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Stage 5: Leverage

stage-5-leverage- Business OutsourcingAs an entrepreneur, you will found yourself often struggle to deal with limited time, money and resources and this is why you must learn about the power of leveraging.

“Leverage is the reason why some people become rich and others do not.” – Robert Kiyosaki

The power of leveraging not only allows you to get more things done but in less time; which means it allows to create wealth and freedom in a shorter period of time.

Here are a various ways of “The power of leveraging”:
1. Technologies and Systems
2. Other People’s Knowledge (O.P.K.)
3. Other People’s Time (O.P.T.)
4. Other People’s Money (O.P.M.)

The power of leveraging will make your business more efficient and effective and because you are building on online business, making an automated online business will become one of your business’s goal.

This way, you will achieve the true passive income while you enjoy the time freedom. Which means your business will not only get to make more money for you but also enjoying the money you made.

Let me explain this in details:

1. Technologies and Systems
When you start an online business, the process and procedure of the online activities will become crucial to be in place. This mean that you have to look for the type of technologies or systems to help you run an automated business. 

For example: A payment system will become necessary when your site is selling stuffs. If possible, various payment system would be require as customers these days expect more payment methods.

The other way to leverage on the technologies and systems is when you have realized that there is a better solution to make your life easier in achieving your goals.
For example: You are running a few social medial platform at the same time from Facebook, Twitter to Instagram throughout the day and a social media management tool such as Hootsuite become a better option.

Ultimately, it is the long term trade-off when you decide to leverage on the technology or system for your business.

2. Other People’s Knowledge (O.P.K.)
The fastest route to success is to follow someone who has already done it and is successful. By leveraging on someone else knowledge, you can drastically cut down your learning curve and achieve your goals much sooner.

There are 3 ways to do this:
● Invest in books to gain the knowledge. But you need a lot of self discipline to learn as you read and it is wiser to apply it after you learnt it.
● Getting coach by a mentor who already have the experience and knowledge. Beside that, you are building a network with a successful expert and various students who might have a same goal as you.
● Attending networking session to learn from various business people because most of the time, they are a group of people who have the same similar goals and are quite successful.

3. Other People’s Time (O.P.T.)
Your ego as an entrepreneur may be high that you may want to handle everything on yourself. But most of the time, you will realized that your energy dries up before you even reach your goal.

You need to know that time is most precious and if you lose it, you will never get it back and this applies if you are starting your online business. As an entrepreneur, you want to make sure that you spend your time focusing on doing those important task rather than those non-money making activities that is taking away most of your time.

Outsourcing: Some tasks that are better off to outsource are those one time-off task such as your business logo or website design. They can be cheaply outsource from Fiverr or Elance starting.
Hiring: You may need to hire someone permanently when something need to be done physically like packing and delivery of goods. If money is your concern in hiring someone else, go to point no. 4 (O.P.M)

4. Other People’s Money (O.P.M.)
Some business requires large capital to start with and there are a few ways you can gather the capital if requires:

● Borrowing from a bank. This is the most risky with liability involved (Bank’s interest) and I don’t recommend it if you are a new entrepreneur.
● Your parent’s money. Usually there’s no liability involved since it is relationship bounded and they are just doing this in favour to help you.
● Raising funds from investors or business partners so that a business idea can be executed. Usually less risk are involved as both parties understand the risk involved; It is either the investors receive a percentage of the profits when the business is making money or the lose of money when the business is not performing well.


Start Here
Stage 1: Personal Development

Stage 2: Business Development

Stage 3: Business Empire
Stage 4: Internet Marketing
Stage 5: Leverage


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