My business partner and I recently re-started a web project that was originally launched in 2005. At the time, we had a business model that relied on free upfront service with a large potential payout on the tail-end. We has some success; however, there was one problem with the model: we were continually babysitting service providers, clients and sponsors.
Jump forward three years and things are starting to go very differently. We have increased the overall potential for the site and have made a fundamental change to the business model. Rather than a free service, we have increased our offering, charge an up-front fee for service and have moved the client responsibilities to the appropriate place.
Guess what? We make the same amount of money with less than 20% of the work! Do I hear the Pareto Principle calling?
Take a look at your own online businesses. Is there a way that you can modify your business model to reduce your workload yet make the same amount (or even more) money? I didn’t think so until I got so tired of the old model that it was either ditch the whole idea or change! I am still very happy that I read the 4-Hour Work Week for more great ideas about automation.
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