If you believe it, you achieve it, you just DREAM!
You make $1000 a month! Now, what?
As soon as you start making a few dollars, start planning to diversify your income streams, embrace outsourcing wisely, and work with a business mindset. See the magic!
I can relate to you if you have finally achieved your first $100 a month then your first $1000 a month.
Believe me, if you reach here then you can multiply it 10x within 2–3 years. This article will help you to be wiser and smarter with your money so you can build an ultimate online business for yourself.
The schooling model was to create component labor people who fit nicely into other people’s businesses. But the world we live in now is teams that are geographically spaced out. It is the time when your creativity matters and you have tons of ways to turn your creativity into business and income streams.
When you finally come out of the school system, you are developing a skill and then find people with the same skill to grow your business where the motto is to solve problems as an entrepreneur.
The J-curve business:
The “J” stands for the shape of the cash flow. You aim to make money but first, you end up losing money for a while then you start making some and then it goes up high and you keep making money. There are certain businesses like sales businesses which are not J-curve businesses but others like volume businesses are J-curve businesses.
The sales business means to have a package/bundle that you are trying to sell to your client and it costs around $7000 but you don’t have the equipment yet to do. If the client signs an agreement, you then start preparing for it. More like a low-risk business.
The volume business is where you have to invest a lot of money in something that you are going to sell little bits at a time.
Or put it this way:
The non-J-curve businesses are services businesses but the J-curve businesses are product businesses.
Finding the right people for your business:
If you go to a coffee shop where they sell coffee for $3. You buy a coffee from them and you are very happy that this coffee shop exists as you need that coffee. The coffee owner is very happy because he needs to sell his coffee. Both ways happy and excited. It is more like the right people for your business is one of the keys to maintaining/growing your business.
Therefore, most of the time, it is not about the product but the people to whom you sell.
Find someone to run your business:
Imagine having 10 people who are running a business for you. Then imagine 100 people who are running a business for you. If ten people can run over seven figures business for you then finding more and more people with a creative, business mindset can help you run multiple of the 7 figures businesses.
Owning multiple businesses:
This might be mind-blowing for a lot of people but you can run multiple businesses without actually being there. If you have the management skills and have hired a team already then just sometimes keep checking on them and let the professionals in your team run it.
Multiple business owners usually have a team to hire people for their new upcoming business. Again, they neither needed to be there nor were they hiring directly.
Are multiple businesses more stressful than having one business?
It might sound stressful but having multiple businesses is not as stressful as having one business. Because when you have multiple businesses running in the background while you are just checking the dashboards, you don’t obsess over any single business, says, Daniel Priestley in the podcast with Ali Abdaal.
When you have one single business, you obsess over it which makes it a bit stressful.
Running multiple businesses is more like owning multiple properties and you just sit there and enjoy the rent that keeps coming into your pockets.
The road to earning $10k+ a month:
There must be many ways one can go from zero to making $10k+ a month which purely depends on what you are doing today.
For instance, you have a YouTube channel and you are already making $500 a month but you don’t want to hire a thumbnail designer and a video editor because you want to save that money.
You wanted to become an entrepreneur but your income source is more like 9 to 5! Be mindful of your business!
This is not how a future business owner’s life should look like today. Make sure to work smartly with the thing you are doing.
You should be smart enough to manage your finances. And slowly without risking too much investment (though it is different for everyone regarding their circumstances) increase your income streams. An average future millionaire should try to diversify their finances to reach at least 7 income streams.
Keep trying out different ways that suit you the best to help you become financially free in the next few years.
Tip: Follow and learn from people who are entrepreneurs and successful in creating a life for themselves that they ever wanted.
This article was inspired by the podcast Ali Abdaal had with Daniel Priestley.
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