Author: Tie Khun

Welcome to Lesson 4!

I hope you are enjoying all the lessons so far, and more importantly, the lessons has brought you something very valuable into your life –such as, a definitive path towards your financial success. I’m sure you will agree; knowledge does bring power, isn’t it?

Who am I?

Greetings to you, fellow dreamer, we are the same! I am T’ien Khun, an online entrepreneur. My grandmother was the first to coined me as “Tie Khun” and also “Siok Tong” because as you can see, I look very much like a Chinese lad than a Filipino native . But I fancy “Tie Khun” better as it sounds like “tycoon.” And as you know, with regards to becoming entrepreneur, it’s a matter of transition; like a caterpillar transitioning into a butterfly inside a “cocoon”. Thus, the name of the title of this article. Does it sound cool?

Please don’t let the name lead you to believe that I am from a very rich clan. On the contrary, I was born and raised in a slum area in Binan, Laguna. Although our family were not the poorest in the neighborhood, we’ve also struggled financially, just like the other residents in the area. That’s why growing up I am constantly told by my parents and relatives to do good at school so I’ll have a very secure future when I get a high-paying job later on. To my ignorance, I took it as 100% truth.

I graduated with a Bachelor’s Degree in Mechanical Engineering from one of the highly reputable institute (now a university) in the Philippines. Immediately after passing the board exam, I landed a series of good jobs in big companies which paid relatively good money. I was also fortunate enough to be able to work in Australia, where I am now living permanently. For having worked as an engineering professional on various senior roles for more than 10 years, some of you would understandably think that I am already a multi-millionaire from it. Well, that’s what I’ve thought so as well! But sorry to disappoint; I was just being a loser, as you may already know. If you don’t get what I mean by being a loser, you need to review the previous lessons . Just don’t forget to come back to this lesson after reviewing. A word of warning before you do: the truth will hurt, especially for losers.

For having spent more than 10 years chasing the so called “job security,”  I don’t think it’s still logical for me to spend another 10 years just to convince myself that there is such thing as “job security”. What about you? Would you spend your working life on building something that you will never ever own in the end, such as a job? If I am wrong, please correct me by commenting below that you actually own your job for life and you can pass it on to your children as an inheritance. Maybe I will buy it from you, if you give me a discount.

Do You Want to Find the Best Moves?

Chess is my all time favorite game since childhood. That’s because I like thinking ahead, planning, strategy, tactics, solving problems and winning! I like it so much that I became a Chess Club Champion for 3 consecutive years. I am always amazed at how chess imitates life. For example, being successful at something always involved finding all the best moves in every situation, and of course, learning from your mistakes. 

For example, I have some attributes that you might also want to note:

• I have an academic qualification in Small Business Management
• I am experienced at creating websites and e-commerce sites
• I am experienced at internet marketing
• I am an experienced sole proprietor working at home

Please don’t get me wrong, because I am not perfect. Like everybody else, I have a fair share of experience with mistakes. But through each mistakes, I’ve learned from them. And maybe my years of experience with these mistakes could be a goldmine of learning’s for you. Imagine the learning’s  I have accumulated for many years that might be useful for you, and you can just learn them maybe in just weeks. I am here to share them with you, so I really hope you’ll find them useful. On that note, my past failures may could also lead the way for the success of your future. One example of such failure on my part, is for not having started my transition much earlier than I should because I came “into the know” maybe too late. Lucky for you, you might not have the same mistake because you are now “in the know” much earlier because you are learning the lessons through my experience.

Why am I telling you all this? Obviously, I am trying to sell myself to you. So how much will you buy me for? But seriously, I am just hoping that you’ll see some qualities in me that you think will be of use to you in achieving your own goals. I’d like to think I am capable enough as your key-person who can take your hand as a comrade from where you are now, and walk with you to our common path to financial freedom. You know what? I think we should stick together; after all, there’s a saying that, “birds of the same feather…. are the same birds!” Yes, don’t worry, we’ll also “flock together!”

Are We the Same Birds?

I hope by now, after going through the previous lessons, your eyes have already opened up and seeing things the way I see it; we need to find the quickest path to financial freedom. Because we both want to get a lot from life; to spend more time with our loved ones; free from financial worries; have the power to fulfill our own dreams; have the means to help others with their own dreams; and enjoy the great adventure along the way! So tuck yourself under my wing, let’s fly shall we?

Who are You?

Who are you really? Are you Moana? So Moana, do you know who you.. are..?

Now let me take you to a learning adventure. 

The Champion in You!

Do you have a “champion” mentality? I bet that, more often than not, you could be just taking for granted how you make decisions. If you want to succeed at anything it is important that you don’t take for granted every decisions you make. Because the truth is,  making decisions –no matter how big or small, is a major factor in shaping your ultimate future. So if you have a bad habit of not making the “best” decisions here and there all the time; only going for laid back mediocre ones; why would you expect to get “best” build up of outcome for your success in the end? Now, do you only choose the “best option” in your decisions? Test yourself below.

Do Whatever You Love? Or Do Whatever it Takes?

What to do exactly to be financially successful? Many says, “Do what ever you love, and the money will follow.” The question in this mentality is, how big will the money be made from this “love” of yours, and how fast this money will come? For example there is Product A, which you love making; and there is Product B that is already making great money; would you still focus on doing Product A? Of curse not! So I believe that the “Do whatever it takes” mentality is a much more stronger in propelling you in a better “and quicker” financial success, with great certainty.

Excuses? Or Solutions?

Every time there is an opportunity in front of you, do you often look at why it will not work so you can justify not going with it, or do you often look at ways how you can make it work come what may? As you can see, excuses will never ever produce results for you; only coming up and implementing solutions each time, will.

Who Do You Listen To?

If you want to get better at making money, would you listen to the opinions of a world renown social media critic? What about escaping a maze, would you listen to a person who has never been in the maze, or to the person who was able to conquer the maze? So in terms of making money, be careful on who you listen to because there are a lot of fake guru’s out there who are not even qualified to give opinions on the matter. For example, there is this bald guy who claims to be “internet’s leading scam buster,” when in truth his writings are based only on hearsay’s. So to know if an opinion is of value, my suggestion is to ask yourself the following questions:

• • • Does the person have authority or qualified to give opinion on the matter?
    • Is he slandering products so he can just promote his own products and collect social publicity?
    • Will his opinion make me generate more money, or will just make my money sleep?
    • If I want to be good at making money, should I listen to the opinion of someone who is poor? 🙂

Save Money? Invest Money? or Do Business?

Where do you think money is best allocated so it will grow the quickest? Should you save, invest, or use it to do business? You will know the answer if you will do your calculations to compare the yearly growth of your money for each scenario.

You want to be rich, right? Then do what the rich people do. Who do you think are the richest? Now tell me if any of them are not involved in business. So does this fact indicate anything to you?

How the Rich Spend Their Money?

How’s your spending habit? How to tell if your spending habit is making you rich? The answer is really simple.

You become richer and richer each time you spend money on things that will make you more money. It’s that simple!

Now that you know, that it takes money to make more money, will you still have a bad habit of upgrading your smartphone each time there’s a new model? Or would you still buy fancy bags, shoes, clothes and bling-blings every time there is a bargain sale?

The Tools of the Trade

So where to spend your money to help you make more money? If you are really serious at building your business, you must have what serious entrepreneurs have; the tools of the trade. So I strongly suggest you invest your money on the following, bearing in mind the need of your business in terms of speed, portability , efficiency and certainty:

1. Fast and Reliable Internet Connection

All serious businesses have an online presence these days because you need to connect with your target market wherever they are, even across the globe. With internet access can reach more people day by day, and as you now know, it’s a numbers game in business; the more you can reach, the more sales you can achieve.

2. Good Laptop

It’s not enough to access the internet with only using a smartphone or a tablet. It is more efficient to have a laptop computer to achieve the best work productivity in building your business. Laptop is preferable over a Desktop because a laptop will allow you to work on your business everywhere. It will give you the needed portability in achieving your goals.

3. Good Anti-virus & Anti-malware Software

Browsing through the internet is a very dangerous business if you will not have a good anti-virus & anti-malware software installed in your laptop computer. Without this software you can fell victim of hacking, which can compromise the security and privacy relating to your personal and banking information. The risks extends to your customers, in a form of data breach incident, which could lead you facing litigation’s that can incur great financial loss on your part.

At this stage I can only recommend 2 highly reputable anti-virus & anti-malware software’s, and they are Norton or Kaspersky.

4. Courses

Investing in your business education is one of the best decision you’ll ever make. Because, again, knowledge is power. You have to consistently learn and attain the skills needed to produce a stable business that will grow for you and your family. If business is going to be your family’s “bread and butter” wouldn’t you want to ensure that you really know what you are doing?

Some of the courses I can recommend are those covering the following topics:

• • • Different Business Models
    • Business Organization
    • Outsourcing
    • Online Marketing, such as Google Ads, Facebook Ads and Affiliate Marketing.
    • Ecommerce
    • Website Development for Business
    • Microsoft Suite, such as Work, Excel and PowerPoint

5. Good CRM Software

You should make your business be capable of keeping track and managing your relationship with your customers, especially if their numbers are already many. You can do this by using a CRM software. CRM stands for Customer Relations Management,

6. Good Accounting Software

Since business is about making money, you will need an accounting software to manage cash flows and tax reporting purposes. Such accounting software that comes in mind are MYOB, Quicken and Xero.

How are you going so far? Are you learning new things from the lessons so far? I’m very happy, if you are.

The Trust in You!

People will only buy or do business with someone they can trust in terms of character and abilities. Therefore you should position yourself as someone who is honest, genuine, capable and committed at delivering solutions for them.

The Problem-solver in You!

If you want to really make good money, you need to love and be good at solving people’s problems. People will definitely patronize you and your products if it will definitely solve their problems. It’s where the money is; solving people’s problems.

Now it’s Time for You to Fly

Good on you, my friend, you’ve already come a long way; gone so far in reading through the lessons! Therefore I hope I have effectively given you something powerful; a great financial knowledge so that you may already go on your way from a crawling caterpillar, building your own cocoon by now, and starting your own transition to become a magnificent flying butterfly! And I though we were both birds right back there 🙂

At this point I am confident that your eyes are now fully open; able to see what the future will bring from your transition; and now awaken to be on alert in avoiding financial disasters. There is much to be learned, yet so little time. So from here I guess, experience will now be your teacher, and so is mine. After all, besides skills, business success also  require a  good deal of experience.

Thank you, my friend, for sharing a moment with me through this lessons. I am not far away, because we are now on the same path; the path of entrepreneurs! Good luck and success to us!

Is There a Problem?

If you don’t have a problem right now in starting your own business. you don’t need to read further. But I bet, just like when I decided to start my own business before, you may be having the same problems as I did such as below:

1. What business model is going to be both portable and profitable right now?
2. What business can I start on a part-time basis?
3. Should I sell products, or services? Which is better?
4. Where can I get the capital to kick-start my business?
5. Who can help me build and run my business?
6. How to price and brand my products or service?
7. How to get a Business Name?
8. How to have  business website?
9. How to market globally?
10. How can I accept payments online?
11. Can I afford to pay office or warehouse rent?
12. Can I afford to have employees?

Hey, don’t worry. I will disclose my business start-up journey with you in the next lesson. I am hoping my story will help you with your own business start-up problems. I am happy when I am able to help.

Excited? Go to Lesson 5!

Got Comments?

Please, comment it now on our FB group. A “like” and “share” would be nice too.

Welcome to Lesson 2!

In the previous lesson, Lesson 1 , you have learned that you only have limited time to fulfill your own dreams, so it’s  more wise to spend greater time on your own dreams than using it to build someone else’s dream who is not even your family member or relative. You have also learned that your future can be in the worst scenario one could ever have if you will only bet your entire working life in a job, rather than owning a business. Thus you should have realized by now how important it is, more than ever, that you transition yourself  as soon as possible, from a business staff member to a business owner.

There are other learning’s you should not forget to ensure that you are on the right path to being successfully wealthy. To remind yourself of these learning’s, you should always go back to Lesson 1 from time to time.

On that note, we start our Lesson 2 from here.

The Ultimate Business Model

The bandwagon of an ultimate business for me is a business that has no limits.

Without limits, the prospect of your business growing is very strong and much more certain.

Remember as well that you want to be in the quickest path to wealth from your current situation. Therefore the business that you should go for must have attributes that will contribute to the speeding up of the business start-up and operation processes.

On that note, you should choose a business with great consideration to the following aims:

#1: Aim for Evergreen Niche

To ensure that your business is sustainable for many years, it is very important to research and target a niche that is always big and profitable. You must also remember that a business only exist if there are ample number of customers. Therefore you need to know which group of people is worth targeting by researching their demographics, disposable income and [most specially] their needs. Your research data should be as accurate as possible. Do not base your analysis from assumptions, intuitions or hopeful thinking as the success of your business will really depend on how accurate your facts and numbers are. You can start your research by visiting related websites such as government websites, council website, business group sites, business event sites, statistic portals and other related industry websites.

#2: Aim for Global Market Reach

Remember that you’d want to target a niche that is always “big” and profitable. Big as in “global” is what you really should ultimately aim for because you do not want to put boundaries for your income potentials. Therefore having a website or online shop for your business is very important so you can reach huge number of customers globally. Also, it is best to choose a business model that has no strict shipping restrictions. For example, there are restrictions in shipping goods that are in liquid form, flammable or perishable.

Also, it doesn’t make sense to put limitations on your business especially if it is unnecessary. So why choose a business that you can only do locally when you can choose a business that you can do worldwide. The more people you are able to reach, the more you have the chance of doing business. For example, if your business only operates locally and have marketing materials in local language only; imagine how long it will take you to grow globally, compared to a business that is already set and ready to market in a worldwide scene.

#3: Aim for Part-time Start

Since your time is limited by your current job, you should choose a business model that you can do part-time especially on the start-up stages. For example, selling products is more an ideal model than offering a service because you cannot really commit to strict deadlines when you only have limited hours every week.

#4: Aim for Great Portability

Working at home will be very ideal for your situation. Not only it saves you time from travelling but it also saves you money as compared to having to pay rent when you have to do business in an office or a shop. Also, what you don’t want in a business is when it limits you to stay in one geography and not give you instant flexibility to be in another place if you need to. Therefore something like an online business, for example, is what you would want for.

#5: Aim for Fast-moving Products

You need to realize that delivering products require less time than completing a service for customers. Therefore for quick transition you should have a business model that is product based because there is almost no limit to the number of products you can deliver in an hour, compared to the limited labor hours you can give in completing a service. On that note, it is best to have your products ready made by a manufacturer so that you can save a lot of time and only have to re-brand if you have to.

Remember, when considering products for your business, what you want is to get “repeat business” consistently with your existing customers. You can only attain this if your product is consumable. So I do not recommend that you sell devices such as a massaging device, for example, because you wont be able to sell that device monthly to the same customer isn’t it? So if you can’t sell it to the same customer monthly, then you are pressured to find new customers each time just to ensure you will have sales monthly.

#6: Aim for Consumable Products

One of the most expensive and time consuming activity in running a business is finding new customers. Therefore your products must be consumable so that you will have recurring income from re-orders by your existing customers. Remember that your time is limited and therefore it is not feasible for you to depend entirely on finding new customers. Ideally you should be selling products that can be consumed within a month so you can at least have monthly re-orders from existing customers.

Also, as mentioned above, delivering a service is very time limiting than delivering products. For example, if you are charging $50 an hour, it means that you can only make $400 per day if you work 8 hours a day. Even if you decide to work 24 hours a day without rest, that’s only $1,200 income. Compare that to the profit you can make if say you can deliver 100 products in one day and each product sold you get, say, $20 profit, that’s a total of $2,000!

Finally, when choosing consumable products, I do not recommend those which are in liquid form because it’s almost impossible to deliver to other countries because of postal or customs restrictions and imposed ban on liquid products, especially with air-freight delivery. 

#7: Aim for New & Unique Product Lines

As products sometimes undergo popularity life, it is therefore essential to have new product lines regularly. New product lines every year would be ideal.

You would also want to consider choosing products to be unique because if you are selling unique consumable products, then you basically have no strong competitors. Your existing customers will not likely go to your competitors since their products will not be as comparable as yours. For example there are so many Fish Oil supplement products out there, but your Fish Oil supplement is  the only one infused with Vitamin E –which helps the body absorb more Omega 3 from Fish Oil.

#8: Aim for Manpower Leveraging

It is very important in your strategy to delegate most of your business activities to other people. These people may include your business partners, employees, independent marketers and contractors. Leverage is the utilization of other people’s time and resources to accomplish great amount work in just little amount of time. Remember that the more you save time for yourself, the more you have time available to make more money.

To leverage, you can either outsource, launch an affiliate program or give multi-tier commissions so that the number of people helping your business operation can increase, even exponentially.

#9: Aim for Automated Business

Besides leveraging on manpower to save time, it is also essential to have the capability of automating most of your business activities. The aim is to save more free time and at the same time increase productivity for your business. Examples of such business activities that you can automate through a website may include: presentation of products; gathering of customer details; following up of customers; up-selling of related products; accepting of payments; setting-up of appointments; customer support and etc’s.

#10: Aim for Income Scalability

Look for a business model that will allow you to upscale your income targets. For example, on customer checkout you can offer related products at discounted price as an up-selling strategy. Another example is the flexibility to sell your products to other niches.

What’s Your Next Step From Here?

Now that you know what attributes to look for in choosing your own business venture, the next step is to learn how you can put it all together to kick-start your business. The step by step guide I have written will hopefully help you lot in this regard. It is laid out in the next lesson.

Ready?

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In the meantime, what do you think of this lesson?

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Welcome to Lesson 3!

Starting a business is one the most challenging and rewarding things you’ll ever dare to do. The whole process really depends on the type of business you are trying to put together, but it is simpler than you might think. The process can be simplified maybe up to 5 general steps but I would assume that you’d rather see a more detailed approach so I have tried to expand them below as much as I could.

A Word of Caution!

The steps have been expanded to 17 steps but do not get turned off about it because most of them are really quite straight-forward. But “straight-forward” does not also mean it will only require little time from you. My advice is to keep reading to know how your own situation will fit in with each required task. If somehow you found the steps to be overwhelming, don’t worry; I will reveal a business model later that will not require you to do all the steps.

Steps to Building Your Own Business

Here we layout the steps that you can follow to build your own business. Depending on the type of business, you may need to brainstorm with your business partners as you go along the steps. You may also be able to skip several steps, or may be able to do them completely out of order. So follow these steps however it suits you best:

Step 1: Define your personal motivation

Your personal motivation is what will fuel you to push thru against all anticipated challenges in building your business. It will be your reason to conquer all difficulties and not surrender.

Therefore this is probably one of the most important steps in building your business. In here you explain why you would want to have your own business and why you should succeed.
Examples of good source of motivations can be coming from any of the following:

• you want to secure your family’s financial future
• you wish to be a significant influence to help a cause
• you want to have time freedom and financial freedom
• you feel that you have no choice because you saw your future will be a difficult life if you stay in the current path

Step 2: Define the purpose of your business

In this step you give clarity to the focus and direction of your business. In defining the purpose of your business you can include the following sub-steps:

Define your vision

What will be the end result of your business? For example, “To be the world’s most trusted brand in dietary supplement.”

Define your mission

Explain the reason why your business exists. For example, “To provide the best solution for eliminating nutritional deficiency problems worldwide.”

Define your objectives

What will be the actions or goals in order to accomplish your vision and mission? For example, “To supply the newest and most advanced dietary supplements that are endorsed and recommended by medical practitioners.”

Step 3: Research your market

Arguably, this should be the very first step in starting any business. You don’t have a business when you don’t have a market. Therefore this comes first before actually coming up with a good product. You don’t first create a product hoping that there will be a market for it. No, the absolute correct way is you first find-out what your market needs and only then you create the product to meet those needs.

Some important part of your market research should include:

• Demographics – i.e. age group, gender, location, language
• Disposable income
• Common problems or needs – i.e. weight issues, money
• Buying behavior – i.e. trends, emotions, wants, needs
• Market size and realistic market share to penetrate
• How will you reach your market? – i.e. social media, clubs, email, TV
• How many competitors are there?
• What difference can you bring to the market?

Step 4: Create a full-pledge business plan

A well written business plan can help you secure finance, establish the direction of your business and bring clarity to the strategies you will be implementing toward your goals.

Some important questions that need to be addressed in the business plan are:

• What products will you provide?
• Is your idea viable?
• How will you protect your ideas?
• What skills will you need?
• What resources will you need?
• What legal obligations do you need to meet?
• Will you be financially capable to start a business?
• What are the foreseeable risks and your respective contingency plans?
• How much profit do you want to make?

Your business plan should also include the details of previous steps 2, 3 and the next following steps.

Step 5: Educate yourself

Having done your market research you should be able to tell by now what skills are needed to operate your business. These skills don’t necessary need to be learned in full detail as you can outsource most of the skills by your choosing. Most of the time, you only need to learn the very basic concept how things work so you will be capable enough to make decisions on where things should go. However, outsourcing or hiring people will add up to the cost of your business operation, but on the other hand it saves you time that can be utilized on the more important tasks in your business. You should only decide on which areas you should outsource where it’s most cost effective.

Some of the important skills to learn are:

• Business Accounting
• Feasibility Study
• Softwares: MS Excel, MS Word and PowerPoint
• Internet applications: Email, social sites and web search
• Internet Marketing: mailing list, sales funnel, viral marketing, blog, video marketing and Search Engine Optimization
• Sales and Marketing i.e. selling strategies
• Business and Project Management

Step 6: Create your product creation plan

Your market research would have given you ideas on what products you can sell to your niche. In this next step you describe or layout in a flowchart the process of creating and storing your products. The process should include time and cost studies so you’ll have a very good basis in scaling up your production and consequently your profits.

Step 7: Create your sales & marketing plan

Having known how much it will cost you to create your products, in this step you establish your desired profit margin—taking in to consideration your pricing strategies and the extra costs associated with the marketing, warehousing, delivery and some applicable duty taxes. You also describe your strategies on how to acquire new customers and how you will be implementing a selling cycle that can include some sales strategies like cold selling, hot selling, up selling and down selling. It is also a good idea to include the details of your after-sales support and your strategies to acquire consistent re-orders from your existing customers.

