B.Y.O.B. (Be Your Own Boss)

27 May B.Y.O.B. (Be Your Own Boss)

ManagerMy 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…

Social media

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.

Trading

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?

Sell me!

10 Comments
  • Rick Cooper
    Posted at 16:41h, 27 May Reply

    Great topic Loral! Starting your own business (Cash Machine) is one of the best ways to take control of your life and create security. When I started my own business back in 2003, I took an inventory of my skills and selected a business that best utilized my talents. Anyone can do this. And you’re one of the best trainers in the world Loral at helping people move from idea to action when it comes to starting a business. Thank you for your wonderful advice!

    • Danwallace75
      Posted at 23:00h, 01 June Reply

      I come from a background of construction management. Its most interesting to me to explore new avenues that exist. I feel I have a lot to bring to the table…..HOW?

  • Anna Taylor
    Posted at 16:59h, 27 May Reply

    Hi Loral, I’m putting my bookinfo into a mini guide over the weekend. It’ll be ready for release with 21 days for sure. ; )

    Learned something last might in a The Mogul Mom newsletter I received: The Big Secret to Success? Run With What You Have. (The website, book, etc. isn’t going to be perfect, Just Do It!)

    Glad I get the newsletter, now I’m in pursuit to act, regardless……

  • Sandra McFadin
    Posted at 17:22h, 27 May Reply

    Thanks for the timely article Loral! If anyone doubts the potential for making money in the area of Social Media I suggest you read this article from Vanity Fair. Mark Pincus’s company is valued at over $10 BILLION, yes Billion!@ From Face book games like Farmville http://www.vanityfair.com/business/features/2011/06/mark-pincus-farmville-201106

  • simonehardy
    Posted at 19:09h, 27 May Reply

    Excellent article Loral and so timely. I just posted a question as to what I can do for my cash machine since I have a secretarial background but I am stumped as to what I can do. I need help on this one. I’m really stumped. HELP!

  • Stephen
    Posted at 21:19h, 29 May Reply

    This is a really interesting topic. Yes i think i have held myself back, self doubts can come from time to time, starting out you have the inevitable slips and trips, which you know are all part of the learning experience, but do dent the confidence. So you have your thinking time, what do i bring to the table. ME!!!! i always come back to the same answer, me, i am my biggest unique selling point. Why? to be honest, i’m not sure, I watch people and notice how difficult people find it trying to strike up conversations with strangers, yet i seem to be able to do it ( not 100% of the time, i’m good but not that good 😉 ). I feel i have found something that could fit with what i consider a strength, ( Network Marketing ) although the realisation is, that talking alone isn’t going to get the job done. Learning is and has become a very important part of my B.Y.O.B goals. Talking the talk is all well and good, but if i/we can’t walk the walk, then it is all for nothing.

  • Lisa Smith-Winkler
    Posted at 17:44h, 01 June Reply

    This is something I am very interested in and am wondering if you could give me some advise on how to find a job working from home as a virtual assistant. Can you help me? Thank you.

  • Danwallace75
    Posted at 22:58h, 01 June Reply

    I come from a background of construction management. Its most interesting to me to explore new avenues that exist. I feel I have a lot to bring to the table…..HOW?

    • Rick Cooper
      Posted at 00:06h, 02 June Reply

      Do you have a business currently Dan? Or, are you exploring options to start one?

  • Spydercatz
    Posted at 08:39h, 14 June Reply

    Lots of talk some good information lacks the how to.Designed to sell a program that leeds to another program that includes mentoring.A recycle of information that 1000 other garus like Loral have been doing for years.Consumte snake oil sales men.
    A crew of yes men who pitch more programs based in cheer leading. The real cash machine is in the programs and mentoring that Loral sells.Nothing wrong with that.
    Not rude just the TRUTH, Yes it is a mindset caught up in the story heck yea.

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