There’s something you must understand about owning a business.
Thank You Paul! Another classic email in my inbox. I added a little note in this.
Hey! There’s something you must understand about owning a business.
You get paid based on your results, not on how many hours you work.
In other words, if you work all day and make a lot of sales, you’ll get paid a lot. If you work the same number of hours and don’t make any sales, you won’t get paid anything.
Some people can’t handle the idea of not being paid a fixed hourly rate, and if they come across a business that only pays based on results, they say it’s a scam.
Bingo! When I take an acting gig, that’s trading time for money. It’s something I enjoy, but when I stop physically being there, I don’t get paid. (2019 update: The exception is residuals. Sometimes I had acting gigs where I filmed once and I got paid for it over and over again). In the startup world? It’s a whole other ball game. Just because I put in 20 hours at my company doesn’t mean I will get paid for those 20 hours. I get paid when I add value. That wealth and financial freedom comes from putting a system to work for you (and usually that takes time for those multiple income streams to become automatic). If you approach a business like you’re an employee, you will be in trouble. It doesn’t work this way!-Alesha
It isn’t a scam, really. It’s just a different way of working and making an income. A better way, if you ask me, and here’s why.
In my 9-to-5 job, I got paid a fixed hourly rate. And I worked very hard at that job. But when I looked around at my co-workers who did the same job, I saw that not all of them worked as hard as I did. Some of them slacked off — but they still got paid the same hourly rate that I did.
I knew that no matter how much effort I put into that job, I would still get paid the same hourly rate as my co-worker who slacked off.
That’s when I decided I was fed up with having a boss put a figure on how much I was worth — because I knew I was worth more than a slacker.
Instead, I found a system where the more results I produce, the more I would get paid.
Of course, that means that if I put in zero effort, I get paid zero. But it also means that if I do the best work I possibly can, and produce real results, I get paid however much those results are truly worth. And there’s no limit to that.