TES 071 - 4 Ways to Make Money with What You Know

Building Your Money Machine

In this episode, #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham, talks about the four different ways that you can share what you know to generate income. You are going to learn about the four primary business models and get an introduction about how you can scale and leverage it.

Why this is important is because if you don’t get it right, you get tired, have no impact and there is no future with what it is you’ve got to work with. But when we get it right, you will feel a greater flow, you will be valued higher and it leads to better income.

So, the things that you need to know are:

• What fits with you: How you want your life to be in this lifestyle business
• Create curriculum and process: Package your knowledge properly to be effective
• Scale vs leverage: How you leverage what you know versus scaling and growing everything together

The Practice Spectrum

This framework helps you decide on the type of practice that you can do. On one axis there’s ‘process’ and on the other it’s ‘intellectual property access’.

• 1 to 1: It is the hours for dollars model. You have a specific hourly rate and you swap your time for it. It has a limit to it when it comes to increasing your income as there are limited number of hours in a day. You have to think about moving up from here.
• 1 to Many: There are different ways you can do one to many like with seminars, speaking sessions, online video/audio. A lot of times it is in speaking sessions where you impact many people with a single content that you deliver.
• 1 to Few: It’s about giving more access to you. So you limit the number to small groups. It is higher priced as you give more access to your intellectual property, wisdom and knowledge.
• Many to Many: A higher level situation that you need to build up before trying. You can go many to many by licensing your process. Train other people about your results, procedures and frameworks so they can deliver for you.

We will talk about Scaling and Leveraging a Practice in the next episode but to set the lay of the land, there are four primary ways of business models: (1) Time, (2) Product, (3) Hybrid and (4) License based.

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ABOUT MEL ABRAHAM

Mel is the founder of BusinessBreakthrough Academy and Thoughtpreneur Academy where he helpsentrepreneurs bring their businesses to the world and build thelifestyle that they want. Mel is one the most sought afterentrepreneurial mentor and strategic thinkers of our time. Unlikemany other so called “business coaches”, Mel has lived everythinghe teaches and continues to do so. Mel has built, bought and soldnumerous multimillion-dollar businesses for himself as well as hisclients. As the author of The Entrepreneur’s Solution: The ModernMillionaire’s Path to More Profit, Fans & Freedom Entrepreneur,Mel’s strategies have helped build thousands of businesses and havegenerated hundreds of millions of dollars for his clients, rangingfrom large corporations to startups and small family-ownedbusinesses.

Mel is a true believer in theentrepreneur