So, let's now come to consider how you can begin to massively magnify and multiply the unique value that you have? How can you create multiple streams of recurring income for yourself? There are basically four major strategies you can employ to add the scalability factor to your value: 1) Earn royalties and fees from licensing or selling your intellectual property 2) Magnify your value by reaching more people at one time 3) Earn recurring commissions from sales and referrals 4) Earn profits, dividends and royalties from businesses Earn royalties and fees from licensing or selling your intellectual property Many people get intimidated by the term 'intellectual property' as they have a limiting belief that they are not intellectual enough to create something that is of value and can be sold. In actual fact, any knowledge that you have or any idea, product or process that you have come up with that can help people solve their problems and satisfy their needs is intellectual property. You definitely have some kind of intellectual property! Why? This is because unless you have intellectual property, you wouldn't be able to create any kind of value in the first place. For example, if you are a lawyer, your intellectual property is the legal know-how you have.
If you are a photographer, your intellectual property is the knowledge of photography you have and the pictures you take. If you are a chef, the intellectual property you have are your recipes and your method of preparation. If you are a manager, your intellectual property is your ability to manage people and projects. License and sell the expertise you have and you can scale your value immediately! Magnify your value by reaching more people at one time The second strategy you can employ to massively scale your value is by using the magnification approach.
In short, reach a greater number of people all at once. Here are a few examples of how people can magnify their value. Increase the Size of Your Audience Magnifying your Services on the Internet Magnifying Your Value through the Mass Media Magnifying the Value of Company Shares through Listing Earn Recurring Commissions from Sales or Referrals The third strategy is to multiply your value by earning recurring commissions from sales and referrals. This involves being paid multiple times for a single sale effort. In certain industries like insurance & network marketing, the recurring commission system is in-built into the compensation scheme. For example, when an insurance agent sells an insurance policy, he gets paid a commission.
However, insurance agents get paid additional renewal commissions for the next five years whenever their client pays their annual premiums. Although they close the sale once, they get paid over and over again for the same effort. As a result, their efforts are multiplied! Earn Profits, Dividends & Royalties from Businesses The fourth strategy is to use the power of a business to multiply your value! When you work as an employee or are self-employed, there is always a limit to how much leverage you can create from the time you spend at work. You are constantly selling your personal time for money. Unless you physically spend time, the income stops. When you build a business around your value, you will be able to provide your services to more and more people, without your physical presence.
You literally multiply your value. As a self-employed trainer, I could only physically conduct one seminar at a time, and train a maximum of 10,000 people a year. By starting and building my training and seminar business and training other trainers to deliver the same seminars. I am able to hold ten seminars concurrently, in five different countries, reaching out to ten times more people a year. As a result, my value and wealth are multiplied many fold.
There you have it! Four strategies you can use immediately to scale your value!.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program '7 Steps To Financial Freedom' here.