$5k a month is not enough anymore please help me!

sinclair89 Greenhorn

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#41

poetwarrior said: ↑

When a business gets to a certain size, you realize you can't do it all yourself. You then have a few choices.

You can hire people to work for an hourly wage, but then you have to supervise them. And if you can't verify that they're putting in the hours, then you risk them taking advantage of you.

You can pay for each service, but then you only get people interested in your project if you give them something. There's no incentive to build the business with you. They perform the service and you exchange money and as long as you give them money they will keep giving you their service. If you aren't satisfied with the service, then you should stop giving them money.

The third option is to add an incentive program to the business. For instance, if your primary income channel is AdSense and you have people providing you content pages, tell them you'll pay them 50% of the revenue from the pages they create. Then they have an incentive for writing good pages that lead to AdSense clicks. If they don't make any money, then they'll move along on their own. I helped someone grow his business by 500% on an incentive program. I made 50% of revenues managing the content service. Today, we still have business and some of the same customers. I'm not rich, and neither is he, but we have steady income because we both worked. Note that an incentive program doesn't mean you rest and do nothing. You still have to keep a finger in the business, tighten nuts and bolts, train managers beneath you, instill your vision into people, etc. Maybe even sell stuff.

The key is to figure out what you are best at and what you enjoy most. Then find people who are good at other stuff that are necessary for your business to function. If you can incentivize it, then get them to work on incentives. If that's not possible, figure out what it's worth to you to pay that person to perform the service - but make sure you can fit it into your budget and still turn a profit; otherwise, it's pointless.
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Adding incentives for performance is the ONLY way I would go. Great advice. Unless you are going to places like Fiverr and paying for a few articles, never pay more than $50 lump sum for a service from a random person on the internet.

sinclair89, Jun 17, 2011 IP

unknownpray Active Member

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#42

You need to work with people who show results before you pay them. Paying before seeing any results is just like Purchaing a hawker in imagination that it wil make you money.

unknownpray, Jun 17, 2011 IP

sambling Well-Known Member Affiliate Manager

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#43

You should put some of your profit into other investments that you don't have to watch so much. Like a balanced managed fund.....

sambling, Jun 17, 2011 IP

bodders71 Peon

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#44

You need to somehow pay for results rather than ideas

bodders71, Jun 20, 2011 IP

jackie2011ws Active Member

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#45

wow, that's a big figure, still a long way to go for me ,uh......

jackie2011ws, Jun 21, 2011 IP

Scouter Peon

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#46

Hire people only if you have to, not by laziness. It's sad to give all your money to someone else just because you don't want to take the time to do it yourself. Well at least I guess you make some people happy that way!

Scouter, Jun 21, 2011 IP

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$5k a month is not enough anymore please help me!

sinclair89 Greenhorn

unknownpray Active Member

sambling Well-Known Member Affiliate Manager

bodders71 Peon

jackie2011ws Active Member

Scouter Peon

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