Do It Myself Blog – Glenda Watson Hyatt

Since choosing this self-employed, solopreneur route – or, more accurately, having the decision, more or less, made for me – I have spent much time reading, observing and listening to how other entrepreneurs and business owners have found success. Strategies, methods and formulas that have and haven’t worked have caught my attention. I have tried implementing a few, and have discarded many others that didn’t fit or make sense for me.

Last week I watched a news clip on our local self-made billionaire Jimmy Pattison, the sole owner of the third largest private company in Canada. His net worth, according to last year’s Forbes’ list of billionaires, is $5.8 billion. When asked for advice on how to get ahead, he typically responds by asking, “What time do you get to work in the morning?”

Oops! Dragging my butt from my warm, cozy bed – where nothing is hurting and I am not constantly fighting against gravity – is not the easiest thing I do in a day. But, in my defense (assuming I need one), that is where I do my best thinking, planning and even writing. Many blog posts and other content get partially written in my head while laying in bed. That is what works for me.

Interestingly, on the same day as watching the news story, I came across successful internet marketer Clay Collins’ bio page. He admits that he needs eight hours of sleep, preferably 10 hours, and that he cannot drag himself out of bed before 10AM. (I’m liking this guy already!) He goes on to explain that he can only get one thing done all day, i.e., writing a blog post, responding to emails or scheduling a week’s phone appointments all on one day. He doesn’t switch between umpteen tasks in one day.

If Jimmy and Clay are the extremes along one continuum, I am definitely leaning toward the Clay end. Who needs billions anyway?

Another continuum i have discovered has to do with work or effort put forth. Years ago, when flipping through a book entitled something like The Secrets of Millionaires, one short passage jumped off the page. Paraphrasing from memory:

Your time is finite. By selling your time, your potential income is limited. To get ahead, do not rely on selling your time.

Given my limited energy, this insight makes so much sense! In other words, rather working by the hour or by the project, create something once and then sell it repeatedly.

That is the concept behind “passive income”; a concept I am still having trouble believing. Once created, the product still needs continuous marketing. How is that passive? For example, having my book available on the Amazon Kindle is not enough. I need to keep mentioning, in different places and in different ways, that the book is available in order to make a sale.

To me, that isn’t truly passive income, but rather “less-effort income” (if you ignore the four years I took to write the thing). But now that it is written, I can sell it countless times and the income generated is limitless. That appeals to me!

People are making decent money from passive (or less-effort) income; Pat Flynn is grossing each month what is my goal for the year. Seeing his monthly numbers do not discourage me (not totally), but rather shows me what is possible and confirms that my goal is not crazy, is not unattainable.

By implementing a four-hour work day (which is taking some practice to get the hang of) and by balancing per-hour work with less-effort income, I am confident I can generate enough of an income to become financially self-sufficient. By repurposing existing content, I  will soon have a few more ebooks available on the Kindle. And, as soon as I can draft the sales page, I will be launching an accessibility review service for blogs and websites. Details coming soon!

After being at this solopreneur game for nearly fourteen years, I am now confident that I now have my own strategy, plan or formula that will work for me.

2012 is going to be a good year because that is what I am choosing to make it.