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Note: This is Part 3 in a 3-part series called “Small Business Internet Consulting Secrets“, which answers the question:
What do you think are the factors that differentiate someone making multiple 6 figures and someone just scraping along?
In Part 2 we talked about the importance systems and how people often struggle simply because they don’t do anything consistently.
Here’s part 3:
One of the first (and most eye-opening) business books I ever read was the E-Myth by Michael Gerber.
(If you haven’t read it yet, do yourself a favor and grab a copy.)
As well as learning all about the importance of systems, the big takeaway for me was that technical expertise — being skilled at what you do — can actually be bad for your business.
Sound a little strange? Let me explain…
See, what typically happens is the more skilled you are at your profession, the harder it is for you to “let go” and hand over the reigns to someone else.
The perfectionist in you says you’re the only one who can do it properly.
Of course, the problem is there’s only so many hours in the day. Only so much work you can do before you’re maxed out.
And when that happens… your income instantly stops growing. (In fact, what often happens is your income drops because burn out sets in and you back off.)
Smart business owners have figured out the real money is in being the marketer of their services, NOT the “doer”. Or as Gerber says, work ON your business not IN your business.
(Obviously you still need to produce quality stuff and get results for your clients, that’s a given. But an 80% solution in the hands of 100 people will have a bigger impact — and make you a LOT more money — than a 110% solution in the hands of no one.)
All of the top consultants I know (the guys and gals making well into 6-figures) have teams in place that do most of the “grunt” work.
Not surprisingly, many of the people still trying to do everything themselves have hit an income ceiling and wonder why they can’t crack the magic 6-figure mark.
Setup your teams early and position yourself for fast growth from day 1.
For example, your team might include people for:
This leaves you to focus on the one thing that matters… getting clients!
P.S. Once you’re in the elite Consulting Tycoon group you get access to the same VIP team I use, at wholesale rates. You also have a chance to join my own personal mastermind group… but that is by application only 😉