Are you the Roadie or the Rockstar of your business?
I spent almost 10 years of my life in a Rock Band.
I played hundreds of gigs.
I loved almost every aspect of being a muso, except one!
Being the roadie.
The truth is performing was awesome, but having to set up, pack and lug all that music gear around, well that sucked!
When you’re starting out in music or in business it’s almost inevitable that you will need to do more of the HEAVY lifting than you would like.
The fact is there’s just NO ONE ELSE to do it, or at least no one you can afford. As a consequence, you are forced to do it yourself. That’s the price you pay for the chance to do what you love.
But there comes a point when you need to stop being the Roadie to your business or band.
If you don’t, eventually the thrill of performance will be overshadowed by all the hard labour required to get you there.
I doubt that the Rolling Stones would still be performing if they still had to lug all their own gear.
Performers are meant to perform. That’s also where the money is. Your success depends on you having the time and space to do the creative work that makes the money.
In the case of a muso, that’s write songs, rehearse, record, and perform.
The goal then is to minimise the amount of “Roadie” work you’re doing in your business and increase the amount of time you spend in your “performance mode”.
So, this week I want to share the secrets to how you can start to do more of what you love, less of what you don’t and importantly how you can make more money in the process.
Let’s dive in…
When entrepreneurs enter my programs, one of the first things I’m interested to learn is where do they spend their time?
Let’s face it, almost every entrepreneur will tell me they’re time poor. We’ve all wished for more time in the day at some stage.
But, in the end we all have the same 24 hours to work with.
The only difference is how we choose to use the time we have.
One of the primary reasons most entrepreneurs don’t maximise the value of their time is because they are NOT CLEAR where they should spend it.
So, let’s start there.
I recommend the first thing you do is identify your 3 Primary Money Makers.
These are the 3 things if you were allowed to do only these three things, it would have the biggest impact on your business.
What Dan Sullivan (The Strategic Coach) calls your areas of Unique Ability!
If you want to move from Roadie to Rockstar, the journey starts here.
Identifying your Money Makers is the first crucial step to building a more rewarding and profitable business.
To give you an idea, let me start by sharing my 3 primary money makers:
- Speaking – A large proportion of my time is spent in front of an audience because this is one of my areas of unique ability. This is where I add a lot of value, educate, and win lots of clients.
- Marketing Education – Inside the Marketers Club, I head up Marketing education because this is what I do best. Clients pay me to help them learn how to more effectively communicate what they do and package up their talent into a compelling marketing message.
- I do the Marketing of the Marketers Club – My area of expertise is marketing, so it only makes sense that my own business would utilise that ability. That means I’m involved in the creation of all of the Marketers Club online and off-line marketing initiatives.
The goal is to maximise the amount of time I spend working in one of these three areas and minimise the number of things that come across my desk that will stop me from focusing on a money maker.
The fact is, if I’m not working on one of these three things, then chances are my business is wasting one of its biggest assets.
OK, so that’s me. Now let’s talk about you.
Do you know what your 3 Primary Money Makers are?
If you don’t, then it’s time you figured it out.
Not being able to identify where your time should ideally be directed will almost certainly mean it’s being wasted in a lot of areas that burn lots of time but produce very little income.
If you can identify your money-makers, that’s great; but then there’s another question.
How Much Time Do You Spend Working On One Of These Three?
Knowing what your money makers are is a good start, but now we must create the space to work on them.
This is where the old 80:20 rule comes into play.
In an ideal world, your goal will be to spend as close to 80% of your time on your money makers as you can.
It’s not realistic to expect 100% because life will always find a way to throw something at you, so 80% would be awesome.
Once you’ve identified your money makers, keep track over the next week on just how much time your spend working on one of these three areas.
You might be shocked at just how little time you spent on these key areas.
In fact, for many entrepreneurs the reality is they only spend about 20% of their time on one of their money-makers. The rest of their time is often spent on non-revenue producing activity.
Making the change
If you want to shift the needle and start being able to direct more time to the areas that will have the biggest impact, it’s time to hire a Roadie.
Not literally of course. In your case, a roadie might be in the form of a virtual assistant, part time employee or someone you can outsource some basic repetitive and non-revenue producing tasks to.
If you want to be a Rockstar in your industry, then you have to start acting like one and stop doing all the heavy lifting.
I can still remember the day my band got our first roadie. It was one of the happiest moments of my music career, knowing that now I could finally focus on giving everything I had to performing – and someone else would be there to pack up the gear.
If you want to see your income jump, I suggest you invest in having someone do some of your basic tasks and allow yourself to focus on being the performer you went into business to be.