It’s not about getting rich quick. That only happens to people you read about or see on TV. But anyone can take steps to wealth building that will see them gradually secure their future and, who knows, a lot more besides!
Below we illustrate a 5-step process for business owners to focus on as they’re starting out, in order to steadily build their wealth:
1. Cashflow Is King
Do everything you can to get the cash-flow or consistent income that will allow you to steer your business in the direction you need it to go, rather than being hampered by financial constraints. You need to be able to give your business the space to grow and that means filling the top of the “funnel” up with cash that can trickle down through your business.
Think about the products that can get your cash flowing – it may not be the core products you want to sell, at first. For example, with Melbourne SEO Services it was the cash generated from the SEO customers that paid for the development of our information products, like the DVDs and workshops you see us releasing now. Without the SEO work, we couldn’t have got there.
Another idea for developing cash-flow is to take a job and work on your online business in your free time, until it can support you. The solution for everyone is different but the importance of cash-flow is universal.
2. Automate Your Core Cash-Flow
As you build your business, try to automate your systems so that anything or anyone can be plugged into the system and it can continue to operate efficiently.
This is automating your cash-flow and it means that you can gradually un-plug yourself from the business, freeing your time up to work on growing and expanding into other areas. For example, automating the SEO processes allowed me to work on the info products, which were potentially high-margin and were what most interested me.
3. Automate Your Residual Income Cash-Flow
As you create new products, try to automate the processes for those too. For example, a personal trainer might have automated their core cash-flow from running a small team of PTs (as per step 2 above); expanding out to making a series of DVDs or other informational products presents new challenges, because he or she should try to gradually remove himself from that process too, in order to venture into serious wealth building.
4. Acquire Assets In Your Business Niche
By now you already have a large market, so you need to be considering what other products and services your customer-base is interested in buying; interacting with those customers regularly should bring up some new ideas of assets you can add to your business – this might mean buying web sites in related areas or buying up new URLs to develop sites with, which can all help you grow your business outwards.
5. Acquire Assets Outside Your Business Niche
By now your business is looking after itself; you are not thinking in terms of cash-flow but capital growth. This means acquiring assets outside of your business niche, such as real estate or other investments. These are long-term wealth growers.
If you have just started out with your online business or need some advice with an existing venture, the Competition Crusher Workshop will offer you plenty of tips on how to build your business up from the bottom . Simply click here to learn more about it.