Tim Ferriss’s ground-breaking book opens up the idea that businesses can be automated to an extreme level.
After founding a nutrient/protein shake business (and having a nervous breakdown) Tim went on a 6-week break, during which he discovered the company nearly ran itself.
On his return he found ways to further automate. He outsourced systems, with clear rules which handled ordering stock, providing customer service, marketing and warehousing/distribution without lifting a finger.
Nearly everything else was handled by a remote personal assistant, and the remainder allowed Tim to handle a highly profitable business during 4 hours a week. The entire relationship with the company is through emails with his personal assistant, and the rest of the time was used to focus on the business strategy.
Other key concepts in the book include:
The Pareto Principle
In most cases 80% of your income will come from 20% of your clients/sources. 20% of your clients will cause 80% of your problems. By identifying these groups you can make your business more efficient.
Test Before You Invest
There are lots of tools available for you to gauge how much demand/interest there will be for a potential business. Building a website for your business idea, run some advertising and see how many people reach your landing page. If it stalls, you might need to try Plan B.
Do the Opposite
Tim had great success in a sales role, when he experimented with doing the opposite from his colleagues. Instead of making sales calls between 9-5 he would call ‘out-of-hours.’By making this switch he was able to reach the right people much more easily, and quickly out-performed his colleagues.
There’s much more in here (including Tim’s stint as an MTV breakdancer, national kickboxing champion and world tango semi-finalist) and it’s an engaging read even today.
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