Do you know what your Effective Hourly Rate (EHR)? For employees, it’s pretty simple, but if you are a business owner it’s a little harder to calculate!
It’s also a core principle that James Schramko’s book Work Less, Make More builds upon to get you using your time more effectively to fund the lifestyle that you want to live – and is something you will learn more about directly from James by listening into this podcast.
If you haven’t heard of James Schramko before, he is an online business coach from Manly, Sydney. He currently owns and runs two online business coaching communities. In his ten years as a business coach, he has helped over 3,000 of his students create and maintain six, seven and eight-figure businesses.
Before this James was a General Manager at Mercedes-Benz. He made a six-figure income but was stressed by the demands of his job, wanting the time and financial freedom he could see their top-level clients enjoying. Putting in many hours on the internet after work, he eventually made enough to quit Mercedes-Benz and go into online business full-time.
Since then, James has grown his coaching communities into multi-million dollar businesses – and runs his own business a personal input of just 20 hours a week.
In this podcast, James talks about some of the similarities between the car industry and the real estate industry, some of the trends in the online business space that real estate businesses can leverage and why you need to continually look outside for inspiration.
“Definitely look outside your industry and see what other people are doing. Cross-pollinate best practice from somewhere else. The problem with the real estate industry is the real estate industry. When I was in the car industry, the problem with the car industry was the car industry. They just did everything the same, homogenised…
“And when I started bringing ideas from outside the industry, it was very fresh. We were able to transform things in the same market as all the other dealerships.”
Some of the topics I discussed with James include:
- How to calculate your effective hourly rate and how that relates to tasks you should outsource
- Why you need to look outside the industry for ideas instead of continuing to do things in the same place
- How you might look at different types of adjacent revenue or online business models to grow new revenue streams in the future
- Tips for what real estate professionals should be doing now
- The need to ‘nurture’ leads you might get at open homes to build relationships rather than going straight for the close
- Practical tips for managing your social media
- One of the best ways to communicate with clients right now
- Plus much much more!
Connect with James Schramko: