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So you want to run a business hey?
And make lots of money.
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Iâve been working for myself for 16 years, my own companies for the last 14.
Here are a few tips from what Iâve learnt to help you on your way.
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Ps Reading this could offend you.
And make lots of money.
Iâve been working for myself for 16 years, my own companies for the last 14.
Here are a few tips from what Iâve learnt to help you on your way.
Ps Reading this could offend you.
Your goal is to learn, not to love.
Thereâs a lot of âdo what you love and then youâll get paid for it.â
When starting out, donât worry about that.
Just get started, your first business probably wonât be a home run.
Unless you are very lucky.
Thereâs a lot of âdo what you love and then youâll get paid for it.â
When starting out, donât worry about that.
Just get started, your first business probably wonât be a home run.
Unless you are very lucky.
Not to completely discount doing what you love, it is possible. Itâs just rare.
Can you make money playing XBox?
Sure you can. But very few people do, and thereâs a whole lot of competition.
If thereâs genuine demand for what you love, then maybe.
Can you make money playing XBox?
Sure you can. But very few people do, and thereâs a whole lot of competition.
If thereâs genuine demand for what you love, then maybe.
Do you know what you will love?
Making a shit ton of money.
Trust me itâs fun. It makes whatever you do easy to love.
I make a fortune from a business that I donât even tell people about.
Itâs horribly unsexy. Plus nobody believes me anyway.
Making a shit ton of money.
Trust me itâs fun. It makes whatever you do easy to love.
I make a fortune from a business that I donât even tell people about.
Itâs horribly unsexy. Plus nobody believes me anyway.
Ideas are not businesses.
Lots of great business ideas make poor businesses.
I know, I started one 4 months ago that was one of my great ideas.https://abs.twimg.com/emoji/v2/... draggable="false" alt="đĄ" title="Elektrische GlĂŒhbirne" aria-label="Emoji: Elektrische GlĂŒhbirne">
My accountant of 16 years even said âthis one is a winnerâ.
Result? Flopped!
No stress. I just moved on.
Lots of great business ideas make poor businesses.
I know, I started one 4 months ago that was one of my great ideas.
My accountant of 16 years even said âthis one is a winnerâ.
Result? Flopped!
No stress. I just moved on.
Where did I go wrong?
The DEMAND wasnât there.
We hit it hard, but it didnât work. We moved on quickly.
We all make mistakes, itâs how quickly you adjust and move on thatâs important.
Weâve shelved it, the timing isnât right.
Maybe try again later.
The DEMAND wasnât there.
We hit it hard, but it didnât work. We moved on quickly.
We all make mistakes, itâs how quickly you adjust and move on thatâs important.
Weâve shelved it, the timing isnât right.
Maybe try again later.
Solve a problem.
People make the mistake of having an idea, then try to find customers.
Customers donât give a shit about your idea. They only care about themselves.
Find a problem, then you know you have demand.
Then produce a solution for that problem.
People make the mistake of having an idea, then try to find customers.
Customers donât give a shit about your idea. They only care about themselves.
Find a problem, then you know you have demand.
Then produce a solution for that problem.
Start Small
Donât mortgage the house to get started.
Start a side hustle whilst keeping your 9-5.
@lawrencekingyo said it best;
Donât think about leaving a job until
- you have 6mths emergency funds
- revenue 2x your expenses
- you know what youâre doing
Donât mortgage the house to get started.
Start a side hustle whilst keeping your 9-5.
@lawrencekingyo said it best;
Donât think about leaving a job until
- you have 6mths emergency funds
- revenue 2x your expenses
- you know what youâre doing
Barrier to Entry - the ease with which someone can enter a market.
This is important, it goes both ways.
When starting out itâs ok to enter a business with a low barrier to entry.
It means low cost, low risk, low skill.
Perfect starter businesses.
This is important, it goes both ways.
When starting out itâs ok to enter a business with a low barrier to entry.
It means low cost, low risk, low skill.
Perfect starter businesses.
Eg Being an affiliate. Brilliant place to learn the game.
But to build something successful, and super profitable you need a HIGH barrier to entry.
Warren Buffett loves businesses with a âmoatâ.
Itâs hard for competitors to enter, this is good for you.
But to build something successful, and super profitable you need a HIGH barrier to entry.
Warren Buffett loves businesses with a âmoatâ.
Itâs hard for competitors to enter, this is good for you.
Systemize https://abs.twimg.com/emoji/v2/... draggable="false" alt="âĄïž" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> Outsource https://abs.twimg.com/emoji/v2/... draggable="false" alt="âĄïž" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> Scale
Systems - replicate at scale without being âinâ your business each day.
Document everything. It means youâll operate more efficiently.
And if you want to sell, your sale price will be higher.
Buyers love systems.
Systems - replicate at scale without being âinâ your business each day.
Document everything. It means youâll operate more efficiently.
And if you want to sell, your sale price will be higher.
Buyers love systems.
Outsource - Focus on the important, have the rest done by others.
I have a team in the Philippines, effective and inexpensive.
I focus my time on the important parts of my business and the parts I enjoy.
Nothing else.
I have a team in the Philippines, effective and inexpensive.
I focus my time on the important parts of my business and the parts I enjoy.
Nothing else.
Scale - Kind of obvious. Where the money is.
How big can your business get?
As they say, money isnât everything. But itâs right up there with oxygen.
Most importantly it buys things we truly value;
https://abs.twimg.com/emoji/v2/... draggable="false" alt="đ" title="RĂŒckhand Zeigefinger nach rechts" aria-label="Emoji: RĂŒckhand Zeigefinger nach rechts"> Time, choices, freedom.
How big can your business get?
As they say, money isnât everything. But itâs right up there with oxygen.
Most importantly it buys things we truly value;
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