Using the 80 20 Rule (Richard Koch) in your home business is THE smartest thing you can do to maximise your income and your time. If you focus your most valuable asset (your time) on the RIGHT things
The big question on every entrepreneur’s mind is “how do I make the most money the fastest in my business?”
Before actually replying I want to talk about the question for a minute and examine it.
If you are not necessarily generating a ton of revenue in your business already… you have to question a few things before examining the 80 20 rule.
- Am I will to take action?
- Am I willing to get out of my comfort zone?
Because these 2 crucial things will determine whether you are WILLING to focus on a few things in an effort to create some type of shortcut that will lead you to the result in a more efficient way.
Now I’m not one to say that it’s not smart to work smart and it’s not smart to focus on the high dollar activity activities in your business, but what’s crucial here is to realize that if you’re not willing to take action on what you are learning each day… if you’re not willing to get out of your comfort zone… if you’re not willing to do everything that you possibly can in order to get your business out of that infancy phase, you’re in trouble.
So, using the 80 20 rule effectively is actually better suited when you want to start focusing on scaling your business… focusing on really figuring out which activity you should be completing and focusing on on a daily base basis in order to let’s say scale from $5,000 to $10,000… $10,000 to $50,000 a month etc.
But, in the beginning phases of your business what you need to do is everything in your power to get your business out of infancy phase.
If that means working 12 hours a day on your business… that means working 12 hours a day on business. If that means just doing everything you can… three blog posts a day… Facebook LIVES everyday… YouTube videos… emailing your list twice a day, etc.
It means taking massive action in order to create some type of result that you can then run with.
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Really making the most money the fastest in your business comes down to focusing on the 80/20 rule, which basically means spending most of your time on the 20% of activities that will generate 80% of the revenues for you in your business.
As an online marketer, there’s really three huge things that you need to focus on and get good at, if you want to create revenues for your business:
- Lead Generation
- Monetizing Those Leads
- Following Up With Those Leads
Using The 80 20 Rule Effectively
Also, it is important to realize that there’s also a micro 20 inside that 20%.
So generating leads itself is not going to be as high a paid activity as emailing your list that you already have. The new lead is not necessarily going to make money… but emailing your list, following up with your list, building relationship with your list, hosting webinars for the people who are on your list… these are all the activities that are going to lead to the most revenues in your business most quickly.
If you are in the infancy phase in your business, when you’re really not making anything happen quite yet… that point where you kinda’ know you’re at zero and feel like you’re about to break through… you need to do everything in your power to get your business from the zero… to let’s say the $5000 or $10,000 per month mark.
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Then from there when you want to start to scale your business and really make the most money the fastest with the least amount of work possible… what that all comes down to is focusing on the 20% of activities that will yield 80% of the results in your business, and even micro the micro 20% inside that 20% that will in-turn lead to even more of a compounding effect on your revenue.
So really, the highest paying activities that you can go ahead and complete in your business are:
- Emailing your list
- Having promotional webinars for your list
- Building relationships with people that will allow you joint venture partnerships
- One on One Consultations
- High Ticket Offers
- Product Creation
All of those types of extremely high paid activities in your business are going to yield the greatest results with really the littlest time invested.
I know people who make a ton of money in this industry working just a couple hours a day. That’s because they have everything else delegated, they have everything else outsourced. Their traffic is taking care of… their lead generation is taken care of… all of the small admin tasks are taken care of… their email replies are taken care of for them…leaving them freed up to focus on emailing the list, they focus on creating products, they focus on building relationship with their list… adding value to the marketplace, and they focus on hosting webinars and making sales… and then turning those smaller customers who initially purchase a $47 product, into ascending customers of $297, $2000, $10,000, etc. So those are always going to be the highest paying activities in your business.
So, if you want to make the most money in your business the fastest… focus all of your efforts and all of your energy on the highest paying activities on a daily basis.
Just remember that if you’re trying to get out of infancy phase you just need to do whatever it takes. Work like crazy to get through the grind…get your business out of infancy phase, to the $5000… to the $10,000 per month mark, etc. And then I would highly recommend focusing on the few things that will produce the most results in your business by implementing the 80/20 rule… and then also micro chunking down that 20% of activities that makes up the 20% in the 80/20 rule.
Thank you so much for watching “Using The 80 20 Rule To Make More Money” – drop a comment below and share if this helped you. Sharing is caring. To your success!
Megan T Davenport
“Helping Online Marketers Generate Leads and Sales – Using Automation”
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