Tag how to start a home based business

5 Keys to building a successful business - part 3 of 5. The Miller Firms, LLC
5 Keys to Building a Successful Business: Part 3

If you want to build your dream life, chances are good that you will need to build a business of your own in order to do it. Building a successful business in the United States is not a difficult thing to accomplish, if you know the formula. Once you know that, all you are required to do is plan according to the formula, work hard, and persevere. While I can’t do much to help you with the work itself, I do have the formula to share.

I came up with this winning formula about 5 years ago, after having researched the richest men in US History and their business models. Each of them had the same 5 distinct elements within their business models, more matter the industry, product line, or service. Since implementing these 5 key principals into my plan, my businesses, and my personal wealth, have continued to grow exponentially for me, and incorporating these keys into your business will do the same for you as well.

There are the five key principles to keep in mind as you work towards achieving your entrepreneurial dreams. In this 5 part series, I’ll detail out one of these principals for you each week for the next 5 weeks. Be sure to subscribe to my blog so that you don’t miss anything as it is released.

Subscribe now as we continue to examine all of the best business tools, skills, and practices to boost your business success.

See Part 1 Here

See Part 2 Here

3. Automatic Income:

If you are unable to work, maybe due to illness, injury, or family obligations, would your income still continue to roll in each month? Would your bills continue to get paid? If the answer to these questions is no, or that you aren’t sure, then you need to take a hard look at setting up automatic income. Adding automatic income streams to your business model is crucial for the security of your business and personal financial future. Relying solely on one source of income puts you at risk of losing everything if that source dries up. Automatic income streams provide a stable, predictable income that can help you weather any economic storms.

Here are 3 ways you can start adding more automatic income into your business strategy today.

Automatic Income Option #1

One way to add automatic income to your business model is through affiliate marketing. By promoting other companies’ products or services and earning a commission on each sale, you can generate a steady stream of income without creating your own products. If you would like to learn more about affiliate marketing and how you can best put it to use in your business model, sign up now for this FREE Course from 1400Now.com

Automatic Income Option #2

Another option is to create an online course or e-book that can be sold on autopilot. Once you’ve created the content, you can set up a sales funnel that will automatically sell your product to customers, generating passive income while you sleep. At the Miller Firms, we have 9 different course offers running constantly to continually feed revenue into the machine. We even have a course specifically teaching people how to build a course of their own and start selling it to the masses. Check out our Course Offers now.

Automatic Income Option #3

Finally, consider offering a subscription service that provides ongoing value to your customers. This could be a monthly membership site or a software as a service (SaaS) product. With a subscription service, you can generate recurring revenue that will continue to grow over time. At The Miller Firms, we have incorporated this into our business model through monthly membership to one of our information sharing groups, as well as through monthly webhosting services, and breaking down larger priced services into payment plan options for our clients. While these bring in smaller revenue initially, the monthly revenues continue to grow each month without additional work output needed by the sales team which we track with our Complete Business Management System from TW3 Systems and Rocket Business Tools.

If you would like to learn more about how to incorporate some tools into your business model that will help you automate your income and add multiplied effort, without hiring more workers, check out Rocket Business Tools website. I use these tools for all of my businesses and they work really well together.

Do you need help building your dream?

Success is No Accident

Whatever you want in life, you can get it with the right mindset, training, and direction.

Our program will help you earn $10,000+/month in the first 60 Days. Find out more at: 

TheMillerFirms.com/Coaching

coaching - Success is not an accident

Want more Articles About Automation Tools for Your Business?

Subscribe now as we continue to examine all of the best business tools to boost your business success.

Check out our other business tool explainer posts from this series so far:

Secrets Found: Remarkable Marketing Automation Tools For Your Business
Using the right tools for your business can boost performance and growth!
Best Proven Marketing Tools: 5 Tools to Explode Strong Growth
We explore 5 Fantastic Tools for your Business to Grow Exponentially
Choosing the Right CRM Software for your Business Growth
A look at the differences in CRMs out there, and our recommendation!
Intro to Business Automation with Rocket Business Tools
Which Business Tools are Most Important to Your Competitors and How can you get into the Action!
5 Reasons Why Small Businesses Need to Automate
Here are five reasons to get on the band-wagon and automate your business today!

