How to Become Rich with Your Own Business
If you do an online search of “How to Become Rich,” you will find more than 19 million results. Nineteen million advertisers, marketers, and business owners want to give you advice on how to write your own meal ticket.
They tout secrets of making money in your sleep, creating multiple income streams and enjoying the millionaire lifestyle.
Is it possible to make $1 million? Yes, and many people just like you are enjoying their newfound wealth.
How to become Rich? You Need a Business!
If you think that you will become rich by working at your day job, think again. While you may be able to amass a million dollars over the course of your career, it is extremely unlikely that you will become rich by working for someone else.
In addition, it could take 40 years or more for you to see the fruits of your labor, leaving you precious little time to enjoy your riches.
Starting your own business and growing it is the best way how to become rich. You don’t have to be a highly-educated scholar, a man, a woman, young, experienced or anything else.
You simply need a product or service that people are willing to pay for and a way to collect money from it. That’s it. That’s the big secret. If you have an in-demand product that people are willing to pay money for, you can have a successful business that makes you rich and gives you the life you desire.
The Key to Getting Rich in Business
We make it seem like getting rich is just a simple thing, but there is more to the picture that you have to consider. Answering a question “how to become rich” once you have established your business is simple.
Are you ready for it? Okay, here it is. The more people you can help, the more you will profit. Think of your business as the ultimate in the problem-solving endeavor. Your customer has a problem.
Perhaps they have a website that needs content, or a dog that needs walking. Maybe they need a water bottle that they can clip onto their pants as they run or a way to stop their socks from slipping down into their shoes.
You have the answers that can help them. Your dog-walking business will allow them to sleep in on the weekends and not worry about Fido. You have invented a water bottle that can clip onto their running pants.
It doesn’t matter what the problem is—the key is that you can solve it. And you can solve it for as many people as possible. Now you’re rich. If you can get five people (who are not your friends and family) to buy your product or use your service, you can get 15 people. And if you can get 15, you can get 150 and so on.
Continue scaling your business until you make it to your million dollar mark.
What’s Your Product or Service?
So you know the theory, now it’s down to mechanics. What product will you sell? What service will you perform?
The thing that keeps a lot of people from starting their own business is that they think they need a big idea. Something that has never been done.
The next Facebook or Apple. Stop right there. You don’t. There’s a guy who has made a million dollars selling socks on eBay. Socks.
You don’t have to re-invent the wheel. All you need is a willing buyer and something they will want.
Understanding How to Become Rich is Key
Back to the socks guy. Don’t believe me? Let’s do the math.
Sock guy buys the socks for $.50 a pair. He sells them for $5.00 a pair. He makes $4.50 profit. After he subtracts his fees to eBay, for shipping and other business expenses, he makes about $3.50 a pair. He sells, on average, about 100 pairs a day. That’s a little under $130,000 a year in profits.
From his home office. Selling socks. He needed a product that people would buy. Who doesn’t wear socks? He needed a willing audience. eBay provided that. He needed a way to collect money. Once again, eBay. Simple.
This is what Michael L.F. Slavin talks about in his bestseller, “One Million in the Bank: How To Make $1,000,000 With Your Own Business, Even If You Have No Money Or Experience.” You don’t need a fancy degree, a ton of money or a business background to strike it rich. You just gotta do what you gotta do.
It’s Not Going to be Easy
Okay, so you thought I was going to say that this was easy as pie, and you could just buy up a bunch of socks and start shopping for your yacht, didn’t you? No, no, no buddy. Sock guy did his homework. He researched and found a product that would sell. He put in the work, searching for the right wholesaler. He did A/B testing, figuring out whether kids’ socks sold better than women’s socks.
He learned to write content that sells. He learned eBay’s policies. I guarantee you that in the beginning, he probably got up at 5 a.m, worked until 2 a.m. and ate ramen noodles for dinner.
When you first get started, you may have to work a second job to pay the bills. You may have to forgo medical insurance or skip the family vacation. But guess what? Once he put in the work, he got to reap the rewards for life.
Michael Masterson wrote in his book, “Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire,” that entrepreneurs often work 80 hours a week for themselves to avoid working 40 for someone else. But unlike traditional jobs, you won’t have to work that way for 30, 40 or 50 years.
Are you going to be a Millionaire?
So you have your business idea, you have your audience, and now you’re well on your way to your first million.
What will you do with your new money? Have you considered the things that you can do when you become a millionaire?
When you become a millionaire, you can make your own schedule. No more alarm clocks. Are you missing out on seeing the world? Have you always dreamed of seeing the pyramids in Egypt or swimming the Great Barrier Reef?
Now you can. You can play with your kids, give to charity and indulge in your favorite hobbies.
When it comes to enjoying the finer things in life, it helps to be rich. Most people will not become rich by working a 9-5 in some dreary office, surrounded by cubicles.