Our topic on this Day 80 of our 100 Day Personal Performance and Business Growth Challenge is “Creating Your 2x 5x 10x Multiple” in whatever it is that you are focusing on. I would like to propose a question for you out there wherever you are in the world;
“What is the value of anything?” What’s the value of a pen? What is the value of a hammer? What is the value of a vehicle? What is the value of a business? What is the value of anything?
The truth is, the value of something comes from what you can do with that thing. If I take a hammer and don’t do anything with it, then it isn’t worth much. But if I take that same hammer and I am able to build a home with it, then it is a valuable tool that just allowed me to create more value and I can sell that home for however much that home is worth by the current home price in that area, whatever someone is willing to pay and come and live in that home.
Listen in today as we discuss how to multiply the fruit of your actions. Be sure to download to days worksheet to help you 10X your goals!
This happens a lot whenever people are talked about. I talked to a client recently when he reached out asking me for assistance in a very specific and important part of his life. We talked about it, and laid out a plan. When we got to the numbers and I told him the investment he would have to make in order to work with me personally and not any of our other coaches, he said, “Wow, I wasn’t expecting that number. It is a lot more than I expected, I’m just trying to figure out how I can cover that number based on what I currently earn.”
I said, “Ah, that’s an interesting question!”
How do you cover the expense of something that you want to do? How do you cover the expense of a course? How do you cover the expense of a coach? How do you cover the expense of your education? How do you cover the expense of whatever it is that you want to do?
Here’s my favorite formula of what I do in such a case. First, I get a pen and paper and I write down the information I am about to learn. I then ask, how can I generate at least twice what I am investing?
If the investment was $1,000 I ask, how can I generate at least $2,000 return in the next ten days from my $1,000 investment? So I write down as many ideas as I possibly can.
Next, I ask myself, in the next 15 days, how can I generate at least $5,000 from this information, experience, service or product that I am investing $1,000 in? Once again, I brainstorm and write down every possible idea I can come up with.
Thereafter, I say let me stretch it a little more to 10x my investment. I ask myself, in the next 30 days, how can I generate at least ten times what I am about to invest in this course, experience, service or product? I then write down all the ideas that come to mind.
What has just happened is that on that list, I now have ways to generate from 2x to 10x ROI (return on investment) on whatever it is that I am about to invest in. This is regardless of whether the investment is buying a house, a car, taking a trip.
Let’s say this summer we plan on taking a month-long trip to Amsterdam. The first part of my brainstorming covers how I can generate at least twice what I am investing in that trip within 7 to 10 days of reaching there. Possible options can include giving a speech while I’m there, whether some clients would be willing to invest in me coming in during a training while I’m in Amsterdam.
This would save them a ton of money in travel costs to take me out there to be with them. So, I ask my speaking teams to start reaching out to organizations in Amsterdam to see if they can have me while I’m there. I can also see if I can create some partnerships with people or organizations while I am there. Such partnerships can create synergies which can open up new verticals for all concerned.
I wonder if there are media outlets in Amsterdam which can help to introduce what I do to a wider audience. I wonder if there’s any non-profit I can partner with for the activities I engage in to give-back to the community.
As you go down that list, it starts taking you back to what we covered three or four sessions ago about what your trade is. Anywhere you go in the world, you can trade that in exchange for whatever it is that you are looking for.
The concept is really simple. Think of something you’ve always wanted to do and you’ve put off because you think it is too expensive. Use the next 45 or so minutes to write down how you would create 2x multiple of the investment in the next 10 days. How do you create a 5x multiple of the investment in the next 15 days, or how do you create a 10x multiple of the investment in the next 30 days.
The secret sauce here lies in deciding whether you are committed to using what you have learned to get this multiple of the investment you want to make in a product, course, coach or service.
If you are 100 percent committed, for example, I signed up for Level 1 certification through gottman.com or The Gottman Institute. It is a love and relationship group that did research on 3,000 couples for 30 years. I signed up for Level 1 certification this Friday and Saturday here in South Florida and I am going to attend that course.
Here’s what exactly I did. I signed the form, put there my credit card and saw the number of the investment I had to make. Then I said, how am I going to create 2x the value of this investment in 10 days? I wrote down three different ways to do that. Bingo. My advice is you write 10 or 20 different ways so that you have more options in case some don’t work out.
I then asked how I can create five times the value of my investment in the next 15 days. I wrote all those ways down. Next, I wrote down how I can create 10x the value of my investment in the certification within the next 30 days.
Now I have a list in my journal that literally gives me the means to create 10x the investment in 30 days or less after attending this course. So I’m thrilled to go because I am eager to set into motion what I learn to earn 10x what I invested in the course. Real simple, real work! Download the worksheet below. Have fun with this and text someone to tell them about it!
To Your Success,