Step 8: Create your staffing plan

Remember that one of the major reasons why you want to be successful in business is to free yourself of work-hours and ultimately have the “time freedom”. A prudent way to achieve this is to use the power of “leverage” where you utilize other people’s time and resources to work for you. Having done the previous steps, you should know by now what skills will be required and how much manpower is needed. So in this step you allocate appropriate people to their duties and responsibilities; decide on their working hours; and establish their pay rate. You also describe here how you will implement the necessary training to skill and motivate your staffs or employees.

Step 9: Create your operations model

In this step you layout your business organization including stakeholders or collaborators. In here you identify member responsibilities and describe in a flowchart the mechanism of how your business organization will work.

Step 10: Create your budget plan

In this step you allocate cash flow plan for your first to second year of business operation. You basically define here your sales targets, overall operational costs, target net profit and growth projections.

Step 11: Create your growth plan

In this step you bring clarity to your strategies to allow for your business growth. You describe here the minimum targets to achieve your growth goals. You also identify opportunities where you can increase your sales and profits. Such opportunity is to create new products or even penetrate more market share.

Step 12: Create your risk management plan

As there are inherent risks to any venture it is best to anticipate them so you can formulate contingency plans way ahead of time to minimize–or even eliminate most risks. These risks pose danger to the survival of your business and may be in the form of:

Financial Risks

Where your cash flow has been negatively affected by slow collection of receivables, currency rate drops or declined finance.

Market Risks

 Where the demand for your product declines or there is an occurring negative publicity

Competitor Risks

Where there is an upsurge of competitors copying your business model or a competitor is beating you

Legal and Regulatory Risks

Where you have been negatively affected by new product regulations or there is a dispute arising from poorly structured agreements

People Risks

Where you are failing to hire, motivate, retain the right people for your business

Step 13: Secure your capital

To fund the start-up and the initial operational cost of your business you may do the following options:

• Apply for a bank finance
• Apply for a government grant
• Seek help from crowd funding
• Loan from friends or relatives
• Access your super annuation
• Find a share partner
• Use your savings

Step 14: Complete your legal obligations

For your business to be legitimate you have to:

• Register a business name
• Register a Business Tax ID
• Register applicable Trademarks
• Secure applicable insurances, i.e. public liability insurance
• Register a domain name if required

Step 15: Set-up your business

If you already have the capital, in this step you set-up the needed resources, facilities and assets to kick-start your business.

Step 16: Launch and operate your business

Here you implement everything that is directed by your business plan to generate sales and profit as per the targets you have set out. Remember to keep track or document significant activities and figures regarding the performance of your business so you can implement crucial actions when it’s most appropriate.

Step 17: Review your business plan regularly

Regularly re-assess what is in your business plan with the aim of continuously improving your business performance towards a healthy growth. You may need to revise your business plan contents however it suits your needs.

Top 6 Personal Problems in Starting a Business

After going through the 17 steps in building your business, I’m sure you are fairly overwhelmed by the amount of work involved–and maybe now having some doubts about the business as your quickest path to getting wealthy. On top of that, you may have some of the following personal problems too:

1. I am not good at, or don’t like, selling things
2. I don’t know where to get the products to sell
3. I’m not good at motivating people
4. I am not good with computers or internet
5. I don’t have time to make follow-ups and build business relations
6. I don’t have tens of thousands in dollars as a capital

Top 15 Challenges of Running Your Own Business

In addition to some of your personal problems above, you may also have to face a lot of challenges while you mind your own business:

1. Stock, inventory and the physical cash required to start
2. Long leases and responsibility to Landlord
3. The first 2 years of business will not generate enough income
4. Customers will need to see your ad campaigns 5 to 8 times in different occasions before they will decide to buy
5. Upsurge of competitors copying your business model
6. Poor sales performance due to unmotivated staff
7. Poor sales performance due to ineffective online presence
8. Managing staff, superannuation and payroll tax implications
9. Work overload due to insufficient staff
10. Work overload due to inability to automate repetitive processes, i.e. capturing leads, follow-up emails, accepting online orders, product presentations and after-sales support
11. Isolation because of work overload
12. Financial breakdown due to poor branding and pricing strategies
13. Declining business growth due to market saturation
14. 87% of businesses fail in the first 5 years
15. You may even work harder with insufficient income on start-up

Hang On a Minute. Can I Still Win it?

Okay, let’s just pause for a moment here and try to re-asses the current situation. After knowing the possible problems and challenges in starting-up and running a business, I’m sure your doubts are getting bigger now on whether having your own business is really the quickest way to getting wealthy.

As we review the points from the previous topics, we can say that having your own business is definitely more advantageous than having a high paying job. Such benefits that stand out in having your own business are: that it can be inherited by your children; it’s a more possible way to attain time-freedom quickly; and it requires less time and process to acquire financial freedom. It’s worth noting as well that these advantages can only be achieved quickly if your business will have the 10 essential attributes for efficient transition as pointed out on Lesson 2.

Also, as we saw from Lesson 1, you really don’t have a choice on the matter but to transition yourself into having your own business. This is because you are not gaining the better end of the deal if you are investing your own extra time and resources in developing your employer’s business rather than your own business. Therefore the problems and challenges that you may have that are halting you down in pursuing your business goal must be addressed by you full-on. Addressing them may not be that difficult because you can just find and choose a “business model” that can virtually provide all the solutions for you. A business model is the way in which an entity, such as a company, generates revenue; or it simply describes the manner how an entity make its money.

So where do you start searching for a business model that you can adopt to solve all your problems?

