Does a 20-hour work week sound appealing to you? Have you wanted to become an entrepreneur but thought it was too risky? When you have a business, you can create streams of income that can build you wealth. WTR welcomes Yasmin Vorajee, an entrepreneur. In this week’s episode, we will discuss how to build assets that could bring you income over time.
Ingenious tactics to accumulate wealth, for people who see things differently.
[00:55] Kevin: Today we’re joined by guest Yasmin Vorajee. Today we’re going to talk about making your money work for you, not someone else. Yasmin is an entrepreneur and an expert in making your money work for yourself
[02:40] Would you mind sharing a little bit with our listeners where you came from and what inspired you to do what you do today?
[02:50] Yasmin: I’m the creator of Tiny Time, Big Results, which is all about how to have a profitable 20 hour week business
[04:25] If I only have a few hours a day, how can I make the most of the time that I have so that I can still have a profitable business so that I can still be with my kids and still feel like I have balance?
[05:05] Kevin: It’s not just work all day, everyday. Then you’re missing out on a lot of things. To me, I think wealth is important to bring a quality of life
[05:15] Yasmin: Wealth for me is not just about the amount of money that you make or the amount of money that you have. It’s about the time you’re spending with your loved ones, the time you get to have some fun. You can enjoy what you’re doing
[05:40] What is it that I’m here to do? How can I add more value to this world and do what I love and get well paid for it?
[05:50] Kevin: Building wealth is creating assets. If you can build an asset that, when the world turns upside down, you are avoiding that loss since you still have income and that puts you in a better position
[07:05] Yasmin: I think being self employed was considered to be the really risky option that you were being super brave if you created your own business. But over the years I’ve really come to realize that actually being employed is incredibly risky. You’re a number in that system. And when they don’t need you anymore, you’re gone. When you have a business and you create streams of income in that business, if one starts to slow down, you can make the other ones be a little more fruitful for you. Whereas if you lose your job, you have one stream of income and that’s gone
[08:43] I think for a lot of people they’re probably thinking the time is going to be an issue and that they don’t have the time
[11:15] The way that I look at leverage is if I have an asset, how can I create a greater return from that? My book is a leveraged product because I’ve poured all my knowledge and expertise into a book that now sells for me. I’ve created it once, now it sells over and over again for me
[12:45] When you’re selling your time, you always have a cap on how much you can sell
[13:33] A common complaint that I get from a lot of business owners is “I’m so busy I don’t have time to do marketing.” But when that pipeline dries up, there’s no new leads coming through
[14:08] We all have knowledge and expertise that other people will value, and it’s about tapping into that
[14:52] I think the biggest mistake that people make is assuming that everyone knows what we know (common knowledge is not that important)
[15:05] Kevin: With all this new technology that we have and social media, it’s really easy for people to take something they’re good at and build a career
[16:25] Yasmin: There’s a huge range where you could put your value out there
[18:10] You don’t have to be physically there to be able to till make money
[18:30] When you value what you know, then you can see there are so many opportunities out there. One of the biggest challenges that I see is that people don’t value what they know
[19:23] Kevin: So let’s go on to the next part of the conversation here. Let’s assume our listeners decide that this is a good idea. How do they do this 20 hour work week?
[19:35] Yasmin: I look at it in two phases. The first phase is to get fully booked with clients so that you’re attracting clients and cash consistently.
[20:00] First of all you get really clear on what your marketing message is. What is it that you do and who do you do it for?
[20:20] The next piece is how do I help this person?
[20:40] The third step is focused around client attraction. How do you tell people what you do and how you can help them?
[20:53] The fourth step is getting good at sales and selling
[21:15] When you focus on your message, your offer, how you attract clients, and how you convert those prospects into paying clients, you now have a flow of consistent income
[21:45] Phase two is going beyond being fully booked. It’s about creating multiple streams of income
[22:45] If you can show your customer that your product/service issuing to create this incredible transformation for them and is something that they really want, they will be willing to pay for it
[23:23] Kevin: People are going to want to have a rough idea of how long this will take. I know this isn’t a get rich quick scheme. What kind of time frames are people looking at for this?
[23:47] Yasmin: I normally say 6-12 months to be able to establish a solid business. It’s about being consistent with what you’re doing because so many people get paralyzed with indecision or doubt
[27:48] There will always be people who want that premium version. I always say you’re leaving money on the table if you don’t have some kind of a premium version of what it is that you do
[28:40] Kevin: Anyone can be successful. You don’t have to be a genius, you don’t have to reinvent the wheel. There’s a blueprint out there. All you have to do is follow their blueprint and you’ll be a lot more likely to be successful
[29:12] Yasmin: What I’ve learned in my journey is that you can have the strategy and the strategy is so powerful. They show you that these are the steps
[32:22] Kevin: Niche down and now instead of being so broad, you’re an expert at a specific thing
[32:55] Before we close for today I’m going to ask you for the WTR value bomb, which is in your experience, what should our listeners look to avoid doing and what can they do about it?
[33:03] Yasmin: I think that if you are serious about wanting to start your own business or have a business that creates those assets, then be very mindful of that mindset that “I can’t do this/ this isn’t for me/ no one is going to buy what I know” because when you do that, you’re putting a brick wall in front of you and you’re not going to be able to get past that
[33:40] Unless you believe in the value, no one else is going to believe in it (the first sale is always to yourself)