How to create many more hours in the day

more hours in the day
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Are you one of the lucky ones who always gets everything done and has time to relax every day?  No?  Well no big surprise.  Most of us looking after a family and running a business wish for more hours in the day.  Well there is another way.

So many businesses are heavily limited in their potential because of time.  Therapy, hairdressing, coaching, arts and crafts, accountancy and the list goes on, are all businesses that are predominantly selling time.

Apart from marketing, administration, accounting (unless you are an accountant) and all the other disciplines needed to keep a business running, the hours delivering your service or making your product are then limited.

An example.  You deliver a service and charge by the hour.  You find 40 billable hours per week, you can charge £50 per hour, you fill 50 weeks of the year…the total you earn would be £100,000.  Not too shabby.

But replace some of the numbers above with numbers that feel realistic to you today.  (Try 20 hours, £25 per hour and 45 weeks because of school holidays.)  Now deduct expenses, especially for all the outsourcing (marketing, admin…etc.) you would need to be able to fill that amount of diary time and perhaps some child care.

Is that really all your passion, your dream, is worth?  Is that really enough to make the other sacrifices?

What alternatives are there?

Not more hours in the day, just a better use of them.  One answer is of course PI.  Not the mathematical symbol.  Here PI stands for Passive Income.

Passive Income is the one way to appear to create more hours in the day.  What it means is simply creating a stream of income that does not require effort.  Income that comes in while you sleep, do the washing up, spend time with the children and of course deliver your core service.

What is your passion, your unique skill?  How can you convert that into PI?  OK, a little poetic license.  I don’t really mean NO effort, but rather an effort that is not directly related to the amount of income.

You may be ahead of me here.  Creating a product based on information once and then creating a stream of revenue from selling it multiple times is the example I am thinking of.

The question is, how and what product or idea can you create once, that you could then sell multiple times?  A book, a video series, a podcast, webinar recording, guides and workbooks, are just some examples.

One of the follow-up questions we are regularly asked is “there are so many versions of what I do out there, how would mine be able to make any money?”  And here the answer is ‘YOU’.

The challenges:

Challenge 1:            Decide on the product.  Physical product like a book or electronic product such as a video.  The content is not really a challenge because you already have the knowledge, skill and experience that enables you to deliver your service, so this is also the content of your ‘product’.

Challenge 2:            Determine the Unique Selling Proposition (USP), which is where your personality and particular perspective comes in to make it unlike anything else on the market.

Challenge 3:            Locate the market and sales process.  This is most likely to involve the internet.

Challenge 4:            Acquire or hire the necessary skills to complete the task.  These may be ghost writing, web-technical, video editing etc..  There is a lot of knowledge shared on all these topics, you may develop the skills yourself or you may choose to find someone to help you.

But the result?  Remember the numbers above?  Imagine now a ‘product’ selling online, with automated systems at work while you sleep.  A price of perhaps £25, selling into every English speaking country at a rate of let’s say, 500 per month, year after year.  Now does that sound good?

I don’t want to make light of this.  There is a lot to be done, and the investment in time, money and / or energy at the early stages is considerable, but the returns can outpace selling hours and will eventually give you the income your passion deserves.

What are you worth?

For a clear idea of how this can be made to work, grab a copy of our Passive Income Blueprint below.  And if you need help, just shout to create the equivalent of more hours in the day.

Passive Income Blueprint

Grab your copy of our Passive Income Blueprint now...

 

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  1. Julia
    2 years ago

    Just wanted to say thank you for an excellent article. You are so right, PI has to be the way forward. I am constantly chasing my tail as you know (aren’t we all?!) and very often get resentful about my long advice sessions with parents, in person or over the phone/email, that don’t really produce any worthwhile income considering the time spent. You have introduced me to many new ideas, webinars for one, and inspired me to get cracking along this path! Need to create more hours to get it going though… :)

    Julia


    • Terry
      2 years ago

      Julia..hi, you are most welcome. Yes, you have to reap your value when you spend time with clients, but of course it isn’t always in cash terms. But it’s great to feel your enthusiasm and progress. “Bite-sized pieces”

      Speak soon,

      –Terry
      Terry recently posted..Want to increase sales? Think service.My Profile


  2. Rakhee
    2 years ago

    Great article and I am following principles greatly with the network marketing work I am doing! But useful info all the same.
    Rakhee recently posted..Aloe Holiday EssentialsMy Profile


    • Terry
      2 years ago

      Rakhee, hi again…good to see you here. Thnx, I know what you mean about the path laid out by MLM companies. You are in the happy situation that you are not selling time, in that one conversation can result in anything from £0 to £100’s (well sort of).

