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Serial Entrepreneur & Ultravagabond

Timothy Ferriss, author of the 4 Hour Work Week, is a self-described “serial entrepreneur and ultravagabond” who lives a lifestyle that most of us could only dream about — until now.

Ferriss presents a step-by-step guide to his free-wheeling lifestyle, allowing us to follow in his footsteps and realize lifelong dreams. Some people consider Ferriss to be an “Indiana Jones for the digital age”.

This interesting book has been number one on three different best seller lists: Wall Street Journal, NY Times and BusinessWeek.

Replace Obsolete Assumptions

His basic premise is that we need to replace many, if not most, of our current assumptions and apply what he calls the “Rules of the New Rich”.

We home business owners need to replace these assumptions because they limit us and prevent us from enjoying life. We’d like to be able to manage our businesses, and our lives, from anywhere, anytime.

According to Ferriss, The New Rich (NR) are those who abandon the deferred-life plan and create luxury lifestyles in the present using the currency of the New Rich: time and mobility.

Rules of the New Rich

According to Ferris, the “Rules of the New Rich” include the following:

• Retirement is Worst-Case Scenario Insurance
• Interest and Energy are Cyclical
• Less is Not Laziness
• The Timing Is Never Right
• Ask for Forgiveness, Not Permission
• Emphasize Strengths, Don’t Fix Weaknesses
• Things in Excess Become the Opposite
• Money Alone is Not the Solution
• Relative Income is More Important than Absolute Income
• Distress is Bad, Eustress is Good

The 4HWW Model

His model provides us with a roadmap for realizing our own lifelong dreams. He shows us how to:

• Live like a millionaire
• Free time and automate income
• Outsource our lives to overseas virtual assistants for $5/hour
• Travel the world without quitting our jobs
• Eliminate 50% of our work in 48 hours
• Trade a long-haul career for short work bursts and mini-retirements

He uses the DEAL acronym to describe his model, where:

• D = Definition
• E = Elimination
• A = Automation
• L = Liberation

He encourages us to use “Dreamlining” to design our own luxurious lifestyles. Elimination, simplification, and outsourcing to virtual assistants are the building blocks to a luxurious lifestyle among the New Rich (NR).

This is an art and a science we will refer to as Lifestyle Design (LD). Automation is another key component of the Lifestyle Design (LD) process, i.e., building a system to replace ourselves as bottlenecks. But never automate anything that can be eliminated, and never delegate anything that can be automated or simplified.

Carpe Diem!

Use this book as a roadmap taking you on a journey to opportunities that others will never see. Along the way, you’ll come to realize that having choices; i.e., the ability to choose is powerful.

Personally, I love the idea of creating a 4-Hour Workweek for myself.

Ferriss has shown us that it is possible to realize our dreams - faster and cheaper than we ever thought we could.  I plan to implement many of his ideas into my own life.

One great place to start for securing all the  understanding about internet marketing that you will need to be successful is to join the Online Success for Beginners course.

 

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Technorati Tags: 4 hour work week, 4 hour workweek, automation, four hour work week, leverage, millionaire lifestyle, Online Success for Beginners, OSFB, Timothy Ferriss

Internet Marketing Resources 4 hour work week, 4 hour workweek, automation, four hour work week, leverage, millionaire lifestyle, Online Success for Beginners, OSFB, Timothy Ferriss

Wikipedia defines leverage as “A force compounded by means of a lever rotating around a pivot” and “By extension, any influence which is compounded or used to gain an advantage.”  The extension of that definition is the most relevant for online businesses.

Leverage is most often expressed in either fiscal or mechanistic terms, but it applies much wider than that as well, including the affiliate marketing industry.

So how can we interpret the term “any influence” for our internet businesses?

One of the best ways for an internet business to maximize our profits is by re-using available content.  Most of the ebooks currently advertised on the internet reflect content that has been re-used, although some may have been originally written as ebooks, most originated as a single blog post, or a response to a customer email, perhaps even a collection of Frequently Asked Questions.

Within Finance, the advantage gained from leverage is frequently written as a ratio of some sort, for example, a debt-to-equity ratio.  Such ratios are useful for bookkeepers, but accountants are not the primary audience here.

What advantage can we realize by leveraging our existing content?  Consider the following simplistic example (no rocket science here):   Assume that it takes you 10 hours to write a document for use with a single customer and then sell it to that customer for $50.00.  You would have earned $50.00, but it took 10 hours of your time to earn that $50.00; in other words, you have earned about $5 per hour (less than the current minimum wage) for your work and made zero profit. 

If, however, you take that same document (tailored to remove any proprietary info) and offer it as an ebook via the Web for $19.95, and that you ultimately sell 100 copies of your published ebook.  You would have earned $1995, and if you subtract the $50 it cost you to create the previous document with a reduction of another $5 to customize it for any customer/proprietary info, leaving you now with a profit of $1940.00.

That’s the power of leverage, specifically the improvement gained from re-using existing content. 

Once we become familiar with leverage, we discover that there are many different ways to apply it to our home businesses.  This article addressed only re-use of content, but there are many other ways.  Separate articles describe additional ways that online businesses can improve ROI by using leverage.

If you like what you’ve just read, and would like to learn how to leverage your efforts, and become a millionaire - get the FREE Infinite Income Plan report and put your income on autopilot.

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Technorati Tags: affiliate internet marketing, Home Business, internet business, leverage, online business, technology

Internet Marketing Resources affiliate internet marketing, Home Business, internet business, leverage, online business, technology

Leverage is the ability to gain a big gain from a small investment - whether that investment is time, effort or money.

We usually think of leverage as the mechanical improvement that results from using a lever.  In fact, Archimedes once stated, “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.”

But leverage isn’t restricted to the physical world of mechanical advantage - it applies in many other conditions as well.

In business, Change Agents often speak of changing one or more business “levers” in order to bring about organizational change or transformation.  Unfortunately, in today’s world, those business levers often result in job cuts, down-sizing, bankruptcies, or other forms of corporate re-organization.

But leverage has many positive implications as well.

People apply financial leverage when they use borrowed funds to increase their ROIs, or when they use calls or puts to control large quantities of stock much cheaper than if they had purchased the stock outright.

home based businesses employ leverage when they function online.  Simply by doing that, they’ve removed the boundaries of geography (and largely, time as well) and leveraged their advertising dollars, since it costs the about the same amount to create an ad that reaches only a small number of people as it does to create an ad that is global.

If we were operating a small “brick and mortar” store, we might be satisfied with a couple hundred visitors, but as an online business, we want traffic numbering in the hundreds of thousands, or even millions - and not just any traffic, but targeted traffic.

We are utilizing leverage when we use tools such as Google AdWords:  we use the Google technologies to identify targeted traffic for us and send it to our website.

The Web provides us with many forms of leverage, but they basically all boil down to the use of technology.   Technology is one of the greatest levers ever invented.

Most internet marketers are familiar with the use of autoresponders and search engines, etc., but they habitually fail to make full use of the technology lever in their back office processes - including everything from managing sales leads to fulfilling the order and taking care of the follow-on billing and customer service issues.

Those online businesses that take fully leverage technology are the ones who will succeed in this competitive environment.

If you like what you’ve just read, and would like to learn how to leverage your efforts, and become a millionaire - get the Free  Infinite Income Plan report and put your income on autopilot

 

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Technorati Tags: affiliate internet marketing, Home Business, internet business, leverage, online business, technology

Internet Marketing Resources affiliate internet marketing, Home Business, internet business, leverage, online business, technology