Do you ever wonder why some people build businesses and make more money faster than others?
William Steidman, the author of ‘The Star Factor’ says that such people have the star factor. Before reading this article any further, spare a few minutes and watch the video below. Meet John Assaraf, a spiritual entrepreneur and philanthropist as he interviews William Steidman on what makes some people outshine others in individual performance.
How to Adopt the Star Factor and Create a Business You Love
Like star performers, you too can apply the star factor in your business and increase your income. But first, let’s consider how the star factor works.
1. Identify Your Life's Purpose
There’s a controversial quote that says: “Choose a job you love, and you will never have to work a day in your life.” If you are like me and doing what you love, then you know how accurate this quote is. But if you are stuck in an endless job that is not providing you a deep sense of fulfillment, this quote will have no meaning to you.
To reach a point where you love what you do, you need to pick income options that are in line with your life’s purpose. Find the one thing that you are passionate about and are good at. Then, do it with a bigger-than-self desire to achieve something good for others.
This thing is actually your life purpose.
If you are not sure what that is right now, reach out to people you respect and ask for their opinion. Don’t be surprised if they mention areas of expertise that were not on your list.
To get a deeper perspective, do a personality test and find your areas of strengths so you can focus on them. You’ll find more details and exercises in chapter 2 of my book, Pajama Paydays, How To Make The Internet Work For you.
2. Commit to Serving People for Social Good
Stars focus on making a difference in people’s lives. So, should you. In fact, the best product or service you can ever offer is using what you are good at already to solve people’s problems. When you commit to helping others, and seeing the difference your help is making, you’ll feel the urge to help many more.
People pay for products that ease their pains. Help others solve a problem and ease their pains. The more people you help, the more your income will increase.
3. Develop a Positive Attitude Towards Learning
It is obvious that you won’t always have the solution to everyone’s problems. This calls for you to surround yourself with people who are good at other things. Their presence is a double benefit. First, you get to learn from them and then partner with them to create a better solution.
Look around you, everybody who is making a great income is surrounded by people who are good at other things.
How about you, who are you learning from?
Accelerating Your Income with The Star Factor
Now that you have learned what the star factor is all about, you can create or restructure your business and make more money faster.
Know Your WHY
There is always a bigger picture behind your desire to increase your income. It is called, the big WHY. Your reason “why” will sustain you in your business when what you are good at doesn’t feel good enough. Your reason why will help you seek solutions to making your business work.
You may find yourself saying, “My relationship with my family isn't at its peak. The star factor is lacking because I don't spend quality time with them. I spend all my active time working and by the time I get home, I'm drained. If only I could make more money faster and free my time.”
In this case, your big WHY is spending time with your family. It will propel you to look for means to make more money faster while working less hours.
Take for example John Assraf. In the video above, he relates how he promised his son that he would teach his kids to ski in the mountains. He considered his health as the first thing he could work on to keep his promise. His big WHY was to ensure that he would have the time and energy to teach his grandchildren how to ski.
What is your reason WHY?
When you know why are doing something, all your hard work and effort will seem so much easier.
Define HOW to Get There
When you have identified what you want to achieve, elaborate HOW you can achieve it. To spend more time with your family, make plans on how you can make more money without increasing your working hours. Learn how to create multiple sources of income that don’t involve your time.
Get Clear on WHAT You Need to do
Next, you’ll need to define WHAT you need to do to achieve your HOW.
You could choose to automate the repetitive tasks that you use to make money. The easiest area to automate is your marketing. You could also outsource many of the time-consuming tasks that don’t generate income like accounting, doing your taxes, graphic and web design, cleaning and running errands. By freeing your time, you can focus on money making activities. Money making activities for you would be to deliver solutions YOU are good at.
If you are not sure how to do all that, find a coach or mentor who has the results you want and model what they do.
If your only source of income right now is a 9-5 job, take this time to consider what your life’s purpose really is. Consider putting up a side business that can give you extra income based on your life purpose. Besides, you don’t have full control of your employment, do you?
Thanks to the internet, you can now create additional sources of income including passive and residual income.
At first you might have to work longer hours to juggle your job and starting a side business. But as you help more people and increase your income, your journey will become so much easier. Once your business income increases, you can then decide whether to keep your day job or not.
If you are wondering if there is a “best-fit” business for you, consider this. Use your life’s purpose and the skills you already have, driven by your big WHY to come up with that business.
That’s your competitive advantage.
John increased the number of times he exercised and stopped eating specific things. This would contribute to better health and longevity. How about you? WHAT will you commit to do or let go off to meet your desired outcome?
Live Out the Star Factor in You
Everyone is a star in one area or another in their life. Some have manifested the star factor and have increased their income to a point where they can work less and enjoy their life. Others are yet to begin shining in their stardom. As you read this article, revisit what you are good at and polish it up. There lies another stream of income for you.
The best time to start is now. Take Action!