybody seeking to understand how to approach doing business on the Internet in the right way with regard to winning people's trust.
Re: My 3 best business books - It seems that Napoleon Hill works help a lot of business men. He had done a really good job. I bought Think and Grow Rich many times.
Exclusive: Interview with Results - Hi Forum Members, I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles). As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business. This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business. I am looking to interview about 30 businesses across North America over the span of 3 months. At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews. I would like to extend this opportunity to members of the Forum. If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM. Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Think and Grow Rich - Hi Moira, What a great post! I completely agree with it and it really is too easy to underestimate those 3 points but once we learn to use them the sky is the limit. I am currently reading Think and Grow Rich by Napolean Hill. Have you read that book?


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Unspoken Yet Important Rules for Book Proposals

BUILDING A HIGH PERFORMING TEAM

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.