Most of us have been taught that accumulation of wealth is about acquiring high price items like mansions, yachts, cars, jewelry, and even a private jet. True riches are measured in quality of life not the price of your toys.
As we know as IBMs*, life consists of health, wealth, and relationships. We all know the stereotype of the lonely, miserable miser. It’s about being successful in all areas of life, not just financially.
There is no one path to wealth, but it does require you to get started, press on, pause, and reboot as needed.
Wealth starts with a vision. Mine is off in the distance, but I have a dream to reimagine the international dating and matchmaking “industry” getting rid of current scams, and using technology, personal interpreters, and Airbnb to make it easier for older men to find younger women who can make their last years worth living.
That’s not likely to happen in the U.S. But it’s not free. Health and wealth are both required.
You will have your own dreams, goals, and vision. Success is personal. No use comparing your wealth or assets to others. What you need is what you need no matter what anyone else requires. You might become more successful by becoming less competitive.
Start small. I think most startups and side hustles are destroyed before they begin by someone throwing too much money at them.
Many entrepreneurs have suffered through some crappy service jobs at one time or another, like waiter or customer service rep in a call center. It’s amazing how dealing with shitty people can motivate one to start your own business.
Find the smallest possible footprint to get started. Is it a small home office, or can you take your Chromebook to McDonald’s and keep your entire business in the cloud. What is the smallest project that you can do that will start to make you money.
If your long term vision is not totally in focus. Don’t despair. Start with something small and make it right.
Ask questions. Why am I doing this? What 1 action can I take right now to move forward?
A solid way to wealth is to create products or services that address pain points and solve problems. That’s why I want to create a new way for Western men and Eastern European/Chinese/Southeast Asian women to connect and find spouses or partners.
The Internet has changed everything, yet we are mired in old solutions that haven’t changed much in 150 years. I plan to develop a game changing, unique solution instead of the same old IMBRAs.
For a Walkabout Solopreneur, a good strategy to gain wealth is to solve the simplest, easiest, and most valuable problem a customer or client may have. That’s why acne creams will never go out of style. For a teenage boy or girl, that might be the most critical problem to be solved.
If you can’t be the top dog in that niche, then look to create a sub-niche where you can be the expert.
At this point, you want to build your net worth (liquid, I hope), and know your numbers. One thing hard for new side hustles is to know what to charge. One answer is to include some affiliate marketing of products for other companies to get an idea of value.
The best Internet marketers give away tons of valuable content for free, and then charge outrageous prices for the true believers. Not a bad model to copy. Affiliate marketing can bridge the gap until you develop your own products.
I like to remind them that Jefferson was so disenchanted with W&M that he had to found his own superior university.
At least that’s my take, and I’m sticking to it.
The thing is that you can study existing marketing masters and learn to boost your business and income into the stratosphere. Don’t sell yourself short. It’s easier to lower prices later than to raise them off a low starting point.
You will want to develop your own personal brand and build your own Facebook group or email list. Technology allows entrepreneurs to connect directly with customers to promote new products, discover problems, find out what people want next, and to solve any issues that arise.
As you build value for your side hustle, always think of the day you might sell it or pass it along to your grandchildren.
One you are set up, you have to continue to grow. Consistency is the key. Follow through on your commitments. Mastery comes from whatever you do consistently. Let your learning lead to action which will lead to wealth.
Most entrepreneurial endeavors have a tendency to get bogged down in minitua. Until you’re ready to hire employees, if you ever are, you may have to prioritize the important tasks and outsource the rest.
The Internet has made this simple too. You can outsource almost every bullshit task on Fivver or other sites.
One of the problems of being a solopreneur is doing everything yourself. For example, I know WordPress well, can create images and videos, and can manage an email list.
Grunt work is not hard, but it’s time consuming. Why should I design a blog logo or header when some more talented designer in Indonesia will do it for $5 or $10.
Answer: it’s fun and challenging. And it distracts you from the principal tasks you cannot outsource like taking care of clients.
Of course, for most people these days, email is the biggest distraction.
You want to create systems. Think McDonald’s. Or the Army. Systems get things done and allow you to plug people into the process if needed.
McDonald’s never stops tweaking their systems. I was at a location in downtown Jacksonville last week, and I had to use their order kiosk for a simple small black coffee.
Their answer to employee demands for more money is to design systems to eliminate the need for more unskilled labor.
Losers have goals. Winners have systems.
Many successful people do journaling to record those stray ideas that come to them at odd times. Also, it’s a kind of therapy proposed decades ago by Julia Cameron with morning pages and an artist’s date.
I used to call these snot pages. You just write 3 pages of any kind of junk to clear your head. It’s like brainstorming in a way, but more storm than brain. These pages are to be handwritten and not shown to anyone.
Throughout the day, you will have moments of distraction and procrastination. So be it. Snap back to essentials as soon as possible.