OK. so I was watching one of those Celebrity Reality Shows, (I don't even remember which, but follow me anyhow) and I had this thought: I wonder what these celebs' net worth is? Apparently, I am not the only one that has random thoughts about other people's net worth, LOL because there is a website that does exactly that! This website tells you what the celebrity's net worth is and how they accumulated it. After clicking through about 100 celebrities, (alright maybe I had a lot of time on my hands, haha) I realized most of them had one thing in common: they had multiple streams of income that created the wealth!
I mean, not a page went by that I didn't see a rapper with a clothing line or an actress with a fragrance empire. I learned a couple of valuable things here: 1. What do actresses know about manufacturing fragrances?? 2. They must be using the power of leverage in order to have success in other businesses. What I mean by leverage is, they're bootstrapping another business to the business they already have! This seems like a simple concept, but I'm sure I'm not the only person that wondered exactly how celebrities did this. Surely, they didn't sit and learn how to manufacture fragrances or clothing. Their core business (acting or rapping) would suffer in a way, right? So I'm going to give you my idea of how they successfully created multiple streams of income. (I'm also taking my own advice, in case you were wondering
OK here goes, only two steps folks:
Step 1. Delineate two types of tasks to other people: the grunt work (or the administrative work) and the expert work. It sounds like mostly everything, right? Right!
Let me explain: if you have to spend time doing administrative tasks and running a business at the same time, you do two very detrimental things to any business: burn out and destroy your status. Now that first thing is self-explanatory, no one person can keep up with running a business and all the administration required, unless they come up with a way to create 27 hours in a day! lol Even if you could, it will cause you to burnout, which then causes people to give up. The second thing, the most important thing, (I mean, if you take nothing out of this article, take this) it destroys your status. What I mean here is this, how would you feel about a business where the business owner did the secretarial work? You'd most likely feel that the business can't be that successful if the owner is doing that kind of labor. A celebrity is certainly not doing that kind of work on their own, neither should we! (as fellow business owners) So we should have a system in place that is automated or get someone else to do the admin. work. Even if you don't have someone you can pay to do it, get a friend, a spouse, a cousin! We all have at least one person we know that needs to get off of their sorry tails and make something of themselves! Get that person to do the administrative work.
This makes sense, right? So far, so good. but why would you delineate the expert work? Because it's expert work!!!! LOL
What I mean here is: make a list of those aspects of your business you need an expert for and then find a way to delineate these tasks to them! For example, you could be a cosmetics salesman which means you might be an expert at selling cosmetics. But are you an expert at internet marketing? Chances are you probably aren't, otherwise you'd be in that business! LOL See what I'm saying here? Use the people that already know it better than you and already have the resources to do it with. With our internet marketing example, internet marketing is a must for businesses these days, so find a way to delineate these tasks. Now I'm not saying you should pay an SEO expert 1000's of dollars to optimize your site. There are ways to access and leverage other sites abilities and get traffic of your own that way. I have tons of these tips, and I don't mind sharing Personally, I'm cheap! LOL I want to leverage experts for low cost. Obviously, celebrities don't spend time learning expert tasks, they get the expert to do it for them! So should we! No matter which way you do it, whether you want to pay someone or use low-cost resources, delineate the expert tasks too!
Step 2. Use the power of leverage!!!
Create multiple streams of income by having more than one business that feeds off the other! Amazing, right? Celebrities use their status as a successful rapper or actress to fuel the other business. (using step 1) Do this for yourself as well! For example, you may have a full-time business that you do now, find another business that will allow you to pivot from one to the other. If you're a cosmetics salesman, you might consider promoting/selling vitamins that aid in skincare.
That's it! Two steps to getting money celebrity style: 1. Delineate administrative and expert tasks. 2. Use the power of leverage to create multiple streams of income. This way, you can relax when you go through a rough patch in one business, you'll have another one in tow. This is why I am glad to be a member of Empower Network! Like my article on Facebook if you agree with getting money Celebrity Style!
Thanks for reading!
For more information about multiple streams of income, be sure to follow the link below.
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