Many years ago, I knew a guy – we’ll call him Gary to protect his identity – who was converting a building into apartments. He was doing most of the work himself, and he was doing a good job too. He enjoyed what he was doing and it showed.
The building had a lot of potential.
Unfortunately, he never finished the project and had to sell the property to someone else who finished it.
The reason he needed to sell the building was that his wife decided to leave him because she was fed up with him spending all his time working on the building and not getting it finished… that and the fact that the bank decided that they wanted their ‘substantial amount’ of money back.
His wife was also frustrated that their money was tied up in the project and had been for over ten years.
A project like the one he was working on should have been finished within a year… two at the most. After ten years, the block of apartments was still not finished and so his wife decided enough was enough and left.
It’s a sad story because he was sitting on a real gold mine of a project.
The whole property would have been worth a lot of money finished and it would have earned a decent amount of rental income each month… except it didn’t because he never finished one apartment before moving on to another.
Okay, you may be wondering why I am sharing the story of Gary’s failure. Well… the reason for sharing is to help prevent you from making the same mistake.
You see, what happened to Gary was completely preventable.
He could have finished the whole apartment in a year or two and enjoyed the fruits of his labor if he had employed people to do most of the work instead of doing it all himself.
Now, you might be thinking that he was trying to save money.
He was to a degree, but it was a bit of both really. He enjoyed what he was doing and he wanted to be able to tell people that he alone had ‘converted’ the building turning it into flats.
There was a certain amount of ‘ego’ involved.
He did the plastering, the carpentry the plumbing, the tiling, the laboring… he did the lot.
He was a professional and certified electrician who owned his own business.
He was in big demand and was in a position where he could charge a lot more than most electricians in the area due to the fact companies and farms called upon him whenever there was a problem and they needed to be ‘up and running again’ fast.
He was the ‘go to’ man for emergency breakdowns and repairs.
Per hour, he could earn far more than the local carpenters, plumbers, bricklayers, laborers, plasters and all of the other trades but instead of going out and working as an electrician during the day, he decided to work on his own property.
This is where it all went wrong.
His business began to fail because he was prioritizing his property over the people who needed him. When they couldn’t get him, they went elsewhere.
Initially, there was enough work to keep him busy from daybreak to sunset. He could have had all of the overtime he wanted. Instead, he chose to work on his own project.
Had he focused on his work as an electrician, he would have earned enough money to pay people to do the other trades as well as cover all of his usual living costs.
The property could have been completed quickly and he would have been sitting on a nice block of rental apartments. Instead, he decided to do all of the work himself which eventually cost him dearly.
He lost the property, his customers, and his wife.
I could quite easily use this example to compare converting a building into apartments to starting up an online business selling digital products, but instead, I want to focus on something different, and that is using your time and money wisely.
Something Gary didn’t consider… but should have.
As I’ve already mentioned, he could earn more per hour than most tradespeople in his town and he had enough work to keep him going all day and every day for months.
What he should have done in my opinion is he should have played to his strengths and worked more as an electrician, paid other people to do all of the other work – obviously as an electrician he had the electrics bit sewn up – and completely finish the project in less time so that he could earn rental income from his apartments.
If he still owed the bank any money it would have been paid out the rent he would have been earning.
Unfortunately, Gary didn’t do any of that, and instead of sitting pretty on a rental pension fund; he ended up losing it all.
I want you to take on board what happened and learn from Gary’s mistakes.
I most definitely will encourage people to do more of what they enjoy… but not if it means that you are going to lose out on what could have been something great just as Gary did.
I am a big believer that people should have an online business because they are incredibly profitable and the return on your efforts is far greater compared to most other businesses.
So if you wanted to build an online information publishing business – and so you should because they give you a lot of time and money freedom – it would make more sense for you to pay others to do the work for you if you can.
There’s a saying which I love and it is…
Money Loves Speed
Basically, what that means is that the faster you finish something the quicker you can earn money.
The faster you get a product to market, the sooner you can make sales and start making money.
So if you are currently earning enough money to pay for someone to do specific work for you, you should do it.
Let’s use an example of a copywriter who writes sales letters for people at $2,000 each.
Imagine that he has a lot of clients in the pipeline all waiting for him to write their sales pages for them.
He wants to start his own online information publishing business selling eBooks. As a copywriter, he has the skills to build the website and write the eBooks which he plans to sell.
But that takes time.
EBooks need researching and writing and building a website isn’t a five-minute job no matter how good and fast you are.
Would it not make more sense for the copywriter to spend his time writing sales letters for clients who pay $2,000 each and pay a ghostwriter a couple of hundred dollars to write an eBook based on their brief?
Would it not be a better idea to write sales letters at $2,000 each and pay a guy on Fiverr to build a website for a hundred bucks?
I think so.
Making money is the art of balancing your time and money wisely to ensure that you get the best results as fast as possible.
Remember…. Money Loves Speed, and if you want to have more money and more freedom, then you need to utilize what you have now and make the best-informed decisions possible.
One of the easiest ways to make money and build a profitable online business is by leveraging the power of Licensing. Instead of creating something from scratch, try getting written permission to use something someone else has already created.
It’s surprising what types of things can be licensed, from articles, videos, photos, films, logos, pictures, software and so much more.
Including ready-to-sell information products. You may just be able to license something for a lot less than you first imagined would be possible.
Remembering that ‘money loves speed’ you will also be pleased to know that you can get a ‘licensed’ information product online and ready to sell around ten-times faster than creating a similar type of product from scratch yourself.
If you would like to know more, click the link below for full details:
The Product Licensing Formula
Product Licensing is one of the easiest ways to get into the Information Publishing business and there’s a much ‘lower barrier of entry’ compared to converting a huge building into apartments due to the owe start costs a business like this requires. So, at least you won’t have the bank calling asking for their money back!
What This Guy Stumbled Across By Accident Nearly TWENTY YEARS AGO Is Anything But Average.
It's Still Banking Him $25,000 - $35,000 EVERY SINGLE MONTH!
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