How to Make More Money as an Entrepreneur

Hey, I want to talk to you about leverage today. My name is Chance Brown. I'm the broker owner of CB&A Realtors. Leverage is a word that gets thrown around a lot that I'm not 100% sure everybody understands. One of the things that I really think is very, very important when you are looking at your business is what is your time worth? Like, if you took your income goal for the year and divided it by the number of hours you're going to work that year, what is your rate per hour? And then here's the deal. Anything that you can pay somebody else to do for less than that amount, you should. And that is leverage. That is not doing the things that you shouldn't be doing in your business because you can pay somebody less than what you're worth to go do that. And then you take that free time and actually build your business with it. If you were an attorney and you were charging somebody by the hour and you said, "Okay, it's $250 or $500 or $1,000 an hour." You shouldn't be putting a sign out. You should pay somebody $60 to go put your sign out. Why? because in that amount of time taking the sign out, putting it out there, driving back, you could have made $1,000 and this was a $60 activity. And that really ought to be the basis for your leverage. I look at it from the standpoint of should you have a transaction coordinator? The answer is always yes to that. We've talked about that in other videos, but should you have a transaction coordinator? 100% you should because if your time is worth $1,000 an hour, then sending emails to a title company isn't worth your time. I worked 20our days for two years and I wouldn't hire an assistant because I really didn't think that I had enough work to keep them busy. And I was like, "What are we going to do? Just look at each other?"

Meanwhile, I'm sitting there working myself into an early grave. And when I finally hired my first assistant, I was like, "Holy [ __ ] I did not know that life was still life." Because I hadn't been experiencing it. Just the peace of mind that it brought and the freedom and flexibility to actually be present with my family was worth the money for the assistant. The point is, are you leveraging the time in your business to be able to live up to the promise you owe yourself, which is I'm worth that dollar per hour. So, as you're looking at this and you're thinking, okay, where could I leverage some some extra time or where could I get some help? Look at the easiest stuff to return. Like for example, I mentioned the signs. If it makes sense to have a service go put out your sign so that you can spend the time making more calls or taking someone to lunch, do that. Start there. If you need a transaction coordinator and you can find a good transaction coordinator with good referrals who is ready to hit the ground running today, 100% you should plug that in right now. Like that's a no-brainer. As you get into bigger things, whether that's a coach or whether that's an assistant, those are things that are going to require more of your time be invested so that you can see a longer return on that. You got to train an assistant. You got to come up with the processes and systems. You've got to put those in place, let them try it, probably screw some things up, come back and fix them with a coach. The coach is going to tell you, you need to be doing this, and that's stuff you're going to have to go build and do and try. And there's a lead time on those things. Those take a little bit longer, but the long-term payoff is far greater than the initial investment of time that you're spending right