In a job, you typically sell your time for money. The employer really wants the product of your labor, but pays you on an hourly basis. Now some people are lucky enough to also be bonused or commissioned based on the results of their efforts, but most people just trade their time for a paycheck. In multi-level marketing, we called a job Just Over Broke, because you can never really rise above your circumstances by working harder or doing more, and you can’t multiply your “profits” by using technology or brokering the efforts of others.
In my current business, I am actually selling my time for money, but because I am more like a temporary worker, I can get a higher hourly rate and hold back money for when I am not working. I have also sold more work than I can possibly do, so I am brokering my work out to others in exchange for a small portion of their hourly rate. I can also get excellent people that are extremely specialized, so ultimately the client will be happier than if I had done the work myself. It is not always easy finding the right people, but doing this kind of business means that I earn some amount of residual income from my efforts. Residual income means that I might earn for a month, year, or five years from my efforts today.
My focus is helping my client do what they want to do and I go above and beyond the call of duty to make that happen. But ultimately the work is performed by others. So I can spend my time selling work and putting together deals, building my business to an unlimited size, rather than selling my own time where there is a limited amount I can sell. Selling time for money is a great way to start a business, don’t get me wrong, but ultimately it is a dead end that you need to move away from.
Do you still sell your time for money?