Escape 9-5 and live anywhere Part-4
Outsourcing is the lifeblood of the New Rich. Don’t forget the goal is to be in charge of your life and have others working for you while you focus on the activities that matter most to you. And as we’ve reiterated countless times, anyone can do this. It doesn’t matter if you’re on entrepreneur, employee or a student.
Before we go into how you can outsource effectively, here are a few short rules to help you make the most of it.
Rule number one – and everything hinges on this – do not delegate tasks that can be eliminated. This is so important. You’ll be wasting your resources (time and money), if you violate this rule.
Rule number two – every task must be both times consuming and well defined before it can be delegated.
Having made that clear, let’s delve into how you can begin outsourcing your tasks.
You have two options here. You could choose to use either a local or remote virtual assistant. Mukesh recommends using remote VAs from developing countries like India because the cost of service is less, and because of the time difference between both countries – you will be sleeping while your VA is working for you. So let’s say you have a presentation to give the following morning. All you need to do is contact your VA early enough, give them clear instructions and a deadline you both can work with (keep Parkinson’s law in mind when doing this). If things go well, you will wake up to your presentation waiting in your email. How awesome is that?
In order to avoid any disappointments, it’s good you don’t hire a new or sole VA. Working with a VA organization with a good reputation will save you all the stress of finding a great VA. The two most common VA organizations providing remote services are YourManInIndia (YMII) and Brickwork, based in India.
Now it’s time to set your income on autopilot!
This is the part you’ve been waiting for!
The secret of all NRs is building a business around something they love, and keep it simple and automated so they can enjoy doing other things. The goal is not business, but fun.
The easiest way to get into this is to find a product you can sell to a particular target market. And you don’t want to spend too much time researching about a product or its market, so just find a niche you already know well. Look at your past or current experiences and try to locate a problem your product can solve.
When Mukesh created brainQUICKEN, his target market was students and athletes. It was easy to create something they will love because he was a student and athlete, too.
Now, don’t let the word “create” scare you. That word has been largely overrated by the media – but as you will see soon enough, it’s not hard to create products people will love. And just in case the idea of product creation doesn’t at all fascinate you, there are two other awesome ways to get a product for your target market. But before going into those two other ways, let’s hammer on product creation.
After picking a target market and determining what problems they have, the next step is to think of a product you can create to meet this need. If what you have in mind is a hard product, you can leverage on private labeling; simply contact experts in the field to manufacture the product in a way that it will suit your target market, then stamp your unique label on it. Another option is to create information products.
The other two ways of getting a product are: reselling and licensing. To resell a product is simple – in fact, it’s the easiest way to get a product – just that the profit margin won’t always be great as there are usually many other people reselling the same product, and probably at lower prices. But reselling is a good place to start. If it interests you, there is only one vital step to take: contact the manufacturer, negotiate the wholesale price, and presto – you’re in business.
Reselling is similar to licensing in a way, but licensing requires more effort and is more profitable. Licensing is all about granting others the right to produce, hundreds of products with a brand’s name and image, in exchange for a percentage of the sales.
Many top brands use licensing in one way or another. A good example is Red Bull – that energy drink came from a tonic in Thailand.
So how can you take advantage of licensing? There are two possible ways: become the inventor or the licensee. Most NRs are the latter. They obtain licensing deal from inventors and use that to easily push their products to their target market.
Decide on any of the approaches that suits you, but don’t fall into the naive trap of setting low prices. Your product shouldn’t cost less than Rs 1000, and ideally, no more than Rs 10000. A good price saves you the stress of dealing with low end customers who will always give you a headache. If you’re sure your product is worth it, don’t be afraid to set high prices.
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