Let me ask you something… If you took 100% of all the money you’ve made in the last 12 months, what percentage of that would be “unearned income”? That is, income that doesn’t require any of your time, and all the money comes from royalties, licensing or recurring revenue.
Is it 10%? 40%? Maybe even 75%? For most business owners, the answer is ZERO. And you know why? Because most business owners just keep doing more of what they already do. They continue producing custom drapes instead of looking for ways to package and scale what they know.
Now, here’s the thing…
There’s two types of challenges all entrepreneurs face: Technical challenges
and adaptive challenges.
A technical challenge is when the answer to a problem is known, and you just need to know HOW to do it. On the other hand, an adaptive challenge is where nobody knows the answer. There’s no ready-made solution, and you have to figure it out independently.
Entrepreneurs are VERY attracted to adaptive challenges and avoid technical challenges like plague. They love taking their skills, ideas, and creativity… and developing new solutions to problems. But once they know the solution, they have difficulty following the checklists that get you to repeatable results.
How do I know that? Because I’m one of them!
Now the danger is that you end up “cracking the code” over and over… starting from scratch with every new client you take on board. That’s not scalable. And when something isn’t scalable, it can’t generate unearned income for you.
And if you don’t create any sources of unearned income… you’ll have a hard time going from, say, $250,000 per year to a million.
Now, the good news is that there’s a solution: Scale-ready algorithms. Scale-ready algorithms help you make the Big Shift and save you from that “code-breaking” hamster wheel you’re chained to.
That’s why I’m such a big fan. You can use your love of adaptive challenges and crack the code ONCE, and then… use that love of adaptive challenges AGAIN to figure out ways to package your solution up and syndicate it to people who love technical challenges and checklists!
And THAT’S the real game-changing secret: Scaling is delegatable. You don’t have to do it yourself…
But you can get paid nice dividends for it 😉
Head over to the podcast to get more insights into overcoming these challenges.