Here’s good news. You don’t have to spend long tedious hours in researching and you don’t have to deal with so much trial and error. It’s because you just happen to be “in the know” when you decided to continue learning from my lessons so far. The business model that I will reveal here can be a great time and money saver for you. As you will see soon enough, it solves all the problems and challenges that you have just read in the previous sections.

Ready to find out? Go to Lesson 4!

Got Comments?

Please, comment it now on our FB group. A “like” and “share” would be nice too.

Welcome to Lesson 1!

Do you know that there are only 4 basic ways to becoming rich? Some people already know them but are really lost on which way will be the quickest for their own situation. While others are taking their time being undecided, there are also others who remain oblivious. As a result, time is just passing by and before they know it they’ve already gone old, sickly and not having enough money to even buy their own medicines and proper food.

Why Finish This Course in 6 Days?

Are you already earning $66,357.41 per year in your current job? I bet it took you around 4 to 5 years of study to gain a Degree. So in effect, you dedicated 4 to 5 years of your life just to learn how to make $66,357.41 per year right? On that note, I find it funny because in this course you will only need 6 days of study to learn how you can earn the same $66,357.41 in your first year! And then it’s up to you, if you want to increase it many folds  in the following years to come.

3 Reasons Why You Would Want to be Rich

Maybe you haven’t thought about it but these are the main reasons why you’d want to be rich, definitely:

1. Because you want to ensure that you and your family will still be able to afford and live comfortably, even beyond you retirement years.
2. Because you want to ensure that when you are already old and sickly, you can still afford proper food, medicines and most especially a medical surgery when you’ll need one.
3. Because you want to ensure that you will be capable of helping your family, relatives, people or organizations financially; when your heart desires to.

7 Reasons Why You Would Want to be Rich Quickly

Now that you know why you need to be rich, you also have to realize that you need to be rich really quickly because of the following reasons:

1. Life is only short, you wouldn’t want to waste 40 years of your life working on jobs that will not make you rich, especially if you don’t like the jobs.
2. If a job is only your main income, you cannot afford to be really sick or have a bad accident. If you can’t work anymore, how will you and your family survive without a salary? That’s why it’s silly to bet everything on a single income such as a job isn’t it?
3. You have better things to do, than spend your time on a job that you will never own; you can only keep jobs until you are 60 years old.
4. It is your boss who decides how much money you can have and when you can have a holiday, not you.
5. You are actually spending more time to being with your work colleagues, than your own family.
6. The necessity of having a salary controls your life, not you having control on how much you can earn.
7. How many more years left before you reach the retiring age of 60 years old? Where will the money come from if you no longer have a job? Can you save enough money in time from now? It’s scary but it’s true: your time is running out!

The 4 Roads to Becoming Rich

This lesson hopes to make you think and see ahead the prospects of your financial future, and in doing so may allow you to act accordingly just in time to focus only on one road that would really give you the best chance in becoming wealthy quickly, and with certainty.

So here they are, the 4 roads you can thread to become wealthy:

1. Inherit it

In this path you become rich when you are entitled to inherit a great fortune from your parents or relatives.

2. Marry it

No big inheritance coming your way? So maybe you can just marry someone who is already super rich.

3. Win it

Do you believe in luck? You think you are a very lucky person? Like wining the lotto grand prize? This could be the path for you to become really rich. But is luck really reliable for you?

4. Work for it

Are you highly educated and highly skilled? Then you can work hard to landing a high-paying job, or run your own business. In this path, you have a lot going in gaining more control about your financial future.

Finding Your Own Quickest and Reliable Path to Wealth

When do you intend to be really wealthy? If you say, by age 30 or 40, why do you think you can’t be wealthy sooner? The thing is if you wait until 30 or 40 and your plans did not work out, you will be left with very little years to still try. So it’s very wise indeed to immediately figure-out the quickest way to be really wealthy from your current situation.

From the above section we have identified the 4 ways you can attain good wealth. Now it’s time to explore them and choose which way will be the most realistic and most achievable for you. It’s very simple, really.

Are you expecting to receive a very good inheritance anytime soon, like within 1 to 3 years from now? If none, the “inheriting it” way is not the quickest and reliable route for you.

Do you think you will be able to marry a very wealthy person soon? If not, then the “marry it” way is not the quickest and reliable route for you.

Are you a very lucky person? Always winning at everything? And really think would win the lottery jackpot soon? Well, I don’t think so. Did you know that for most people they are most likely to get struck by lightning twice than winning the lottery jackpot? Since winning the lottery is very uncertain, you cannot afford to wait all your life on this.

Are you into investment as in shares, property and productions? If money is your problem in the first place, then this is not also an option for you because you’ll need upfront substantial money to start with. Also, this scheme can be very slow with progress.

Therefore it is most likely you are left with “working for it” way to be really wealthy. If you are a young person you have 2 options to go from here. Either you strive to get a high-paying job, or run your own business. Now, the question is which of these options will be most likely your quickest way to be really wealthy. Let’s find-out by comparing situations between the two..

Having a High-paying Job.. True or False?

If you choose this path, you can expect these situations as you thread along:

• The higher your job position, the higher your salary.
• Higher job position requires good educational background, solid work experience and proven skills. You will most likely need to regularly invest time and money on numerous courses/training.
• Getting promoted to a higher job position is observed to only be achievable in at least 3 years in service with a demonstrated “above and beyond like” performance in the same company.
• High-paying job positions, for most employees, can be achieved in at least 3 job promotions –provided that the higher job position is available each time. Therefore you are looking at least 9 years of work service, before you can get to your ultimate job position.
• High job position will most likely mean greater responsibilities, greater accountability, longer work hours and higher work stress levels.
• At high-paying job your salary stays the same even when your efforts are consistently increasing and producing higher than 100% yield.
• Working as an employee, you will most likely not be able to retire until the age of 60.
• Your job position is something you have really worked hard for –and invested substantial amount of time and money. Unfortunately for your hard work, years of time and money; your job position is not really something you can pass on as an inheritance to your children.
• When you retire your salary stops and you’d surely hope that you have saved enough money to live on it for the rest of your life, otherwise you will surely be forced to invest what you have left to start a business. By this time, it’s an “all or nothing situation” for you because you are already of old age who knows nothing about running a business. This is because all your working life you’ve made yourself as an expert on being an employee –not as a business man. Therefore you’d be most likely become more broke and worst off than when you started, because of not having enough business skills and experience.

