The truth is most businesses fail. Still, business owners make up 74% of today’s wealthy 1%. Despite the high failure rate of businesses, business ownership represents the average person’s greatest shot at achieving real wealth and financial freedom.
Today’s episode is part 6 of our Freedom Possible Series. Matt will walk you through the process of creating the right business idea for you. Then you’ll be guided through setting up your business to run either with or without your direct and daily involvement right now and well into the future. This is another must listen episode of the Freedom Possible Series! If you missed any others, please go back and get caught up:
5 Important Lessons from the Episode:
|1||Passive income is never really 100% passive. It will take a lot of work up front, and then it will dial back until you are working less and less. You’ll likely have to check in on your investments at least once a month.|
|2||When determining your business concept, it is imperative that your idea integrate business systems that allow it to become owner-dependent. Doing this allows you to create residual income, which is the goal. It also gives you an asset that you can leverage in the future for other opportunities.|
|3||If financial freedom through business ownership is your goal, you must ask yourself the following five questions and reflect on your answers: Is there a need in the market for your business? How high is the barrier to entry in your market? How much of your business do you personally control? How many people can you reach? Can your business become owner-dependent?|
|4||If you want to make millions, you need to reach and impact millions, and you’ll have to consider how those millions of people want to receive your product or service. With the growing popularity of internet commerce, it is critical that your business have a strong online presence.|
|5||The six lessons Matt has learned through building successful online businesses:
1. Don’t wait for everything to be perfect, take action!
2. Avoid the shiny objects, maintain your focus!
3. Don’t do it alone, find a mentor or role model!
4. Work your plan daily, be patient!
5. Never stop being a student, understand the basics!
6. Remember that residual income is the goal, become redundant in your business!
What You’ll Learn:
- Why clarity regarding your roadmap is essential to success.
- The three strategies you can use to exit the rat race; and
- The one strategy that cannot work alone.
- Why arbitrarily cutting business expenses can harm your ability to exit the rat race.
- Why your focus is best placed on increasing your income rather than decreasing expenses.
- What the key to a great business idea is; and
- Why if you don’t have it, you’ll end up self-employed and exchanging time for dollars.
- The importance of finding the “right” idea and not rushing into something.
- The five commandments your business must adhere to if financial freedom is your goal.
- Why current business owners may have to modify or altogether abandon their idea to create true wealth.
- The book Matt recommends everyone read before launching his or her own business.
- How you can apply the five Fastlane commandments of need, entry, control, scale, and time to your business or idea to almost guarantee your success.
- Why your needs and desires are almost irrelevant when it comes to starting a business.
- The reason that you should be worried if starting your business is a snap.
- Why you should refrain from taking on partners and investors as long as possible.
- The importance of being systems oriented in your business.
- How identifying your skills and strengths will help you develop a business idea.
- The book Matt recommends reading if you need help in the business ideation phase.
- Why having an internet marketing strategy is essential to success.
- The business model that can become owner-dependent and allows you to reach millions.
- The three reasons that internet businesses fail; and
- How you can avoid these traps and create systems to fail-proof your online company.
- How offering value to your non-purchasing visitors leads to customer trust, loyalty, and business.
- The learning academy that Matt recommends to learn about internet business.
- Why you should pull back from consuming so much information and transition into producing useful information.
- The low-tech solution you need to set yourself apart from your competitors.
Resources Mentioned in this Podcast:
- Get your Do Over started by downloading The 3 Pillars of Creating the Ultimate Do Over at FreeDoOver.com
- The Millionaire Fastlane by MJ DeMarco
- The Millionaire Messenger by Brendon Burchard
- The Science of Getting Rich by Wallace Wattles
- Internet Business Mastery podcast
- Crush It and The Thank You Economy by Gary Vaynerchuk
Thank you so much for joining us on this episode of the Your Do Over podcast. Please subscribe to the podcast so that you will get instant access to our new episodes.
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