My best advice to anyone that wants to generate more income to get ahead in today’s world is to start a business, which I call a Cash Machine. You won’t get there being at the mercy of a J.O.B. (Just Over Broke).
So think, B.Y.O.B… Be Your Own Boss!
What people need to understand in my Cash Machine concept is that your first cash machine is not your dream job… it’s not your passion… it’s your fastest path to cash. Once it’s off the ground, running smoothly, and turning a profit, you can begin again with a new (or expanded) concept.
From experience, I know some of you are thinking, “Oh Loral, I don’t have any marketable talents. I can’t make money with what I know.” My response? Before you can move forward, you have to escape that toxic mindset. EVERYONE can be doing something to put more cash in their pocket… EVERYONE!
I hope you’re past that kind of thinking.
The key to success is to focus on what you can bring to the table that not only is in alignment with your current skill set, but is also aligned with the current economy.
In a previous post I mentioned some hot niches that you can get into fast. But if you need more help wakening your inspiration muscle, here are a few more suggestions…
Talk about opening a floodgate of new and exciting entrepreneurial opportunities! Businesses are paying close attention to what their prospects, customers and competitors are saying about them, what the important emerging trends are, and how they can build their brand. They’re also clamoring for heightened recognition in the social media and web 2.0 arenas and are willing to pay for talent to turn the tide in their favor.
The ability to succeed as an investor has nothing to do with I.Q. and everything to do with buying low and selling high. It takes the ability to be unemotional when things are crashing or wildly escalating. Homer. J. Paul Getty, one of the world’s greatest investors said he got rich buying when everyone else was running scared, and sold when they were celebrating successes.
Quality service businesses
Service businesses are always in high demand. As product complexity and diversity increase, it can take more time and consume more resources to search for, obtain, install, maintain, upgrade and dispose of products than production itself. This offers great opportunities for service businesses. Starting out, you can get into landscaping, janitorial services, or handyman services, just to name a few.
Look to your interests and hobbies.
You know about the successful search engine Yahoo!, right? Did you know it was started as a hobby? While studying for their PhDs at Stanford, Jerry Yang and David Filo “played around” with their concept before realizing what they had. By the way, neither of them has earned their PhDs yet! What’s your hobby? Photography, scrapbooking, sewing, fishing…? How can you turn it into a marketable business?
Now remember when you’re defining your marketable skills to generate additional cash, this isn’t Fantasy Island, at least not yet. Be realistic but don’t hold yourself back. There’s a fine line here so be in tune with yourself, your skills and talents, and what’s most likely to put more cash in your pocket fast.
Talk to me…
Tell me what you think about what I’ve said here. Have you been holding yourself back thinking that you have nothing of value to offer? Come on! You do have something uniquely you. No, I’m not saying reinvent any wheels. I’m saying reinvent you!
What’s your widget and how do you plan on making it the next big thing we can’t live without?