Running Your Own Business.. True or False?

If you choose this path, you can expect these situations as you thread along:

• The more sales you make, the more your income.
• Running a business requires good business management skills, solid product or service knowledge and effective marketing skills. You may only need to invest on few courses/training once in a while.
• If you already have the sufficient capital, starting up a business could be done in a year including a good Business Plan. Especially if the business is turnkey, like franchising.
• Return of Investment (ROI), for most small businesses, can happen in as early as 2 years of operation. The business can be regarded as stable if it exceeds 3 years, and the growth of sales and opportunities is at least consistent, if not yet exponential.
• For most models, the more the business becomes successful the lesser it becomes for you as the business owner to do work.
• In owning a stable business your efforts are usually rewarded accordingly. The more you work will mean the more you profit.
• Owning a successful business allows you to retire anytime at your own convenience.
• Your business will be something you have really worked hard for and invested substantial amount of time and money. Fortunately your hard work, years of time and money–are all worthwhile because a business is something you can pass on as an inheritance to your children.
• When you decide not to work anymore, your successful business can still continue providing you good income even beyond your years of working life. When that time comes you will surely feel thankful that you have started your own business the first time you had the chance because success in business requires good experience and ample time for learning good business skills.

Getting a Job is for Losers!

While researching for the comparison above, I stumbled upon this video below.

Best Seller author of “Rich Dad, Poor Dad”, Mr. Robert Kiyosaki, also has his expert advice on the matter:

Top 5 Reasons Why You Should Escape the Rat Race ASAP

As we gather from the comparison above, it is not advantageous to spend most of your working life on being an employee because your progress to getting financial freedom and time freedom can be really terribly slower. The major reasons why are:

1. You are not in control of your own income because no matter how much you increase your effort to get better results, you will still get paid the same amount of salary at the end of the day. Unlike if you own a business you can increase your effort to reach more customers, thereby getting more sales and income. So if you are not in control of your own income, how then can you really expect to have control of your own life?
2. Your wealth is heavily dependent on the amount of your salary. The problem here is, your salary depends on the job position you have, and it is not a quick process to get promoted to a higher position. This is because job promotions depend on the availability of the higher position, and how your boss is impressed by your performance. So it is very likely that you will have to put-up with a “wage-freeze” for many hard years.
3. The higher your job position the higher it requires for you to work longer hours and often longer work days. This scenario is only enjoyable if you prefer to spend more time with your work rather than with your family, friends or for your own self.
4. Retiring years can become really scary times since there will be no more salary to rely on. It becomes scarier to think that the more you get older the more you become unemployable and more susceptible to illness or diseases. A very daunting life indeed when it’s “the” time you will really need money the most.
5. A job is not something you will own; you have to give it up as early as 60 years old. Since it is not something you will own, you cannot give it to your children as an inheritance. Just imagine the regrets you will feel when only then you’ve just realized how much of a fool you are after spending all your 40 years of working life building something that you will not own in the end. Imagine, when there’s nothing much to show as a useful legacy at the end of the job adventure. The impressive sounding job title you have finally gained is unfortunately not something your children can inherit, nor the fat salary that goes along with it. Your job that you’ve decided to make as your main source of income for 40 years is now gone at age 60 years old; so what’s going to be your source of income by then? A business? What makes you think you are going to have a successful business immediately at that time when all you know for 40 years is work in a job, and not work on your own business? It’s a delusion. Do you understand now?

What’s Your Prospect for a Job Promotion?

For all those years you have been employed so far, how many times were you able to get a job promotion or able to get a better paying job? What about 3 to 5 years from now, how do you see yourself getting the next job promotion or getting a new job which pays better?

Did you know that going for a higher position usually require the following attributes?

• Minimum 3 to 5 years of related work experience
• Higher qualification such as greater education, i.e. College Degree
• Higher set skills such as leadership, management, problem solving and technical presentation
• Performance commendation from your current boss

Not Confident?
If you don’t feel confident with getting promotions consistently, I’m sure you would not feel confident as well with the prospect of substantially improving your salary for the next years to come. It could be “panic mode” for you right now especially if retirement age is already just around the corner!

Calculating Your Savings until Retirement

You have been working for some years now but how much have you actually saved in the bank so far? Having a real job, surely you can figure out how much you can save per year. Now look ahead and see how many more years to go before you have reached the retirement age of 60. Multiply those years with the amount that you can save per year and add what you have already saved; this is an estimate of the total amount of savings in your working lifetime. Now is this total amount, including any anticipated income from investments, will be sufficient enough for you to live off for the rest of your jobless life?

Do you see it now?
I’m sure by now you can also see why most people, who spent 40 years of their life working in a job, are still not millionaires when they retire. Some even end up living really poor. So why would you still go this path?

Calculate to Know Where Best to Give Your Time

I like the way how chess often imitates life. For example, notice how stronger chess players are always better at finding the quickest path of moves to checkmate? It’s the same with people who are better than others when it comes to finding the quickest path to getting wealthy. So if you want to win the game and be wealthy at the earliest possible time, you must also get out of your way to calculate what’s ahead of you, so that you can act accordingly just in time. Because what you really don’t want is to be “in the know” when it’s already too late for you. As they say, we only have one shot at life, when you become too old for anything you cannot turn back the hands of time to try again.

