The main message I'd like to convey with this article is that it is so important to focus on building your primary business first and foremost. Sure, you can build other additional streams of income but unless you spend enough time on your number 1 money-maker, your full-time income replacing business, your energy is being spent in the wrong places.
Let me give you a few examples of what I mean by primary business. Maybe you're building an information product business where you are writing e-books and finding affiliates who will help you promote them. Or, alternatively, you are coming up with all kinds of innovative invention ideas and licensing them out to big businesses. These are both great examples of a primary business you could focus most of your time and energy on. What makes these potentially your primary business? Basically, it's the fact that these businesses(including other types of businesses) can get really big if you put enough time and energy into them whereas other smaller businesses and projects can never really completely replace your salary, or help you gain financial independence or even financial freedom.
Another point I'd like to make through this article is that you should be building secondary smaller streams of income too. When I say focus on your primary business, I don't mean neglect other income opportunities. I'm just saying you need to always be thinking about where your time and money will have the most bang for your buck.
You might be wondering why I like the idea of creating information products or licensing invention ideas to businesses for profit. Well, it's pretty simple. The main reason is that these are great opportunities to generate passive income for yourself. For instance, as you create an information product and a sales funnel for that product, it will be up on the internet for years to come... So, in other words, you will continue to earn money from this long after the initial time and energy was invested.
I read once in a book called The Millionaire Fastlane that MLM opportunities are great as a primary business as long as you are the one who started the MLM. This is because you want your primary business to be something that can become really big and is limitless. You want a business that has unlimited upward potential. Maybe you don't want to be a millionaire but don't you at least want the freedom that comes with not having to work for money anymore? Wouldn't it be nice to be earning money for years to come without needing to work anymore? It would be just as good as winning the lottery except it's safer. It's safer because you built yourself a big income stream that won't dry up and cannot be wasted within a couple of years like most lottery winners waste their winnings fast.
I highly recommend you get yourself a copy of The Millionaire Fastlane because it's just an all-around awesome book and it will help you begin to think big when it comes to entrepreneurship. I don't want you to stop there though. Sure, it would be nice to have time/financial freedom or even be a millionaire but I don't think you should ever stop when it comes to accumulating wealth. Why stop once you hit your first million dollars? You know what I mean? Reach for the stars. If others can do it, you can do it too. That reminds me of something one of my teachers once said to me in college. She taught us that doctors, lawyers, millionaires, billionaires - all these people... none of them are smarter than you or more talented than you or better than you in any way. They are just examples of what we are capable of. Each and every one of us is capable of real greatness. It's all about picking a business you want to get really good at and mastering it. Pick 1 primary business and build yourself an empire. I don't want to make this sound overly simple because we both know that it's not easy.
I saw a video the other night about body builders. These men were huge. They were real animals. In the past, I didn't understand people who would choose to get so big but after watching that video the other night, I have a new-found respect and admiration for them. Do you know how much time and energy and commitment they put into building their bodies? Do you know how dedicated you have to be to reach to that level? They are also perfect examples of what human beings are really capable of. In the video, the narrator made a point to discuss how these body builders really had to overcome every single mental barrier where most people would just give up. One of the feature body builders actually broke into tears after winning one of the most prestigious body building competitions. When asked why he was crying, he said he's crying about how tough the journey was to where he is today. It was definitely not easy to make it. The same can be said about business success or success in anything for that matter.
It's not going to be easy for you to reach your financial dreams, but it will be worth it. It sounds cliche, but you have to make sure to enjoy the journey. Don't be a fool and chase a carrot on a stick your whole life... enjoy the whole process too!
So, pick 1 primary business, get yourself a copy of The Millionaire Fastlane, it will help you figure out what kind of business you should start and get out there and build it. If you're already a part of several business ventures, take the time to evaluate which ones are earning you the most money for the time you're investing and which ones you enjoy the most. From there, eliminate those that are just big time wasters and invest that new time into your more profitable ideas.
Hope you enjoyed reading this.