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Wealth-Building Wednesday — June 30, 2009

Last week, we talked about getting the proper mindset for building wealth. As you may recall, you can have everything: All the tools, money, advertising, etc. and still fail. It may be due to a mindset that isn’t quite right.

And it doesn’t mean that you have a bad attitude. It may be that your past experiences have set your expectations for yourself too low. If you don’t aim high, you may not hit your target. The world can be your oyster. If you make it so.

Today, we’re going to talk about how to parlay your interests into a wealth-building activity. There are many ways to build wealth: Real estate, investing in stocks or other securities, becoming an executive in a company that grows, etc.

But by far, what is within reach of most of us (i.e., YOU) is starting your own business. A popular approach is to take something you really like, something with which you are really, REALLY passionate about and find an angle that makes money from it. Here are some questions to get the creative juices flowing:

  • What are your hobbies?
  • At your current job, what are your strengths? What do people come to you for?
  • When you’re out and about, what makes you happy?
  • What are you really good at but never pursued because “life” got in the way?
  • What are your dreams?
  • If you had to name 3 of your most redeeming qualities, what would they be?
  • Do you currently own any “idle assets” that have the potential to earn an income?

These are just a few questions that you could ask yourself to find out what kind of business you could start to begin your wealth-building empire. The how comes later.

Now, of course, there are many different methods and media in which to run your own small (no, BIG) business: Traditional “brick and mortar,” online, multi-level marketing, agent (as in Real Estate), or a service business (like running errands for the elderly or really busy). I suggest that you begin with the online aspect because the start-up costs are extremely low (in many cases, you can start a business for free), the barriers to entry are nil (online, you can look as big and BE as big as Amazon; nobody has to know you’re running your website out of your garage or spare bedroom), and the chances for success without killing yourself are pretty high.

Plus, virtually any business can be run from the web — even service businesses. Just target local consumers and you can build a thriving business in no time, selling services or products (or both — this is where you can differentiate yourself from your competition).

Advertising costs are low, as is setting up a database of customers and potential customers for future promotions that you might have (call them “leads” or “prospects”).

In short, virtually everything a business can do can be easily done online.

As your website grows, so too can your enterprise. Start a small website, branch out into a small office, then a second physical store, etc. The possibilities are endless!

One thing I’ll caution you on right now: Don’t get caught up in the technical aspects or let your fear of technology stop you from getting started. In subsequent weeks, I’ll show you how to do some of the technical stuff, but it won’t get very complicated at all. 10 years ago — even 5 years ago — you needed a lot of expertise to set up and run a successful online business. You can start one now with virtually zero technical know-how and very little money and time.

But I’m getting ahead of where we need to be right now.

So you asked yourself the questions above and arrived at a list of answers (you wrote them down, I know). Now, think like a customer: What do I want? Am I seeking information, product recommendations, or solutions to problems? How can YOU help me? Can you provide me information? Recommendations?  Solutions?

If you can answer these questions, then you may well be on your way to creating a lucrative business for yourself, one that provides you the income you need and the wealth you desire.

Next week, we’ll brainstorm some more and define a concept for your business.

I am basing a lot of this introductory wealth-building information on what’s in this Action Guide, which, by the way, you can consider the “fast-track” to this first set of WBW posts. In other words, if you don’t want to wait for each week’s posts, you can just read the whole guide and go from there.