      But some of the principles and actions can still work to help you stand out from the crowd. Let me know if you start down that route, it would be cool to see your progress.

      –Terry
      Terry recently posted..How is your business doing? 15.7 carrots and four thirds, thank you.My Profile


  3. linda wilson
    2 years ago

    Through personal bereavement I discovered that running a conventional sole business was not the way forward for me, as I was unable, for obvious reasons, to give my business the time and attention required to keep it floating. After going in a completely different direction, and nearly three years down the line, I find myself in the fortunate position to only have to work an hour or so a day, but my income is increasing. I would strongly urge anyone to consider business opportunities that offer a passive income. This type of business can be slow at the beginning, but if you stick to it, consistently, the rewards will soon come. You don’t have to worry about taking time off for the children, nor do you have to worry if you become ill, as in a conventional business


    • Terry
      2 years ago

      Firstly, sorry to hear about the bereavement and all strength to you in the aftermath…well done.

      So true, it takes time to build passive income, but can be very rewarding if you stick to it. Again, well done.

      Thnx for the comment
      Terry recently posted..Lost in the haze? Where next?My Profile


  4. Angela De Souza
    2 years ago

    Fantastic post! I downloaded my blueprint and am going to seriously look into this. :)
    Angela De Souza recently posted..Being a Friend – Who is HonestMy Profile


    • Terry
      2 years ago

      Angela…thnx, and good luck with the blueprint. I look forward to following your journey and of course ask anything as necessary.
      Terry recently posted..I hate book-keepingMy Profile

  5. I’m making some passive income but it’s been much more difficult than any of the experts suggested. It takes a long time (a few years at least, if you’re doing it part time) to build the skills and the assets (websites, courses, mailing lists, reputation, web traffic, relationship with your audience etc) that you need to make an income. (And I mean a decent income vs a few quid here and there).

    You do need some training, but that in itself is a minefield because you really do need to learn from someone who is making a sizeable income in this way. Most people who try to sell you a course are not actually making much passive income, and it’s hard to tell the good from the bad.

    Mums in particular are vulnerable to slick marketers who know we are an easy target because our earning options are often limited. Tread very carefully. I recommend starting with http://www.smartpassiveincome.com/ as it has tons of info all for free. This post by Seth Godin also has some excellent advice http://sethgodin.typepad.com/seths_blog/2012/05/how-to-make-money-online.html
    Helen @ Business Plus Baby recently posted..Can I claim childcare costs as a business expense?My Profile


    • Terry
      2 years ago

      Helen, so true. There are a lot of snake oil salespeople on the net and of course selling how to use the net to make money is supposed to be a self-fulfilling prophesy…(but often isn’t).

      Well done for getting this far down the path. There certainly is a great deal of free advice available. I think part of the issue you have experienced is that there is almost too much advice available.

      Brendon Burchard and Jeff Walker are just two teachers (of such skills) that make it clear that a great deal of what they teach is available in the public domain, but learning how to find it, filter it and apply it can be very time and energy consuming, not to mention confusing.

      The Number 1 lesson is “Action”. You can learn and progress most effectively through applying and learning from mistakes, than from learning first with no action.

      Final word….the success is all about PASSION. Your passion for your business, your knowledge and experience, and the desire to be the VERY best you you can be.

      Fire in the belly, overcomes a great deal of small sidestep errors. Very best to all that you are doing and trying to do…well done and thnx
      Terry recently posted..The single most important skill for any human being, parenting.My Profile

      • Absolutely, I don’t think you can do this well without proper training from someone who has already made an income from passive income, which means paying for a course. A good course will take you from the stage where you’re making a few quid here and there to a full-time income. But I would recommend reading around some of the (good) free sites to get an understanding of what is involved. That way you can work out if this way of working is your cup of tea, plus you’ve got some knowledge to protect you against the snake oil salesmen.
        Helen @ Business Plus Baby recently posted..Using your entrepreneurial skills to inspire your kidsMy Profile


  6. Georgi Rollings
    2 years ago

    As someone who is mostly limited by the number of the hours in the day this is great advice – although I suspect I’ll need more good advice to find enough hours to put this into practice!!
    Georgi Rollings recently posted..Tax for the self employedMy Profile

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