‘Time is money’. The one value we have grown up with can be summarized in these three words. We have been taught, over and over again, that the more we work, the more money we make. But at the end of the day, each one of us has only 24 hours a day.
Have you ever wondered, how is it that with the same amount of time, some people make a world of wealth, while others struggle to keep their heads above water? The answer is simple – time leveraging.
WHAT IS TIME LEVERAGING?
If you ask your average Joe that how do the rich become rich, he would come up with all kinds of answers – luck, right time, great idea, and more. However, if you spend enough time studying the rich, especially the successful entrepreneurs across the globe, you would notice that it is not only what they did that made them rich, but also what they didn’t do.
Time leveraging, put simply, means using someone else’s time for your own benefit. When they said ‘time is money’, they were right. We would just like to make a slight change here – ‘others’ time is also money!’
More the man-hours working for you, more the work you get done; and more the work you get done, more the income you make. It is, really, that simple. If you work a standard 8-hours a day shift for 5 days a week, and 50 weeks a year, you get paid for working 2000 hours in a year. For an average work life of 40 years, you have 80,000 hours in which you can make money.
Let that sink in well. 80,000 hours is all you get to make money. The rest of your time does not pay you. Now let’s consider a corporation like AT&T, which has over 280,000 employees working for it every day. So if all employees work for 8 hours a day, AT&T has over 2 million man-hours every day. You get 8, and AT&T gets 2 million! Is it a surprise that Stephenson Randall, Chairman of AT&T, makes $26 million per annum?
SO IN ORDER TO LEVERAGE, YOU WOULD HAVE TO HIRE MORE PEOPLE?
Well, yes. But that is not the only way. This is the world of digital disruption. Your network is, literally, your net-worth.
Let us talk about the largest social media company – Facebook. It would not be an exaggeration to say that Mark Zuckerberg has revolutionized the idea of modern business. Now, according to latest statistics, Facebook has an active user base of 1.65 billion every month. That is more than the population of China!
1.65 billion users visiting Facebook on a monthly basis means that there are 1.65 billion people working for free for Facebook! If you were a businessman, how much would you be willing to pay to catch the eyeballs of so many potential customers? It is no wonder that within a short span of 11 years, Facebook has reached an annual turnover of $12.5 billion in 2015.
This is a perfect example of time leveraging. Zuckerberg concentrated his efforts on the most productive activity for him – developing and expanding an interactive social media platform. The revenue is ultimately generated by the ever growing user community on the website.
HOW DOES IT WORK FOR YOU?
We have been talking huge numbers so far. You might be thinking, “that’s all great, but I do not have 280,000 employees or 1.65 billion user-base. I am working hard to pay myself, let alone to so many others!” Well, the good news is that it all starts with you. After all, Rome wasn’t built in a day. Click To Tweet
Time leveraging essentially emphasizes on concentrating your efforts and time on what you do best, and outsourcing or delegating the rest to others. For instance, if you are a blogger, you might spin magic with words, but not know how to manage SEO or design a web page for your blog. It would always be a better idea to outsource the SEO or designing work to an expert, and focus on your writing. The idea is to keep working on your strength, which would eventually pay you much more than your weakness would. Master one trade, and delegate the rest.
YOUR NETWORK WILL TAKE CARE OF YOUR NET WORTH
Whether you are looking to sell your skills for a particular service, start a company, or sell a product, you would need to make sure you have a specific reach to the potential customers. The more people you know, the more your turnover will be.
But, it is not that simple. You do not just need people; you need the right people. If you were writing fashion blogs for women, the demographic of middle-aged men would not be the best choice. You need to identify the right kind of people, and network in that particular group. One right customer will give you many more like him.
A network does not necessarily mean only your customers, but also like-minded people whom you can partner with. Let’s put it this way – the more time and skills you have working for you, whether as partners or as customers, the more money you will make.
WHERE DO YOU START?
I cannot give you a more apt answer than this – right here and right now, with whatever your profession is. If you are a programmer, find a website designer, and put up your best synergy. If you are a writer, partner in with a blogger and write away! Somebody out there is an expert at a skill that you cannot even fathom.
They say that the best project you will ever work upon is yourself. Find your strengths, and start working on them. As far as your weaknesses go, you can always find someone who knows what you don’t. The idea is simple – keep doing what you get paid for, and soon you will be paid for what you don’t do!