James Schramko here. Today, I want to talk about the distribution of where you spend your time in your business and how much you get rewarded for that by product item.
I was speaking to a client of mine today, and he has an online business and an offline business component to his core business. He teaches people how to do a particular thing, and he can do it online but he also does it face-to-face with clinics and workshops.
And when I asked him how much time he spends on each product, what we worked out is, he spends about three quarters of his time doing the in-person stuff and about a quarter of his time doing the online stuff. And then I asked him where the profit comes from. And it turns out that he actually gets about 50% of his income profit from the online and 50% from the offline component when you take out costs. So what does this mean?
It means that he actually makes three times more when he’s doing his online activities. So if he was to just dial back the offline stuff and do more online stuff with the exact same hour, he can make three times more. In fact, if he was only doing online, he could probably have a significant increase in income and spend more time with his family.
So have a look at your own business. Where are you spending the time and how much do you get paid for that time? And maybe it’s worth adjusting the mix or redistributing where you’re spending that.
I’m James Schramko. Hope you’ve enjoyed this.
I have more concepts like this at SuperFastBusiness Membership where I’m coaching business owners and perhaps I can help you make more and work less, as well.