Five Ways to Get Rich (Part 2)
Last week's TipsForSuccess article listed four unreliable ways to get rich:
1. Gamble.
2. Sue someone.
3. Marry a wealthy person or inherit your money.
4. Lie or steal.
The only reliable way to get rich:
5. Earn it.
You provide a service or product that people need and you deliver it. You can then increase your income by improving and expanding your service capacity. What Is Your Service Capacity? Capacity: The maximum limit. The greatest amount possible. The highest quality possible.
Service: A valuable act or useful product that you provide to others.
How much service can you produce? It doesn't matter if you are providing it or not. What are you capable of providing?
For example, two auto repair shops in the same town can fix your car's engine. But one of the repair shops can also paint your car and replace your tires. It has a greater service capacity than the other shop. Therefore, it has the capacity to earn more money.
Organizations thrive or die based on their service capacity. The same principle applies to you.
"The greater the investment in more service capacity, the greater the ability to get more service capacity utilized.
"The greater the service capacity utilized, the greater the service delivered.
"The greater the service delivered, the greater the income." -- L. Ron Hubbard
Based on this quote, we now have a simple, but powerful three-step formula for earning more money.
1. Invest in your service capacity.
2. Get your service capacity used. This means you deliver more service or more products; or provide a better service or better products.
3. Increase your income. A hairdresser has a shop with one work station. She averages 10 customers per day which is her maximum-service level. She wisely decides to invest in her service capacity.
She buys another chair, another big mirror, more tools and supplies she needs to create a new work station. She hires an assistant to answer the phone calls, schedule appointments and take payments. She uses the new workstation to give shampoos, fast haircuts and other uses so she can see more customers.
She gets her greater capacity used and sees 18 customers per day.
She continues this powerful formula and hires more hairdressers and trains them in her new system. She forms partnerships with her top people, builds a chain of hair salons and becomes rich.
As another example, you spend all day entering data into a computer. You feel like you have a dead-end job. You make $12 per-hour and have no job security. You decide to invest in your service capacity by increasing the value of your time.
You notice that whenever the computers crash in your office, everyone sits and waits for the technician to fix the problem. You have a bright idea.
You know the technician makes $40 per hour. So you invest your free time learning how to fix the computers. You are ready to get your service capacity used!
You corner your boss and say, "I've just learned how to fix the computer problems and since I'm already here, we won't have to wait for the technician. I'll only charge $30 per hour. If I can't fix it and need to bring in the technician, you don't need to pay me for my time. And to prove I know what I'm doing, I'll fix them the next time they crash for free! After that, $30 per hour. What do you think? Is it a deal?"
Your smart boss thinks for two seconds and says, "Deal!"
One thing leads to another and you are making $40 per hour within four months. You continue to invest in your service capacity until you can fix several types of computer systems. You start your own company, constantly increase your service capacity and become rich.
Anyone can invest in their service capacity. A Texas book publishing company hires a team to translate their best-selling books into Spanish. They can now produce twice as many books using their existing book deals.
A real-estate agent is making no money selling homes. She invests several weeks learning to buy and sell office buildings, shopping malls, apartment complexes and empty land. She triples her service capacity and uses her existing connections to find deals and boost her income. As the real-estate business improves she has more profitable work than she can handle.
A restaurant invests in more staff training so it can expand its hours. It now serves earlier breakfasts and later dinners. The restaurant income increases by 35%.
Instead of drinking beer after work, an auto mechanic gets the shop owner to show him how to do custom paint jobs. The mechanic earns more pay as an auto painter and the shop owner can now sell a new service. If you study the history of every successful business and every successful individual, including the richest people on the planet, you will discover they all began their path to wealth by investing in their service capacity. The state of the economy has nothing to do with it. 1. Write down ways you can invest some time or money to increase your service capacity.
2. Select one of these ideas and make your first investment this week.
3. Get your new service capacity used.
4. Deliver more service or more products; or provide better service or better products.
5. Make your income increase.
With a little thought and creativity, you can find many ways to increase your service capacity so you can also become rich. No need to gamble, sue people, steal money, marry a rich person or wait for a wealthy relative to die.
Let others try to do that while you travel along your road to success and wealth. |
