Make as much as you’re able
📪 The Optimal Agent Newsletter #040
Take Action:
If you are not yet wealthy relative to your needs, develop a second (or third, or fourth) source of earned income through entrepreneurship.
Why It Matters:
Having multiple sources of income creates Agency — making your near-term financial health less dependent on any single job or client while increasing your ability to save, to invest, and to reach the day when you’ve separated your time from your income entirely.
How to Do It:
List your core skills. What can you do that is relatively rare, useful to businesses (who are always willing to spend money to make money), and enjoyable and easy for you? Don’t sell yourself short here — your skills are more needed than you may recognize.
Write your value proposition. In one sentence, what is the benefit you’ll offer? The formula: Connect your core skills to revenue generation while answering your prospects’ main question: “What’s in it for me?”
Create your product. How will you deliver? By the hour? With a digital product? By consulting or by doing? One-on-one or one-to-many? (For help answering, check out this week’s podcast).
Establish pricing. How much will you charge? It can be helpful to familiarize yourself with different types of pricing: cost-plus, value-based, and market-based — and for a true education, check out Monetizing Innovation.
Create a prospect list. List 3 to 5 business owners you already know who might be interested in your offering.
Pitch. It may seem like you need a logo, a business card, and a website to get started. You don’t. You need a paying customer. Reach out to the people on your prospect list, ask if you can have a half hour to discuss what you’re up to, and engage in an exploration of mutual benefit.
Explore More:
Listen: O.A. Podcast Episode #40: Creating Time to Earn More Income where Patrick and I run through the worst-to-best options for creating an additional source of earned income.
Read: Our favorite guide for going out on your own — Company of One by Paul Jarvis
Read: Make as much as you’re able (Wealth Rule #2)
Read: Paychecks, Not Portfolios: Why Income is the Key to Financial Success by Nick Maggiulli
Watch: Want to see our pretty mugs while getting your Optimal Agency? We’re now on YouTube. Start with our latest episode (and be sure to click that Subscribe button to let us know you’re on board).
