Billionaires rake in cash even when they’re off in dreamland, according to some quick math from the folks over at People Who Sleep. Based on the December 15, 2020, net worth count:
- Jack Dorsey, CEO of Twitter, makes $5.6 million during one night of sleep,
- Warren Buffett, CEO of Berkshire Hathaway, draws in $2.9 million a night, and
- The wild 2020 of Amazon CEO Jeff Bezos funneled a crazy $62.1 million into his pockets whenever he slept.
And thanks to Tesla stock’s absolutely bonkers year, the award for highest earnings-per-minute in 2020 goes to Elon Musk, who raked in an astonishing $88.3 million. Every night.
Here’s a look at how the leaders stack up.
The numbers are eye-popping and, at first glance, even a little demoralizing. But they also bring up a good point: Unless you build up a team that can grow at scale, it’s hard to make it into big bucks territory. 86.3 percent of small business owners make less than $100,000 per year in revenue, according to data from Fundera, making the millions above feel like a pipe dream.
It doesn’t need to be like that. But if you want to move toward making cash around the clock, you need to work smarter and not harder. The time is now to start thinking about your team in order to grow your business and reach your revenue goals.
Build a team that can take you higher
80 percent of small businesses in the U.S. are “non-employers,” according to the Small Business Administration, meaning they have a zero employee count. That doesn’t mean you should continue to wear all the hats yourself if you’re just getting started in business and don’t have the cash to put someone on a salary. Remember that money is a resource that is renewable, whereas time is not.
Common first hires for entrepreneurs are virtual assistants, personal assistants, and administrative support, and the time you free up by outsourcing duties can help grow your earning potential. Calculate how valuable your time per hour is, then look at your schedule; it’s time to delegate if anything on your to-do list can be outsourced for less than your hourly rate.
How to grow your business
In addition to asking for help, it helps to keep the overall big picture in mind. So here are a few other tips you’ll want to take into consideration as you build out your money machine.
- Know when to employ staff as opposed to contractors. Splurge on staff who will take care of your business and contribute to the internal culture. When you have a particular task that requires a specialized tradesperson, outsource contractors. Both labor forces are leveraged by most successful entrepreneurs.
- Sell. A lot. According to the National Federation Of Small Business, 82% of businesses that fail cite cash flow as their primary reason for shuttering. Let sales lead operations, and everything else can fall into place from there.
- Keep your mind sharp. CEOs sleep, and you should too. Despite hustle culture’s prevalence in entrepreneurship, most of the CEOs listed still swing seven or eight hours a night of sleep in order to make the best decisions they can under pressure.
“Make money while you sleep” is a favorite tagline for passive income entrepreneurs. But to do so, you’ll need to go beyond trading dollars for hours and think bigger. Assemble your dream team, offer a product that can be delivered without you and you’ll be well on your way to making sales even while you snooze.