Page 229 - merged.pdf

CHAPTER 7 BUILDING A CHAMPIONSHIP TEAM

is when I was training. Every day I trained, I earned for my
business $5,000 (100 students multiplied by $50 per student).
However, because I had to do all the other activities, I only
had the time and energy to do a maximum of six training
days a month, thus the most my one-man business could gross
was $30,000 a month.

I was in a quandary. Because I was spending so much time
training, I did not have enough time to spend marketing,
selling and getting new clients. On the other hand, there was
no point closing more training contracts, because I did not
have the time or energy to fulfill them. Do you see the problem?
As long as I did everything myself, my business had reached
its fullest potential of $30,000 a month in gross revenue (or
$360,000 gross revenue a year).

I thought of hiring people to do the administration, logistics
and accounting but I was initially too stingy. I thought to
myself, ‘If I hire an administrative assistant, I would have to
pay the person $2,000 a month.’ ‘If I do it myself, then I
would save the money!’

What I did not realize then was that by doing the admin,
accounts, logistics and selling myself, I was actually losing
money everyday! Why?

You see, every day was worth a potential $5,000 if I spent
it doing training. If I were to hire an administration assistant,
I would have to pay the person $2,000 a month, which works
out to $100 a day (assuming 20 working days a month). If
I did the administration work myself, I would save $100 a
day. However, I would be losing a potential $5,000 as I would
not be able to be out there doing training! So although I saved

220 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES