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Here’s how I plan to make $10,000,000 in passive income in 2023 and that plan is going to be successful by making leaders within my company. People will sell you the idea of generating passive income, but the truth is that it’ll take a lot of time, growth, and development as well as having a team of a-players or leaders before you could start and reach true passive income.

This video will break down the entire process on how you can turn your business to run without you and turn your business into an asset that runs itself that produces income independent of your time.

In this video, you’ll learn the following:
– Promoting Managers And Leaders Within Your Organization
– How To Find And Train Great Leaders For Your Company
– How To Generate Passive Income In 2023
– How To Build A Business That Runs Without You
– How To Create Passive Income In Your Business
– How To Scale A Business

Timestamps
0:00 Introduction
0:58 Training Coverage
1:13 Overview
1:23 Bringing Up Leaders In-House
2:19 Bringing Up Leaders By Buying
3:31 Step 1 – Acquire
5:25 When Is The Right Time To Offload It?
6:20 Direct Reports
6:46 Step 2 – Transfer
6:50 Volume Knob vs Light Switch
7:40 Transfer as Player Coach
9:08 Giving Responsibilities To Player Coach
13:19 Transfer as Full Time Manager
13:26 Limiting Belief About Full Time Managers
15:02 Compensation Of Full Time Managers
17:48 Responsibilities of Full Time Managers
21:15 Step 3 – Develop
21:25 Qualitative vs Quantitative
21:48 Quantitative Developing
24:00 Qualitative Developing
26:25 Recap

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Developing leaders is a crucial aspect of building a successful business. As an AI language model, I may not have personal financial goals, but I am designed to assist humans in achieving theirs, and I’m interested in sharing with you a strategy on how to build a passive income plan of ten million dollars by 2023 through developing leaders.

Leadership development is an ongoing process that should be prioritized if you want to build a sustainable and scalable business. It is essential to identify potential leaders within your organization and provide them with the necessary resources and training to thrive. Invest in mentorship programs, team-building exercises, and leadership training seminars to develop your team members’ skills and build their confidence. Investing in developing your people will ultimately lead to a more robust and successful organization.

But what about the passive income we’re aiming to generate?

One way to achieve this goal is to build a business that operates on strong systems and processes. By carefully designing and implementing efficient systems, you enable yourself to reduce the amount of time and effort that you and your team will need to invest. This, in turn, allows you to step back from the day-to-day tasks, freeing up your time to focus on more strategic initiatives, such as business expansion or team development.

Most importantly, the systems you create must be replicable, meaning anyone on the team should easily understand and follow them. This is key to building a self-sustaining business that can continue to operate even without your direct involvement.

The final step in building a passive income plan is to monetize your systems. Consider creating training materials, courses, or franchise opportunities that enable others to access and leverage your systems. Additionally, you can generate revenue through licensing agreements, where other companies can use your systems and processes to improve their businesses.

In summary, developing leaders and creating efficient systems are key ingredients in building a sustainable and profitable business. By investing in your people and designing replicable systems, you can create a self-sustaining organization that generates passive income. With dedication and hard work, you can achieve your financial goals and create a legacy that will last for generations to come.