James Schramko here from SuperFastBusiness.
Now, you’ve got a few different business divisions, and you’re not sure which ones to focus on. Well, I talk about effective hourly rate in Work Less Make More, my book, which is your revenue minus costs divided by the number of hours that you work on this division.
That’s a great filter, but beyond that there’s six more. I’m going to share them with you now.
One: Does this produce cash flow early in the product cycle?
Two: Are you interested in it? Do you even like this?
Three: Can you automate it or build a system around it?
Four: Do you have a competitive advantage?
And five: Does it build an asset that you could actually sell, it’s something useful.
And six: Does it feed something else?
Is there a by-product from this that you can also make money from? So if you take into account your effective hourly rate and those six items, you’ve got a great filtering system to decide which project to work on.
I’m James Schramko, I hope you’ve enjoyed this training.