Let me share one HUGE mistake I made.
Had I know this, I would have only needed three businesses, and my last one would be an 8 figure one.
I was so focused for so long on creating a business machine that kicked off monthly profit, I ignored, how to convert that profit into wealth.
So here is the progression I recommend.
Step 1: turn part-time effort into a legitimate home-based or what I like to think of as a virtual business machine (more on this in a minute) that can eventually work without a large input of your time.
Think, once it's up and running, it can work on one hour a day or so.
More if you want, but the KEY is we're not looking to create another limited income J.O.B. We want a machine.
Something that can work without being dependent on us.
We don't want to trade one job for another.
We want to disconnect ourselves from being limited to trading hours for dollars.
We want to be free.
This objective eliminates a lot of opportunities out there, which is good.
Things like M.L.M., Direct sales, Affiliate stuff, Amazon F.B.A., Ecommerce.. these models are either glorified "trade time for money" jobs or dying and on their way out.
Step One: $5k /mo income.
Your initial step one goal is to generate $5k/mo income from this business. (over our discussion I'll show you how I do it and the specific model I use and love based on my analysis of over 150 different business models and starting ten different businesses)
Why only $5K?
Couple of reasons:
- I want your confidence, sky-high.
Like me, maybe you've tried some things that hadn't worked out.
Maybe your spouse is getting sick of these projects.
Maybe your dreams are dying a slow death.
So I want you to enjoy and experience success.
- This builds your confidence.
You look in the mirror and see a winner.
Maybe your spouse has a little more twinkle in her eye.
Your self-image and Christ image improve.
You get back the "eye of the tiger".
- You have some resources to scale up.
Money to maybe hire a virtual assistant or reinvest some into more marketing to increase the throughput.
Step Two: Convert the business from Active to Passive-ish.
Meaning it has quality systems, processes and procedures that deliver consistent and exceptional value to your customers and then hire one virtual assistant to run 95% of the machine.
With these, the business can operate without you.
How do you think McDonald's runs a billion dollar company with a lot of teenagers?
Do they make the best burgers?
They have excellent systems.
Why is this important?
Because most people get a business but then end up owning another job.
And then when their business actually grows, its the worst thing that ever happened to them because now the business owns them instead of them owning the business.
This is not biblical.
We are to be the head and not the tail.
Always remember: "business building is systems building."
You need to practice this skill set.
It's pretty easy with the right Mentoring.
I had my first 7-figure business in 2006.
To test this out, I took my wife on a one month vacation. We did a cruise, and it was a blast.
What was even better is I only spent 15 minutes total on that business during that month.
This is what you need to experience.
Maybe not taking one month off but being able to generate income that is not directly tied into your time.
This is biblical too.
Abraham and Lot had herds of cattle, but they didn't manage them.
They had herdsmen do that for them.
And they had a fight which you can read about in Genesis 13.
You now have a business that is kicking out $5k per month with low or no effort.
This is an amazing feeling of freedom.
It opens up your thinking and dreaming.
It clears out so much clutter in our brains when we hit this mark.
Things that used to be open loops are now closed.
Will this work? Yes!
Will it work for me? Yes!
Is there hope? Yes!
Will I ever get out of my job? Yes!
Will we ever be able to afford X, Y, Z or give to A, B, C? YES!
Yes, yes, and yes.
Step Three: Scale your income up, this time by working ON the business instead of IN the business to $10k /mo.
This means continuing to work and refine the systems, maybe hire another virtual assistant.
Invest more money into marketing to create more income flowing through the machine.
Step Four: Live well below your means so you can clear up a surplus.
Don't eat your seed.
The bible teaches us to build our business before we build our house (Proverbs 24:27)
So create some cushion.
Another mistake is focusing on a debt snowball. Yet.
We do that later, in one fell swoop, it takes one or two months. Done. Next.
Keep the cash. Don't spend it. Let it accumulate.
There is no feeling on earth like having a lot of cash in your bank account.
Your first goal is to save up $5k then bump it up to get $100k cash in your business account, eventually.
Step Five: Invest that surplus into either growing your current business, starting another one, or into a passive asset class like real estate.
Step Six: Rinse and repeat until you have a $10k /mo Passive income load-balanced between two machines.
Now you are financially independent.
Now you've bought back 40 hours a week you used to invest in making someone else rich.
Now you have freedom of mind to sit down with a cup of coffee, a yellow note pad, your bible and stare out the window and dream and download.
Your mind is free and clear.
You feel good.
Your finances are fixed.
And the best part...
...You're just getting started.
This is your white belt.
Now you can leverage this base into just about any goal you can see and believe.
To recap, getting financially independent or free doesn't take a lot; it just takes these inflection points.
Have a blessed day!
Paul "your number one fan" Bocco
P.S. Whenever You’re Ready... Here's How I Can Help You Generate An Additional $5 to $10k Per Month Or More:
- Check Out Our Christian Entrepreneurship Manifesto
Learn why some "make it" and others don't
- Access More Articles Like This
Sharpen your Mindset, Model, and get Mentored
- Watch Our Christian Business Incubator Training
Learn key lessons from analyzing over 150 different business models, launching ten virtual businesses in ten different markets with ten different models and hitting six figures in four and seven figures
- Schedule A Free Discovery Call
Make sure you read the Manifesto and review the Training first and then let's hop on a call and get all your questions answered about the Christian Startup Business Incubator