Your 7 Steps to Making More Money Right Now
The concept of the Cash Machine is really pretty simple. I know that many people like to complicate the notion of running your own business or becoming an entrepreneur. But to those with a millionaire mindset, it comes down to this: the purpose of your cash machine, entrepreneurial business is to make more money right now.
The challenge most people face is that they’ve never started their own business. What they know is their job. It’s where they have developed and honed their skills, and it is the place where they make their money. Unfortunately, 9 out of 10 people who leave their jobs to start their own business think of it in terms of escaping the rat race for their dream. Making money often doesn’t fit into the equation, and is in fact relegated to “something those corporate types think about.”
I want you to have a different approach to business. Since I want you to make more money now, not later, the focus isn’t on creating your dream. We look at your current situation and objectives, consider your skill sets and abilities, and then create a plan that optimizes both the situation and your skills. The goal is to get you off and running immediately, and making more money within weeks, not months.
Your 7-Step Action Plan
- Discover the skills you already have. This may be easy, or it may be a challenge for you. Your skills aren’t your job definition. “I’m a computer programmer” only tells one small piece of the story. What are the skills that make you a good programmer? You understand computers, sure, but aren’t you good at solving complex problems? You’re logical, thorough, and (hopefully) organized. Think broad and deep, and try to uncover what you know and what you do that makes you a good programmer.
- Generate a business idea based on those skills. You’re going to spend a lot of time brainstorming with colleagues, friends, and hopefully a mentor or coach. When you think about a business idea, think in terms of what people want, need, and are willing to pay for. Ask yourself, “is there a large enough group of people who will buy what I’m offering?” If not, move on. Maybe you’re a good writer. In general, most freelance article writers are starving artists. Freelance copywriters, ghostwriters, and business-to-business writers can easily earn six figures.
- Model the idea after a similar business. For your first venture, don’t go off and do something completely new and different. Model your business after a similar business that has proven the concept and is earning a healthy profit.
- Test the sales potential through revenue modeling. Say you want to offer tennis lessons. To replace your W-2 income and even make more, what will you need to charge per hour? Is it reasonable? If not, what else can you do to increase revenue without killing yourself in the process?
- Design a Cash Machine plan. If you go to the SBA (Small Business Association) for assistance, they’ll have you develop a business plan. A cash machine plan is different. It focuses on the specific strategies and actions that will get you making money right away. You want to be in action from day 1, and not still working with your plan three months down the road.
- Build a team. There’s no such thing as a self-made millionaire. You need a team, even if you think you can’t afford one. Look for ways to get the help you need and to supplement your skills with people who have complementary skills. Even hiring someone to clean your house can save you a few hours a week – hours in which you can be making five times as much as you pay your housecleaner.
- Develop the marketing strategies. All businesses need marketing. They won’t come if you simply build it, so you’ve got to do something to get them there. If you hate marketing, or don’t know the first thing about marketing, invest in some help. Imagine that for every $1,000 you spend on marketing, you create $5,000 in new business (not unreasonable).
Think ahead, while acting in the present. Model the revenue of your business so that you’ll know what you need to do to make the money you want to make. Then, get the help you need to implement your plan. You can easily be making more money within weeks when you follow this simple plan.
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