‘Outsourcing’ Category

Book Review: “The 4-Hour Workweek: Expanded & Updated” by Timothy Ferriss

January 4th, 2010

We originally reviewed “The 4-Hour Work Week” here. As we said, the three chapters on “Income Autopilot” are probably among the best, concise step by step guides to building a successful, profitable, automated internet store. But this book is more than that — it’s how to reboot your life. Reading this book is like taking the red pill and discovering you have been living in The Matrix. It’s about escaping the rat race, yes, but — to use another movie metaphor — “You’re no longer part of the System. You’re above the System. Over it. Beyond it…. We are” the New Rich (NR), as Ferriss calls it. The author says: “How is it possible that all the people in the world need exactly eight hours to accomplish their work? It isn’t. Nine to five is arbitrary.” This and other “rules” are just so much software that has been plugged into our brains. Ferris teaches you DEAL (or DELA if you are currently employed), which stands for Definition, Elimination, Automation, and Liberation. The new expanded edition has over 100 pages of new content, including updated resources and more real word examples and suggestions from members of the NR.  It’s about how to use technology more effectively, but it’s also about making more effective decisions — i.e., applying the 80/20 rule to everything, ruthlessly. Topics include outsourcing, mini-retirements (rather than waiting until you’re older) and the concept of geoarbitrage. We recommend you take this red pill. Here’s the link to Amazon:  The 4-Hour Workweek, Expanded and Updated: With Over 100 New Pages of Cutting-Edge Content.

(Reviewed by Rich Dog Millionaire.com)

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Elance: The Online Job Market

April 10th, 2009

If you are a professional — whether it’s programming, sales, finance, writing, administration (and more)  — or if you are looking to hire a professional, we assume you may know about www.elance.com. According to their stats, there have been over 25,000 jobs posted in the last 30 days. And if you need to hire an expert, there are over 80,000 to choose from. A good resource to add to your favorite links. Think of it as Craigslist, the premium edition.

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Book Review: “The E-Myth Revisted”… And Why Most Internet Businesses Will Fail

April 8th, 2009

“The E-Myth” books by Michael E. Gerber are not generally internet-biz oriented but the series has been among the best-selling business books in years. Do you know what the “E-Myth” is? Basically, it’s the fatal assumption that many, if not most, entrepreneurs have, in starting up and running their business. The assumption is that: knowing the job equals knowing the business. In other words, consider a character that Gerber introduces to us, in “E-Myth Revisited”: Sarah, who is an expert at baking pies. She assumes that, because she knows the techincal side of the business — baking pies — she knows the most important part of the pie business. But she doesn’t, not even close. Just because you know how to set up a website, or you are pretty good with Adwords, doesn’t mean you know how to run an internet business. Another point Gerber says: “If your business depends on you, you don’t own a business, you have a job.” This is also what Tim Ferris was saying in his great book, reviewed here, about the importance of automation.

The way Gerber explains automation is through the model of franchising. Eighty-percent of all new businesses fail within the first five years, 75% of all business-formatted franchises SUCCEED. Franchises concentrate on building a business SYSTEM that can operate automatically — and autonomously — without you having to be there, and it can be expanded — and duplicated — which is what empires are made of. Consider Sarah’s pies — and consider the McDonald’s Big Mac. Is McDonald’s Big Mac the best, tastiest hamburger ever? Most would say no — but McDonald’s is a $40 billion a year business, with nearly 30,000 restaurants in 120 countries.

So look at it this way, whether you are a blogger or internet retailer or any other internet entrepreneur: If you want to grow and build a successful business, what can you learn from McDonald’s and others? Nobody else is talking about this today in “cyber world.” For these reasons, we recommend: The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It

 

(reviewed by www.richdogmillionaire.com)

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Where to Send Your Press Releases

March 25th, 2009

Sending out press releases about your business is a key marketing strategy. Here are the internet resources for getting your press releases out there:

www.businesswire.com

www.ereleases.com

www.prnewswire.com

www.prweb.com

www.xpresspress.com

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Get Paid in Dollars, Pay in Rupees, Live on Pesos

March 21st, 2009

You may have heard this before — it’s the mantra of the “new rich,” the advantage of a truly global economy/life. Tim Ferris is an expert on it and discusses it in his book, which we reviewed. What this means is that most people live on the same currency, a sort of “one-dimensional” existence, so to speak: you make X US dollars a month, you live in a place that charges you X US dollars a month, and you pay your employees/contractors/etc X US dollars a month. But let’s say you still made X US dollars every month but instead of living in a medicore apartment for $1,000-$2,000/month, you lived in a beachfront house  in Mexico or somewhere in South America for less than half of what you pay for your current pad. Further, let’s say you outsource labor, using a personal assistant in India, like Ferris explains. Suddenly those US dollars you make are worth a lot more. It’s like you’ve tripled or quadruped your income. Instead of waiting until you’re old to retire and travel the world; you can do it now, as a life. You just have to figure out how to make those US dollars keep flowing in (and that’s basically what this site is about)… BTW when we say dollars, rupees , and pesos — they are just examples to illustrate the point. (When we were writing this post, our friend insisted we say Euros instead of dollars.) And who knows, maybe dollars will eventually be the new peso, the way things have been going.

(Original content by www.richdogmillionaire.com)

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