Have you ever wondered why certain people seem to start a business and it just ‘works’ and end up making a lot of money? Irritating isn’t it?
If you look at those annoying ‘memes’, (yes I’m guilty of them too), many of the worlds most sensational entrepreneurs and business people always seem to say “Do what you love, then you’ll never have to work a day again…”. So based on that, there seems to be a simple formula going forward.
But it’s not quite as simple as that. You almost need a vehicle for your passion and your wealth. So here are three things and a brilliantly simple exercise that are crucial in choosing what you will do next to begin your journey.
Remember passion is important in any business, but your passion does not have to be directly connected to the business you are in. A genuine interest in that business, however is essential. Take Peter Jones from Dragons Den. He’s always been passionate about photography and so relaunched Jesse’s online and on to the high street a couple of years after its sad implosion.
For me , I’m finding that by marrying my passion foe helping people to be happier with the kinds of things I am genuinely interested in, i am able to make money consistently in a wide variety of endeavours.
Ease of Start-Up
While there is nearly an infinite number of ways to make money, it matters far less what you could than what you will do. And since the hardest part of any new venture is getting going, it only makes sense to choose something that will be easy to get started.
So to get started choose a product, service or business you could get up and running within one month. that means you need to pick something you already have sufficient understanding of, so that the learning curve will not be too steep. As you develop your confidence in your growing ability to make money, you will be able to take on projects with a longer and longer gap between get started and abundance.
You should know two simple rules. These are to trade your time for money; the second is the leverage your resources. While the old adage is ‘you’ll never get rich working for someone else’, the reality is you’ll never get rich trading your time for money either. There are only 24 hours in a day, and even if you work most of them it would still be a limiting sums game.
A scalable business is one where you can make more money WITHOUTworking more hours, either by replicating your efforts (i.e. franchising, employees, etc) or by charging for the value you create as opposed to the time you put in.
So this exercise and see where you sit…
Make a list of everything you have ever been paid to do. Don’t censor the list yet – you may be surprised at what you discover. Examples: babysitting, Sales, Waitressing, Investing, Writing.
Now add anything to your list that you have thought about doing and/or always wanted to do. Example: Writing books, Hospice care work, Stunt pilot, Property Investor.
Next cross anything off the list you wouldn’t genuinely be interested in spending at least the next year of your life focused on. (This is different from ‘what you would most love to do’ – it’s just a way of setting yourself up to win!)
Of the items remaining on your list, put a checkmark next to any that it would be easy for you to get started on within the next month.
Finally, put a checkmark next to the most scalable ideas – i.e. the ones you will be able to get far more out of than you could possibly put in. (if you’re not sure how you would do that, ask someone from your wealth team to help you with this one.)
For most people, it is now readily apparent which of the things on the list will make the best vehicle to get started with. If you’re still not sure, pick your top 2 or 3 ideas and do some additional research until the best choice becomes obvious to you.
Take your time with this exercise. When you find yourself getting so excited about your ides that you can’t wait to move forward, maybe you’ll be ready for the next step…