Thanks for the great response GR.Wow guys, thanks for the encouragement! A GOLD thread, I'm humbled.
Sure thing. I had a small Ecomm business that generated $1-2k a month in a somewhat passive manner. I didn't spend much direct time on it but mentally I was always thinking "I should make a new ad or I should be contacting my customers more". One day I just got real with myself and said "I have no interest in growing this business, so why am I wasting time thinking about it". The ultimate point was when I convinced myself that "I can easily make my new venture profit an extra $1-2k a month by spending the same amount of time as the Ecomm biz".
Happy to help. I wasn't able to get my professional service businesses to comply with either the SCALE or TIME portion of CENTS. If you think about it, there aren't many ways for this to work. It's probably why I've never met a rich Architect. Now if you take that service business and figure out how to pivot to a more "repetitive business model" you might have a chance. It's the one-off custom stuff that kills you. Always creating, never profiting.
Another example of this would be an ER surgeon that treats whatever illness/situation happens to come into the ER. Every patient is something new to figure out. He would do well financially but take that same surgeon and let him create a repeatable procedure he could license throughout the world. Who makes more and has time to spend it
It's something I've always believed may be more applicable to professional service firms ... a licensing model.
As you say, it helps overcome the time and scalability portions.
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