As you are building a business, it is very important to consider wealth creation journey and building cash. Step one, you need to be certain you get cash flow right before you do anything. I was in an exceedingly lucky position when we built out the Metastock Programming Study Guide, our fist information product. I was still at home living alongside Ma, so I had the rent and my food and the rest covered. So I went straight into building info product which is a remaining automated style money flow because I had that covered.
When I say cash flow, actually what I mean is have those basics covered. You need to target your attention there until it is sorted. So whether you need to secure a job, Gary Vaynerchuck in a great book called Crush It, talks about this notion of, if you need to go work in a superstore shelf stacking for $10 an hour where you're employed from nine to 5 and everything outside of that is free time where you can work on your entrepreneurial endeavors, then do that. Do whatever it takes to get that sorted.
The next step, once you get that cash flow sorted for your personal wealth creation, I’m all about building your own business. So if you can build your own business that gets that cash flow sorted, that’s where I’d focus. Then the next step I would look to automate your core processes. So when I think about what we were doing in our business, we automated the SEO component. For me, I thought, yes the traffic thing, what can I do to make sure it is as automated as possible? A website consultant Melbourne can be of great assistance for you on this one.
The explanation why you do it automated is so that, just like McDonald's, you can plug a 15 year old in. McDonald's hire fifteen year olds to run multi million buck companies because they've got these systems. It's just about following a process. You wish to do the same so you can step out of your business, This is Michael Gerber material, work on your business not in your business. That's really what I am talking about for automating that core cash flow.
From there, the following step is then I like to do automated money flow that is a bit more leftover. The core thing is just about about delivering services, so whether or not you are a fitness person, the way that you could automate the fitness thing you could create some processes and then you can get other fitness trainers in to do the fitness training for you. That's how you do that and build wealth.
Then the next step might be, well, perhaps I am going to create a set of DVDs of one of the people running these little fitness sessions, Rock Hard Abs in Thirty Days or Less or something similar to that and come out with a DVD or something like that, a collection of products that may then supplement what it is that you are doing. It's nearly like you are starting to shift into an information product business. You could need the assistance of a Melbourne video production company.
I do not know if you have heard the saying if you're holding a hammer, everything appears like a nail. For me, data products is where I started and that is just worked astonishingly well for me. You may do a slight mix on this, but if this resonates with you, then it may be worth trying something.
Once you start to get that automated cash flow, then you would like to invest that into assets. Now start off first focusing, building your assets for business assets. What I am talking about there is let's say, perhaps you start to buy websites related to, all around the fitness area. So maybe you start selling fitness kit and you may buy some other business, the fitness gear that plugs in. We already know you've got the market, so now that you have the market you have to start to think ok, what am I able to sell them?
Step one is find that market, then you want to find out what it is that you can sell them. So now that you’ve built up that core business and automated it, now you want to try and start to think, ok, well what else do they want to buy? Then you start to add businesses in. This is where a lot of people just start digging holes in all different directions and then they start businesses in other areas. Really what you should do is focus.
Then after that, you start to acquire assets in other classes for your wealth creation. To get wealthy, you need to invest in real estate, you need to invest in trading and you should also look at business as well. So business is usually where I like to start because you generate cash flow and then I like to funnel that money into real estate and trading. I don’t use those asset classes for cash flow, I use them for capital growth to make sure that your cash grows. I’m not looking to drawing money from it to make sure that I cover my day to day expenses. You should get an Aweber review to better understand some more online business concepts.
