I learnt early on in my entrepreneurship years the importance of scalability. I used to own a web design company where I was responsible for getting clients and also designing/programming the website. There is actually good money in web design, however the biggest problem is that there’s a ceiling on my income.
I may make around $5,000 – $10,000 per website which is great but it takes me weeks to even a few months to build it. I would chase the client, close the deal, do the work and get paid. This process would repeat itself over and over again. At times, I would simply decline projects because I just didn’t have the time to do it thus there would e a ceiling on my income.
I would work harder than a 9-5 job and yet I wouldn’t make consistent income. Deep down, I knew that even though it’s great being an entrepreneur, it does have it’s dark days where money isn’t as flash.
I did this for several years. Work extremely hard and trade time for money. Then after seeing what other people are doing, it slowly dawned on me that trading time for money isn’t the best way to go. You need to decouple your time from money because there’s only so much time you have. You need to figure out a way to make more money without using any of your time.
A Quote That Changed My Life
One of my mentors, Eben Pagen, once said something truly profound. He said that when you start a business, don’t do it for the money. Do it to figure out the code to make money. There is a huge difference between just chasing after cash vs a formula. You can spend years just chasing after cash and you won’t have a sustainable business model.
But if you figure out the sequence on building a profitable business that runs without you, then that’s the most important thing.
Hence what I’ve realised is that it’s critical to pick a business model right from the start. This business model must make money without you utilising your time.
Below are the 3 scalable business models you can build from home.
Information products are the key to building a scalable business. If you have some specialised knowledge, passion or some skill, you can easily package it up into a product and sell it online. The beauty behind information products is that you spend the initial time creating it and you get paid for life. I’ve created courses in the past where I’m still earning income from it today. It’s amazing how you can create something years ago and still sell it today. Also, when you leverage the internet, your customers is the entire world, not a small location. Hence the power of scalability with information products.
This is obviously my favourite form of scalability. With blogging, you write articles and post them online. Your articles generate traffic and you earn income via adsense and affiliates. The beauty with blogging is that if you write timeless content, you always get traffic from it. The articles I’ve written months and years ago, are still being read today and earning me income.
What I love most about blogging is that it doesn’t require that much skill and even time to maintain. For me, it only takes me 45 minutes to write a blog post and that’s pretty much it to maintain my website. Everything else is already setup, all I do is simply write articles and publish them to the world. If you don’t have a blog site, start one immediately.
I know this is on a completely different path vs the online marketing world but Forex is a powerful business to master. Forex, otherwise known as Foreign Currency is a way to trade currencies and earn income. If you are patient and take the time to learn how to read charts via technical analysis, over time you’ll learn how to make money through he markets.
The scalability part is that the more money you have in your forex account, the more you make. The skill of trading Forex is vital, once you are profitable and consistent, the last part is figuring out how to increase your Forex account.
I love Forex for it’s a powerful money making skill that will live on forever as long as we live in a capitalistic society. It’s also a recession busting skill where you can make money anywhere, anytime.
I hope the above list is useful for you. It make look simple and easy, however the real kicker is whether you’ll invest time into learning the above business models. What I did when I mastered those top 3 business models is that I kept telling myself that it’s a worthy skill to have. Imagine if you mastered those skills, where would your life be? I hope that question motivates you into starting your first scalable and profitable business from home.
Stay Strong and Be Relentless.