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The average millionaire or comfortably wealthy person works for himself or owns a business. This is a law that is hard to follow. Most people think a business is a risky proposition simply because there are so many factors that affect the success of a business. A million things can go wrong, but a million things can also go right.
The wealth mindset is one that works for itself, cashing in on your own ideas and labor. The poor mindset works for others, laboring for a minimum cut of the profit.
The idea of working for yourself can be scary. Many first-time business owners fail because they sink everything they have into one venture and never recommit when the road to success gets rocky. The wealthy and the rich stick with their business plan and move forward regardless of the events, confident in their success.
58 Do something that you love, because you will never feel like it is work. The success stories of many entrepreneurs and millionaires always begin with this line “I love...[insert hobby, passion or interest here] so I...
Money always follows passion and the upside is, you will never feel like you worked a day in your life. Ask yourself what you love to do, what you are good at and how important it is to you. Once you know what it is, you will know what venture to begin.
59 Alternatively, find a need for something you love and fill it. Filling a need or creating a need is an excellent starting point for a business. Curves Gym combined the owner’s need for fitness and hatred of being ogled while at the gym.
She provided a women’s only gym without mirrors, filling a need many women did not even know existed. Women lined up around the street to work out at this gym and it boasts hundreds of franchises around the US today.
60 Do not be afraid to do something humble—many a business has expanded from humble origins and cottage industries. No idea is too small, no business is “stupid”.
61 Make sure your business fits your lifestyle. If you hate nightclubs, why start one? Why start a golfing business when you have never picked up a club in your life and have no interest in doing so?
62 Those who cannot run a business, invest in one. It takes the headache out of the management and gives you profit without the effort.
63 The wealthy know when to expand their business. Those who want to be truly rich run multiple businesses. Take Nigella Lawson, who started with a cooking show and now has a line of products and even utensils. One business, different umbrellas. Different umbrellas, one profit.
64 The business should never be static, but it should be familiar. Take a cue from top restaurants. They constantly change or update their menus but keep the customer favorites around.
65 Be the best. There are no exceptions to this rule. Provide the best service, the fastest delivery, the highest quality, the newest products. Follow these rules and the customers will come.
A sub rule to this secret is to always strive to continue to be the best. Once you have set a standard, customers and clients will expect you to maintain it. Many a business has experienced fallout after reaching heights due to declining service or worsening product. Take a cue from timeless products and services that continue to make money over the years. They never balk or shirk when it comes to quality. Even if it means making their customers pay a little extra.
66 Your business is defined by its employees—especially if you decide to go into any type of service industry. Hire for attitude, train for skill.
Never keep an employee who is not worth the salary you pay. Never tolerate stupidity, slowness or excuses. Instead, screen, evaluate and expect change. Millionaires never take slack from their employees. They never hesitate when the time comes to let one go.
67 Learn to recommit. Every business owner experiences fall out, bad sales or some sort of failure. There will always be a time when you fall into the red. It takes perseverance to go back into the black.
68 Economize where it counts. Find the best deals for raw product to maximize profit.
69 The truly wealthy know how to make profit with minimal expenditure. Reduce overhead, especially when it comes to trappings. A huge corner office with the antique desk and leather seats will not mean much when you are scrambling to pay the bills.
Protecting Your Money
Once you have money, you will take time to protect it by avoiding future catastrophes. Be cautious and always assume the worst. Do not go through life thinking that other people will not take advantage of you or that your money is not important to them. A careless mistake can cost you a fortune. A careless demeanor opens you up to attack. And you will never know where it is going to come from.
Now that you have the money, you have to take the steps to protect it from unscrupulous beings. Many a millionaire’s downfall came from lawsuits from hungry money-grubbing relatives or the greed from immediate family. The media is packed with celebrity stories where the ‘evil’ spouse gets millions in the divorce, millions they never earned simply because the high earner took no precautions.
In the case of lawsuits, anything personal amounts to what you or your companies are worth. Lawyers love public information and can easily figure out what you are worth by accessing public records. Transferring the bulk of your wealth to foundations, trusts or corporations ensures that these stay well out of the public’s eye or are untouchable in the event you are attacked.
Protecting your money now ensures that it will continue to benefit you and your family for years and decades to come.
70 Millionaires and the truly wealthy never put assets in their name and guard their personal assets zealously. They use corporations and protect themselves with liability insurance. Corporate entities are used to operate businesses, partnerships are made with the idea that if all goes to hell, it is time to get out. Use trusts, family partnerships and protect your personal assets and wealth.
71 Turn yourself into a stealthy, moving target. Never be conspicuous about your wealth and forego the trappings of it. Remember: the bigger, flashier bird is always easier to bring down. The birds that fly low, fly below the radar and detection.