The Power Of Leverage In Building Successful Business Online

 

If you want to build a successful business online, you should not ignore the power of leverage.

First of all, what is leverage? You might be asking…

In simple explanation, leverage is about utilizing something to move a heavy object with lesser effort.

When comes to building a business online, it is definitely a “heavy object” that you need to move.

Therefore, using the right leverage would help you move your business in a positive direction with less struggle and less pain.

Even one of the world most famous ancient scientists, Archimedes has said this, ‘Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.’

The powerful leverage you can use to build a successful business online is through other people’s resource, idea, contact and expertise. You can better remember it as R.I.C.E leverage formula.

In this post, I am going to break down each of the R.I.C.E components and how you can leverage.

Are you ready for some nuggets of wisdom?

Cool. Let’s begin…

 

i) Resource

 

Most of the time, when the word “resource” pop up, people would associate it with money.

Money is definitely a type of resource but today I am going to talk about a different kind of resource, which is business infrastructure.

You can leverage on the business infrastructure built by other people for your own business.

Using big marketplace such as Amazon or Ebay to run your business is a good example of how you can use this leverage.

This leverage would save you from needing to create your own website from scratch.

Therefore, you can kick start your business at a much faster speed and have more success rate.

 

ii) Idea

 

It is always better to leverage on someone else idea that is proven to work compared to re-invent the wheel yourself.

When you try to re-invent the wheel yourself, you may either succeed or fail on your new idea.

However, the chances of failure is much higher because you are the first one to test it.

Not only that, it is going to consume a lot of your money, time and effort just to test things out. Yet, whether you will succeed or not is still a big question.

So, instead of setting yourself into a dangerous and bumpy road, why don’t take a safer and comfortable road?

Leveraging on other people’s idea that is proven to work would give you much higher chances of success.

This is because if something is proven to work, it has the high possibility of repeating the success again and again.

All you need is to take an existing business idea that is proven work and make it even better so you can taste a greater success.

Some of the good example of successful business ideas are such as E-Commerce Dropshipping, Print On Demand, Amazon KDP and Affiliate Marketing.

 

iii) Contact

 

A business success is very closely related to the amount of contact it has.

The more contact a business can reach, the more visibility it can have and therefore more sales.

But the problem is most people would have a very limited number of personal contact they can reach for their business.

Moreover, not everyone is comfortable reaching out to their personal contact for selling their products.

However, the good news is you can leverage on somebody else’s contact to gain visibility for your online business.

So, you are no longer have to suffer the problem of having limited reach for your business.

A good source of somebody else’s contact you can leverage on are social media channels, e-commerce marketplaces and search engines.

All these giant platforms are having huge database of users that are waiting to see your products.

You can reach these users either through organic way or paid advertisement.

 

iv) Expertise

 

If you want to build a successful business online, you must be able to do the right things more than the wrong things.

However, there are tons of mistakes need to be done before you have the wisdom to achieve that.

The good news is you can learn from other people’s mistakes rather than doing the mistakes yourself.

By leveraging on other people’s expertise, you are able to avoid most dangerous pitfalls and accelerate your success path.

You can leverage on other people’s expertise through continuous learning from people who are more experienced than you.

This would help you to set your business in the path of success.