In this article I’m going to explain the key to actually getting rich.
I’m not talking about inheriting, winning or getting rich fast or easy in some way. Im talking about how you can go from being average to rich in the fastest way possible.
And when I say rich I don’t mean you are upper middle class. I mean you are RICH. 10s, 20s, 100 million plus.
Ok, let me explain.
I always had an idea that in order to become really rich you need to own a successful company, which is true, all the really rich people own businesses. You just won’t become rich working for someone else unless you are the CEO or something.
So I figured this out because it’s pretty obvious. However it wasn’t until I read a book called the millionaire fast lane by MJ Demarco that the concept/plan whatever you call it became very clear. It’s not often you read a book that enlightens you but this was one of those books.
MJ Demarco is a very smart man and you need to read his book. He studied what makes people rich as a young man and after a few failures he started an online business which later became limos.com and got rich off it. And then he sold it for millions. He is legit. And then he wrote a book that explains it all.
Many people own businesses. And some become wealthy. But it needs to be a certain type of business to make you rich fast. He calls it a fastlane business.
Below I will outline what makes a business a fastlane business.
Control means you have full control over the business so that you control the profits.
My site here has adsense and affiliate marketing which is not control, I’m an affiliate, if I had control I would have my own product like an ebook and sell it directly. So you need control over your business and product/service.
Entry means the business needs to have a high enough barrier to entry so that not everyone can enter and start that business easy and the industry becomes saturated. Herbalife or some other MLM like that is an example of low barriers of entry. Anyone can pay a small amount of money and “be a business owner” you want your fastlane business to have a higher barrier of entry.
Effect millions make millions. Provide value to millions make millions.
In order to become rich. you need to scale your business. If your business only targets a small area in a city that’s not scale. But if you set your business up all over the country or even the world that’s scale.
Even if you don’t make much profit on your product or service, if you have scale and sell lots of it you will make a lot of money. If you don’t have scale you should have magnitude or margins. Big profits on your products or services. Selling a private jet would have more magnitude than selling a cup of coffee.
Ok now here is the tricky one and the most important element of a business in order to become filthy fucking rich!
Your business needs to satisfy a strong NEED, DEMAND, PAIN POINT, GAP in the market. You need to provide VALUE. You need to either come up with something completely revolutionary or take an existing product/service and make it BETTER.
This is the hardest point because everyone who wants to become rich is already trying to come up with an idea. You are literally shaping human history by coming up with a solid idea. Look what happened when Steve Jobs invented the iPhone.
If you start an ordinary business like a café you might do well but there is heaps of cafes and what’s so unique about that? The better your idea the faster and easier it will be to get rich.
Watch a TV show called THE SHARK TANK. It’s a show where entrepreneurs have great business ideas and ask wealthy business people for funding. Take notes when you watch it. Not only will you get great ideas you will also learn from the business people what makes a business succeed.
Throughout your day to day life. Focus on coming up with a business idea. Listen to when people say “I hate it when” “I wish I didn’t have to do this” “if only there was a way to do this” and similar pain points. These are opportunities.
Those life hack articles offer good ideas that can be turned into business ideas as well. You get the idea. Focus on the idea. Focus on VALUE not on money. Because MONEY really is just an EXCHANGE OF VALUE.
Another great book to read is how to get rich by Felix Dennis. Felix has passed away now but he started Maxim magazine and became very rich. In his book he offers some very legit advice on becoming rich and running a huge company.
Disclaimer: I am not a trained business adviser, before making any business decision seek the advice of a qualified professional