The ‘4 Hour Work Week Virtual Assistant’ has become an expression that is almost a cliché among digital nomads and others who aspire after a remote work life. And if you haven’t yet been exposed to the concept, this article will give you some background – and possibly a shot of inspiration.
What is the 4 Hour Workweek?
The concept of the 4 Hour Workweek was born in 2007, when renowned entrepreneur, author and self-experimenter Tim Ferriss published a book by the same title.
The 4 Hour Workweek, with its provocative title and radical ideas, stayed in the bestseller lists for more than 7 years. It has become a cult classic among those searching for a better way of managing work and exploring the advantages of outsourcing.
The Revolution of Remote Work
In essence, The 4 Hour Workweek contained a number of ideas that heralded a revolution around the concept of remote work. These included:
- The premise that 80% of your profits come from the most loyal 20% of your customers. You should focus on cultivating that 20%.
- The concept of ‘minimum effective dose’. That is the minimum energy, time, and resource required for improvements in quality and profitability.
- The then-radical idea of having a 4 Hour Workweek Virtual Assistant. Someone working remotely and efficiently who could handle the logistics of your business on your behalf.
- The concept of being freed from an office and set working hours. And even from a set location. A business that could be run from anywhere in the world you happened to be.
- Retirement is an outdated concept. Why not start retiring now? Create income streams that allow you retirement-style freedom while you’re younger.
- Money is not the only goal. Gaining the experiences that money can buy is the deeper and more fulfilling goal.
- Having ‘more’ is not as important as having more quality with less complexity and clutter.
These concepts are not just theoretical. Ferriss had already put them into practice and had created a lifestyle where he traveled the world. He adventured, and engaged in a millionaire lifestyle, for the financial equivalent of living and paying rent in the US.
Today, more than 15 years later, the concepts and methods outlined in the 4 Hour Workweek are as valid as ever . Now with the advantage of newer technology. The acceptance of the 4 Hour Work week virtual assistant is a normal part of modern business. It is even more relevant than they were at the time.
A Different Definition of Wealth
Wealth has traditionally been defined in monetary terms – the more money you have, the wealthier you are, right?
Tim Ferriss had a bold proposal: money isn’t everything. Instead, he wrote, the true definition of wealth lies in what you’re able to trade for that money. And for many ultra-wealthy individuals, the money they own is a gilded cage surrounding them, one that demands their constant attention.
Under the 4 Hour Workweek definition, true wealth lies in the amount of time you can buy with your money. Time to live deeply in the present and gain life-enriching experiences. The time to live within an identity not defined by work or corporate status. Time, Ferriss said, is the new wealth – and that statement is truer than it has ever been.
Arbitrage is the Key to Wealth
So, how do you buy more time and greater value with the money you have? The key concept here is arbitrage. The skill of leveraging your time and money. A prime example of this would be to make use of a 4 Hour Work week virtual assistant. Here are just a few ways you can make this work:
- Leverage your finances by earning an income in a strong currency (like the US dollar). Living or travelling in places where your dollar buys you (far) more than it would back home. This concept is known as geoarbitrage and is used by digital nomads worldwide.
- Take advantage of global supply chains and time differences to leverage your cash flow. Obtain products or services at a cheaper rate, then sell them at a profit. Preferably get paid for them before you have to pay your suppliers.
- Delegate time-consuming tasks to people who can do them more efficiently on your behalf. This is a great way to leverage your time.
- Deliberately cut off time wasters or distractions, to leverage your energy and focus. Work only within the time frame you’ve allocated for work, and batch tasks to avoid unnecessary repetition.
- Create self-maintaining structures, to leverage your business ownership. Emphasize automation of workflow, and delegate as much authority to make decisions as possible.
Skill vs Time: The Great Trade-off
As an entrepreneur or business owner, you may very likely often find yourself in a position where you have to be good at a staggering range of skills. This is usually because you simply don’t yet have people to help and taking on full time employees to fulfill various functions isn’t financially viable yet.
The good news: you become really skilled in a surprising number of ways.
The bad news: the more skilled you become, the more there is to do, and the less time you have to do it.
So, you’re trading your skill (and time) for money. All the responsibility, none of the fun.
The truth is, you don’t have to hire a full-time employee any more than you have to do everything yourself. There’s a smart middle ground solution, where a virtual assistant – a 4 Hour Work week virtual assistant for the Tim Ferris fans – can utterly transform your business and your life.
Outsourcing is the Best Way to Buy Time
In a nutshell, the 4 Hour Workweek philosophy can be summed up in one word: outsourcing.
We typically tend to think of outsourcing as simply finding someone to fulfill a task, but it’s much deeper than that. In addition to outsourcing tasks, you’re also intelligently delegating some decision making. This includes the mental bandwidth required to solve problems or deal with routine procedures, and the time required to link various working parts of your business together.
It’s not just the entrepreneurs and startups, though. A surprising number of well-established businesses are also embracing the value of outsourcing key functions. The benefits include lower costs, a leaner and more streamlined business model, and better value for every dollar spent.
And if you are an entrepreneur who’s unsure of exactly how to make it work, you may want to check out this guide to delegating to a virtual assistant.
The Post-Pandemic Work Shift: Why a 4 Hour Work Week Virtual Assistant Makes Sense
Now, more than ever, remote work is the new normal for businesses at every level. New businesses are being launched in record numbers. Side hustles abound, and work just for work’s sake is a concept that is rapidly dying.
People are looking for ways to leverage their time – and a 4 Hour Work week virtual assistant could be an incredibly effective way to set yourself free from traditional limitations.
Ready to leverage your time and business profitability?
Book a discovery call with us today and find out just how valuable a skilled virtual assistant can be to your business.