5 Keys to building a successful business - part 2 of 5. The Miller Firms, LLC
5 Keys to Building a Successful Business: Part 2

If you want to build your dream life, chances are good that you will need to build a business of your own in order to do it. Building a successful business in the United States is not a difficult thing to accomplish, if you know the formula. Once you know that, all you are required to do is plan according to the formula, work hard, and persevere. While I can’t do much to help you with the work itself, I do have the formula to share.

I came up with this winning formula about 5 years ago, after having researched the richest men in US History and their business models. Each of them had the same 5 distinct elements within their business models, more matter the industry, product line, or service. Since implementing these 5 key principals into my plan, my businesses, and my personal wealth, have continued to grow exponentially for me, and incorporating these keys into your business will do the same for you as well.

There are the five key principles to keep in mind as you work towards achieving your entrepreneurial dreams. In this 5 part series, I’ll detail out one of these principals for you each week for the next 5 weeks. Be sure to subscribe to my blog so that you don’t miss anything as it is released.

Subscribe now as we continue to examine all of the best business tools, skills, and practices to boost your business success.

See Part 1 Here

See Part 3 Here

2. The Law of Multiplied Effort:

The law of multiplied effort is a powerful concept that can help you achieve greater success in your business and personal life by allowing you to allocate additional resources toward a task in order to get more done with time you have available. This law states that when you focus your efforts on a specific task or goal, and then apply additional resources to that task, your results will be multiplied. In layman’s terms, 2 people can accomplish a task quicker than one can when they divide up the workload and each do their part of the overall task objective.

There are 2 Simple ways to Implement the Law of Multiplied Effort into your Business Strategy and Culture.

Multiplied Effort Option #1

One way is to hire more staff. When you have a team of people working together, each with their own set of skills and expertise, you can accomplish much more than you could on your own. This allows you to take on more clients, complete projects faster, and ultimately grow your business. Another way to look at it is doubling or cloning yourself and your output. For example, if you bust your rump all week but the very best you can ever seem to accomplish is 3 new sales per week, the answer isn’t to work additional hours or to work more days. The answer could be to hire 2 more workers and train them to do the same tasks you do each week. Now you are bringing in 9 sales per week, a 300% increase in revenue production, and you are doing it with the same amount of time that it takes you to bring in 3 sales on your own.

Traditionally, many starting entrepreneurs shrink away form hiring others because they worry about creating competitors by training someone how to do what they are doing, or they worry about paying them. The answer to creating a competitor is simple enough to solve by having the staff member sign a Non-Compete Agreement with an NDA rider attached to it. If you are worried about having to pay them you probably aren’t ready to hire yet. However, another option might be to hire them as an independent contractor.

My personal choice has always been to hire independent contractors, although I have had some W-2 employees over the years here and there. As the saying goes, “you eat what you kill”, and contractors understand that. As a result, I have found them to be hungrier and more eager in reaching for their targets so they can earn that paycheck.

Multiplied Effort Option #2

Another way to utilize the law of multiplied effort is by employing automation tools. By automating routine tasks such as email marketing, social media management, and customer service, you can free up your time to focus on more important tasks. This not only helps you accomplish more, but it also allows you to provide better service to your customers and grow your business more quickly. This direction is definitely the most difficult of the two options because it requires you to take additional time to learn and to build these automated systems so that you can put them to work for your business. Those whom are crunched for time, or for whom technology adoption is not a simple undertaking might want to avoid this in the beginning or hire someone who has both the time and technological skillset to accomplish it for you while you focus on your business.

If you would like to learn more about how to incorporate some tools into your business model that will help you automate and add multiplied effort without hiring more workers, check out Rocket Business Tools website. I use these tools for all of my businesses and they work really well together.

In addition to these strategies, there is a 3rd way to apply the law of multiplied effort to your business.

Partnering with other businesses to offer complementary services or products is a great way to boost your business, drive sales, and do less work for your time spent. Become an affiliate for a product or service that you know will benefit your customers and promote their product for a small piece of the pie, but without the time, or additional workload needed for fulfilling the order that you would normally incur.

