The Secret to Earning $500+ an Hour as an Online Business Owner

January 9, 2024

Did you end 2023 feeling a bit tired of watching other business owners make bank, fly private and spend their December in Bali, when you were sitting at your desk chugging your eighth coffee and wondering how the flip you were going to make it to the end of 2023 without a breakdown?

I mean, I’ve been there and I get it.

So, now that we’ve well and truly closed the book on last year, we have a whole shiny new year ahead of us to make a plan to do things differently.

In today’s podcast episode, I am sharing with you the EXACT steps required to build a business model that will allow you to end THIS year doing things in a more leveraged way. The secret? Starting NOW.

Listen On: Apple Podcasts | Spotify

Here’s the seven step process to leveraging your time and earning $500+ as an online business owner:

1️⃣ Leveraged Business Model: You NEED a leveraged business model where you are able to divorce your value from your time.

2️⃣ Ensure Your Model is IP Based: You need that time leverage to come from your Intellectual Property (rather than, say, a big stressful team). For me, that looks like creating courses and programs online. I create it ONCE, and can then sell it an infinite number of times without it taking MORE of my time. 

3️⃣ Define Your Endgame: If you’re building a lifestyle business, you should be clear on your goal in terms of two things – how much profit do I want to make to set myself up this year, and how much do I want to work? Get specific.

If you aren’t sure how to do this or what to base it on; I strongly recommend that you complete my free four part training series, where I will break down EXACTLY how to do this. Download our free business diagnostic here, and you will get the link register for the free training on the thank you page.

4️⃣ Define the EHR You Need to Achieve It: EHR stands for Effective Hourly Rate. It’s a concept I learnt from James Schramko, and it gives you the hourly rate you are making as a business owner. As employees, we usually know what this is, but as business owners? Not so much.

To achieve your desired profit goal WHILST working less, you will need to divide your profit goal by the goal number of hours you want to work in a year.

Example: Let’s say you want to make $500,000 in profit working 25-hours a week. 25 hours/week is 1200 hours a year (with four weeks off), so you would divide $500,000/1200. So, your hourly rate would need to be $416 an hour.

5️⃣ Find Out Your Current EHR: Work out, on average, how much you worked last year. Divide it by the profit you made. What is the difference between your current and goal hourly rate?

6️⃣ Make a Plan to Bridge the Gap: Now you know where you want to be, and where you are, you need to make a plan to bridge the gap. How can you make MORE money? How can you work LESS to achieve it?

If you want the “how” to do that, register for the four part training; and training three and four in particular will break this down in greater detail.

7️⃣ Track and refine: It’s true what they say – if you don’t track it, you can’t change it. Every month, divide your profit by your hours worked to find out your effective hourly rate. Over time, it should be increasing. And if it’s not, what do you need to change?

Following this process and taking action on the data is the THING that has moved me, over time, to a place where my hourly rate is $500 an hour. It happens slowly over time, by focusing on the RIGHT things, with the right model.

Want the FULL training, where we break this process down in BIG detail?

Download our free business diagnostic, and after you register you’ll see a link to watch our free four part training, where I break down the Endgame > Build > Refine process for building out a leveraged expertise-based business model to the Lifestyle Business Sweet Spot.

Click here to download the diagnostic and get your hands on the training.

Want more? Here’s how we can help you:

  1. Listen to Lifestyle Business School — The Podcast: With over one million downloads and counting, get the behind the scenes strategy on how to how to package and market your intellectual property to build a leveraged lifestyle business where your value is divorced from your time. Subscribe here on Spotify or here on Apple Podcasts for new episodes every week.
  2. Download our FREE 26 Page Expertise-Based Business Diagnostic: Get Clarity on what to work on first or next to help you start or grow your leveraged expertise-based online business. Click here to get it for free.
  3. Join Lifestyle Business School Today for $149/m: Get the complete Operating System for starting or growing an expertise-based online business to the Lifestyle Business Sweet Spot. Click here to join today. 

Keep Listening!

Listen On: Apple Podcasts | Spotify

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