To emphasize on the value of “getting out of your way to calculate,” let’s have a look at the following typical situations:

There is Ben, an intelligent and well educated professional who works as a manager in a big company. He likes his job but can only hope to spend more time with his family. His responsibilities as a manager often require him staying late at work, and showing up on some weekends too. He’s earning a fat salary of $1,750.00 weekly but feels the company is still not paying him for what he really is worth. That’s because he’s been working with the company for many years now and has successfully engineered and implemented improvement projects which increased the company’s production efficiency by 20% and also added 10% cost savings yearly. He estimated that his projects alone would have at least added $6,000.00 weekly value to the company. He thinks the next logical step for him is to get to a higher position, either from a job promotion or getting hired from another company. But even then he doesn’t think that the pay rise will even be closer to 50% increase, or even decreased his work load so that he doesn’t have to often work late or sometimes show up at work on weekends too.

And then there is Holly, a very smart woman who owns a small business. Her business allows her to work at home where she enjoys the company of her family. She gets $17.50 profit per product sale that makes up her $1,750.00 weekly income like Ben. And since businesses gets more tax exemptions, Holly ends up taking home more money than Ben. Also, Holly feels that she can make more if she decides to reach more customers. That’s because she stops working for the rest of the week every time she’s already made 100 product sales. Often times she’s able to make 100 product sales in just 3 days. So she estimated that if she works the normal 5 days she could at least double her income weekly. But as a smart person as she is, she figured out that it’s better instead to use those extra days for a few months to do market research and outsourcing so she could exponentially reach more customers which will consequently increase her sales–and at the same time lessen her work load even further to just 2 days. Her strategy is to create more free time so she can use it to make more money, perhaps on another additional business opportunity.

Spend greater time on your own business!
You should have realized by now that to establish financial and time freedom for yourself, you need to spend greater time working for your own business rather than your employer’s business.

Someone is Stealing Your Time

Are you one of those employees who unwittingly do overtime work a few days a week–even on some weekends? If yes, then you don’t see far ahead. You only see the immediate pay but don’t see what the real value in your own wealth is being lost. Why get out of your way to build something that you will never own? You can only escape the rat race when your own business becomes established.  So those extra times you have are best spent on building your own business, rather than someone else’s business. Remember, life is really short and you’d rather live your dreams as early as you can. Therefore you really don’t have time to waste on short-term rewards. It’s wiser to work on something you will own!

Why You are Having Money Problems?

Is money your problem this year? Well guess what, it will still be your same problem next year, and the following years too. Why? It’s because you have been implementing the same strategy again and again. Do you really think applying the same strategy each time will produce different results? No, I hope you are not that crazy.  Same strategy of course will always produce the same result. So if your strategy of generating income through working in a job is not working out for you financially, why then would you still stick with it? How many years has it been that you’ve been working in a job, and what have you really gotten from it so far to show for? And how often have you seen your salary increased, really? Certainly it didn’t get you any closer to being a millionaire now or even when you reach retirement. So don’t you think it’s about time for you to change your strategy now?

Make the Transition Now!

You may already know by now that the change of strategy will involve you transitioning to owning and operating a full-time business. But since you are currently incapable of instantly quitting your day job, it is therefore logical to start your own business on a part-time basis.

Swim Now or You Will Sink Soon

You don’t want to do business? But what will you do when you reach 60 years old; retiring age, no longer the efficient money-making-machine as you used to? When your company says it’s time for you to retire? And when you are no longer employable because of old age? Don’t forget that there will be no more salary coming in, so soon your savings will be running out quickly and eventually will not be enough to cover your living expenses; or even worst, maybe your medical bills too.

By then I’m sure you will be doing something inevitable–and that is to use your remaining money, out of desperation, to do business. But it may be too late by then; no time for trial and error. How can you succeed when all your 40 years of working life you have only specialized yourself on doing a job, and not on running a business?

Now you see that you don’t have a choice but to change your strategy as early as right now!

Also, you should never depend on a single income. You should invest time and money to create a dependable second source to anchor your way out of the rat race. Realize that escaping the rat race will allow you to have more available time to create even more sources of income.

The Worst Future You’d Want to Avoid at all Cost…

Time is clicking.. even right now, and before you know it, years had past and you are already old without a job. I mean, how old are you now? Look back at 20 years ago. It seems like it was just like yesterday. See how quick time has passed by without you noticing? Same will happen 20 years from now, it will be as quick too! So what are you doing right now that is very important and crucial to make you avoid the worst future that anyone could ever have?

That worst future you don’t want coming your way is that you are already old, weak, sickly and so poor that you can’t even afford to buy your own medicines and proper food.

So don’t waste your time; take control of your own income; you should immediately transition yourself to owning and operating a reliable business that will provide you and your family substantial money even beyond your retirement years.

How to Start Your Transition?

As much as you would want to achieve wealth in the quickest manner, you are still tied down with your current job and left only with little time to spend on building your own business. Therefore it is very important, first hand, to know which business attributes are favorable according to your current situation. Just like in chess, you first assess your current position so you can identify the key squares to put your pieces for maximum winning chances.

Ready for the Next Lessons?

Hence in the next coming lessons, I will try to cover the following topics:

• 10 Things to Seek in Choosing Your Own Business Today
• Step by Step Guide to Building Your Own Business
• How My Own Story Might Help You Solve Your Own Business Start-up and Growth
• How I Created an Automation System that Allowed Me to Start My Business on a Part-time Basis
• How You Can Join Me in My Own Automated Business

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