As an example, I use this method all of the time when it comes to qualifying my new leads. As they move through my sales process, they are making a determination about whether my service offer is right for them. If it is not, I refer them to a competitor which is similar in nature to what they are looking for, and whos program might be a better match for them than my own. I’ll make a couple of bucks for sending them over there, but I have no skin in the game, and I earn more without increasing my work load or time at all. Ultimately, the key to success with the law of multiplied effort is to figure out which of these methods, or combination of these methods are right for your business, and then putting them into operation within your business as quickly as possible.

One of my recent students took this advice and ran with it just 3 months ago, taking his business from an annual revenue of around $30K to more than $400K projected by the end of this year. That’s an AMAZING INCREASE of 1,333%. With the right mindset and approach, you can accomplish more, grow your business, and build wealth more quickly and efficiently than ever before by incorporating the Law of Multiplied Effort into your business model.

Do you need help building your dream?

Success is No Accident

Whatever you want in life, you can get it with the right mindset, training, and direction.

Our program will help you earn $10,000+/month in the first 60 Days. Find out more at: 

TheMillerFirms.com/Coaching

coaching - Success is not an accident

Want more Articles About Automation Tools for Your Business?

Subscribe now as we continue to examine all of the best business tools to boost your business success.

Check out our other business tool explainer posts from this series so far:

Secrets Found: Remarkable Marketing Automation Tools For Your Business
Using the right tools for your business can boost performance and growth!
Best Proven Marketing Tools: 5 Tools to Explode Strong Growth
We explore 5 Fantastic Tools for your Business to Grow Exponentially
Choosing the Right CRM Software for your Business Growth
A look at the differences in CRMs out there, and our recommendation!
Intro to Business Automation with Rocket Business Tools
Which Business Tools are Most Important to Your Competitors and How can you get into the Action!
5 Reasons Why Small Businesses Need to Automate
Here are five reasons to get on the band-wagon and automate your business today!

5 Keys to building a successful business - part 1 of 5. The Miller Firms, LLC
5 Keys to Building a Successful Business in the United States: Part 1

If you want to build your dream life, chances are good that you will need to build a business of your own in order to do it. Building a successful business in the United States is not a difficult thing to accomplish, if you know the formula. Once you know that, all you are required to do is plan according to the formula, work hard, and persevere. While I can’t do much to help you with the work itself, I do have the formula to share.

I came up with this winning formula about 5 years ago, after having researched the richest men in US History and their business models. Each of them had the same 5 distinct elements within their business models, more matter the industry, product line, or service. Since implementing these 5 key principals into my plan, my businesses, and my personal wealth, have continued to grow exponentially for me, and incorporating these keys into your business will do the same for you as well.

There are the five key principles to keep in mind as you work towards achieving your entrepreneurial dreams. In this 5 part series, I’ll detail out one of these principals for you each week for the next 5 weeks. Be sure to subscribe to my blog so that you don’t miss anything as it is released.

Subscribe now as we continue to examine all of the best business tools, skills, and practices to boost your business success.

1. Income Diversification:

Relying on a single source of income can be risky. Diversifying your income streams can help you weather economic downturns and protect your business from unexpected events. Consider adding new products or services, offering consulting or coaching services, or exploring new markets to expand your revenue streams.

I’m sure you have heard the expression, “don’t put all of your eggs in one basket” This phrase is often referred to with regards to investing all your money or resources in a single venture or investment. This approach may seem tempting, but it poses significant risks to your personal wealth and security. If the investment fails, you risk losing everything. Diversification is essential to manage risks and protect your assets. By spreading your investments across different sectors, industries, and asset classes, you mitigate the impact of any single failure. This strategy helps you safeguard your wealth and ensure that you have a safety net in case of any unexpected event. Therefore, it’s crucial to diversify your investment portfolio and avoid putting all of your eggs in one basket.

The same principal is true regarding your income as well, but this aspect is often overlooked by the average person. According to a recent article posted by CNBC, 64% of Americans reported that they only had one source of income. This is a bad policy, and as stated previously, heightens the risk of losing everything suddenly if the income source ever dries up such as losing your job due to: illness, injury, family issues, getting fired or getting layed-off as examples. That same article illustrates the fact that current inflation rate rates outpacing wage growth to the point that even 48% of 6-figure earners now report that they are living paycheck to paycheck. What is the regular worker supposed to do to compete with numbers like that? Don’t fall into this trap of putting your eggs in one basket. Build a diversified set of income streams into your business model to protect your business growth and your future.

