Tim Ferriss is the author of The 4-Hour
Workweek, but he's also written the
4-Hour Chef, The 4-Hour Body and he's
about to come out with a new book. He has a
CNN show. He's got a lot of stuff going
on. In this video I want to run through
the question - can you still achieve a
4-Hour Workweek? Are the things
that Tim Ferriss wrote about in his book,
it's been almost 10 years now,
are they still possible to achieve? And
also I'm going to give you the 3
productivity strategies that he goes
over in that book and also talk about
how we're implementing them here at
Experiment 27. Tim Ferriss' rule number 1
is outsource as much as possible.
Tim is known as the outsourcing king.
He's the one who basically made this a
thing that everyone likes to do - virtual
assistants and the like. His theory is
that in order to run a scalable business
that supports a 4-hour workweek,
that makes it so you don't have to work
very much,
you're gonna have to hire a lot of
people to do the work that you're doing.
Tim outsourced to countries
overseas like the Philippines. I've tested
that as well, it works really well, but
you can also use this as - hire as
much as possible. Similar to that Grant
Cardone video. Outsource as much work as
you possibly can and it'll reduce the
amount of time you have to spend on your
business. That was number 1. Tim Ferriss'
rule number 2 is: fire clients that
aren't worth the effort. When Tim decided
to create his 4-Hour Workweek
originally, he was running this
supplement business and he had a lot of
big clients, but what he realized when he did
an analysis was all of his revenue and
the customers that he spent the least
amount of time on support calls with
were the same people. So he decided to
take those customers, which he said it
was about 20% of his
customers were generating 80%
of his revenue which is the Pareto
principle which he also popularized, but it
comes from another book. So he fired the
other eighty percent of his customers,
got rid of them and focused only on those
twenty percent and growing those and
finding customers similar to that. Which
basically means: fire clients that aren't
worth your time. You, if you look at your
business, you know that it's true. You
know there's clients that are taking up
a bunch of your time that are always
emailing back and forth, wasting your
account manager's time that aren't
delivering money.
I know in my experience the ones that
go back and forth the most are the ones
that actually pay the least and you end
up seeing the least results for because
they try to micromanage and break your
process. So firing those clients will
help you save a bunch more time on your
business as well.
Tim Feriss' rule number 3 is spend a
lot of time thinking and reading. I was
talking to my co-founder yesterday about,
now that we have all these people
working underneath us we both have a
lot more down time. We used to be working
a 120 weeks or however
that stacks up. Non stop
working and now we can work, you know,
more comfortable, like maybe 40, 50 hour
week. And I was saying like, all right
what do we do with all this down time
now, and he recommended something similar
to what Tim Ferriss does. Which is
think a lot about the business. Try
to get above it all and see the bigger
picture. Read a lot of books by your
mentors, biographies and that sort of
thing. Which is amazing. And then the last
one that Tim Ferriss does a lot of is
every time Tim Ferris wants to answer a question,
he'll read a book and then he'll email
the author. Jesse Itzler also talked
about this. He'll email the author and
try to meet with them and that's what
I'm going to try to do too, but that is,
that's key. Because once you
outsource as much as possible and
everyone is doing the work and you fire
the clients that are bugging you
you're gonna have a lot more downtime
and you can use that to either maintain
your business like Tim Ferriss did where
he became like a dancing champion,
Argentinian tango champion or you learn
to cook. He's using the 4 hours
that he's working, the extra hours, he's using that
extra time to better himself as a person.
You can also use that time though to
grow your business. Mark Cuban is
a big fan of this. Outsourcing
as much of one business as possible so
you can work on the next business. I also
talked about this in the
Arnold Schwarzenegger video. How he went
from commercial real estate to acting
because he had already set up that base
in commercial real estate. So that's the
third one and in conclusion I think you
can still achieve a 4-hour workweek. My
work week is maybe 40 hours, maybe a
little bit less than that. I've got 11
employees underneath us.
I still think it's possible.
Follow those 3 steps and let me know
how it's going in the comments. How much
are you actually working? If you looked
at it. How much you actually working? And
let's say you had to reduce your work to
about four hours a week. Let's say you
got sick or something and you can only
work four hours. What systems would you
have to implement to make that a reality?
Leave that down in the comments. I'd love
to, love to know. If you like this type of
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