Digging My Own Ditch – Part 1

Carrying on from yesterday’s post about working for somoebody else, I am now examining the options when it comes to digging your own ditch – working for yourself..

If I set up my own business, I’ll be in a similar situation as I am now. There are still the same fixed number of hours in a day. The difference is though, that I won’t have to be on a fixed hourly rate or annual salary.
If I can find a business that brings in more money per hour worked than I get at the moment, then I am on to a winner. For example, say I earn $15 per hour in my day job. If, for every hour I worked in my new business, I made $18, then wouldn’t it make sense to change over to the new business? Even if I could earn the same amount of money, it would be good to simple be my own boss.

The problem is that I don’t want to be stuck in the 9 to 5 regime for the rest of my life, so I would really need some kind of business that earned me a LOT more than $15 per hour worked, so that I could reduce the number of hours that I work yet still earn at least the same amount of money.

There are five ways to increase the earnings per hour as I see it.

  1. High volume of sales
  2. Sales of high-price, high-profit items
  3. Directly employ other people to do the bulk of the work (other people digging MY ditch)
  4. Employ sales affiliates
  5. Automate

High volume of sales can only come with experience, wise product selection and getting my message to potential customers.

High-price, high-profit sales follows on from High Volume sales.

Employing other people directly is out of the question at the moment. I don’t want to get bogged down with employment law or the overheads of paying people salaries etc.

Employing sales affiliates is an excellent solution. They bear all of the costs of marketing my products, and do all the work of bringing traffic to my sales pages. They would command a high percentage of the profit, but for digital products (eg ebooks), there are no production and duplication costs, and the sales made by a number of affiliates would be far more than I could make on my own.

Automation is the key to any online business. Whether it’s product fulfilment, product creation or traffic generation, any automation that saves time is worth the money.

So, in conclusion, the ideal way to increase my income per hour worked is to sell digital products via affiliates. The higher the volume of sales, or the higher the selling price, the better.

July 13, 2011 · Phil Rogers · No Comments
Tags: , , , , ,  · Posted in: Lifestyle

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