Do you need help building your dream?

Success is No Accident

Whatever you want in life, you can get it with the right mindset, training, and direction.

Our program will help you earn $10,000+/month in the first 60 Days. Find out more at: 

TheMillerFirms.com/Coaching

coaching - Success is not an accident

Citations:

https://www.cnbc.com/2022/03/08/as-prices-rise-64-percent-of-americans-live-paycheck-to-paycheck.html

Want more Articles About Automation Tools for Your Business?

Subscribe now as we continue to examine all of the best business tools to boost your business success.

Check out our other business tool explainer posts from this series so far:

Secrets Found: Remarkable Marketing Automation Tools For Your Business
Using the right tools for your business can boost performance and growth!
Best Proven Marketing Tools: 5 Tools to Explode Strong Growth
We explore 5 Fantastic Tools for your Business to Grow Exponentially
Choosing the Right CRM Software for your Business Growth
A look at the differences in CRMs out there, and our recommendation!
Intro to Business Automation with Rocket Business Tools
Which Business Tools are Most Important to Your Competitors and How can you get into the Action!
5 Reasons Why Small Businesses Need to Automate
Here are five reasons to get on the band-wagon and automate your business today!

7-Reasons-Working-for-Yourself-Will-Change-Your-Life
7 Reasons Why Working for Yourself Will Change Your Life

Working for yourself can completely change your life. It offers a level of freedom and flexibility that cannot be found in traditional employment. When you work for yourself, you have control over your schedule, your workload, and your income. You can pursue your passions and create a career that aligns with your personal values and goals. However, this level of autonomy also comes with challenges such as managing your own finances, finding clients or customers, and maintaining a work-life balance. Overall, working for yourself can be a game-changer that opens up a world of possibilities, but it requires dedication and hard work to make it a success.

Here are seven key reasons why getting started working for yourself now is in your best interest:

  1. You’re in control: When you work for yourself, you’re the boss. You set the schedule, decide how you’ll spend your time, and choose the projects you’ll work on.
  2. You can follow your passion: Working for yourself gives you the freedom to pursue your passion. You can focus on the work that truly excites you and make a living doing what you love.
  3. Choosing the type of work you want to do and the clients you want to work with, giving you the freedom to pursue projects that align with your interests and values.
  4. Having more control over your schedule, allowing you to allocate time for activities that inspire you and enhance your creativity.
  5. You can earn more money: When you work for someone else, your earning potential is limited by your salary or hourly wage. When you work for yourself, you have the ability to earn as much as you want, based on the value you provide.
  6. You can enjoy a better work-life balance: One of the biggest benefits of working for yourself is the ability to create a work-life balance that suits you. You can set your own schedule and work around your other commitments.
  7. You can build something that’s yours: When you work for yourself, you have the opportunity to build something that’s truly yours. You can create a business or brand that reflects your values and vision.

In conclusion

Working for yourself can be a powerful and beneficial choice. It gives you the freedom, flexibility, and opportunity to create a life and career that truly reflects who you are and what you want to achieve.

If you are interested in learning more about how you can build a business working for yourself, instead of the man, reach out to us here at TW3 Systems. Our group of experienced business professionals and entrepreneurs collaborate to bring each other success when building a business of your own. Join us and find the power of a cooperative team backing you up for success.

For more information about how you can take your Business to the next level, consider becoming a member of TW3 Systems, a group of entrepreneurs who have decided to band together for the financial freedom and benefit of all in the group.

Want more Articles About Automation Tools for Your Business?

Subscribe now as we continue to examine all of the best business tools to boost your business success.

Check out our other business tool explainer posts from this series so far:

Secrets Found: Remarkable Marketing Automation Tools For Your Business
Using the right tools for your business can boost performance and growth!
Best Proven Marketing Tools: 5 Tools to Explode Strong Growth
We explore 5 Fantastic Tools for your Business to Grow Exponentially
Choosing the Right CRM Software for your Business Growth
A look at the differences in CRMs out there, and our recommendation!
Intro to Business Automation with Rocket Business Tools
Which Business Tools are Most Important to Your Competitors and How can you get into the Action!
5 Reasons Why Small Businesses Need to Automate
Here are five reasons to get on the band-wagon and automate your business today!