I recently sent out a survey asking my subscribers what additional information, products, or services they would be interested in learning from me. An overwhelming majority asked for help making money. Considering the recently released unemployment stats, which by the way drastically understate the severity of the problem, its no surprise why money is a big concern for people.
I have been fortunate to have heard some very wise advice after leaving the Army. I had read Robert Kyosaki's, "Rich Dad Poor Dad", in which he stated there is no such thing as job security. Only business owners can control their own fate.
Employees are subject to the whim of the company's shareholders. If they can be replaced with something cheaper, they will be. With that I developed a chronic case of "unemployability". Any position I took was only for the sake of learning a new skill that I would be able to use in my own business, which I had been building on the side in my free time.
I have had dozens of businesses. Most of them failed miserably. I even tried Amway. Amway is a great company and I learned a lot about using presentations to make sales. I also learned that making the sale was only the beginning. The real money came from building a relationship. In the end, the stigma of multi-level marketing was too much to overcome and I moved on to new ventures.
I also owned my own personal training company. In just a few months I managed to take over the personal training for 4 locations of a well known NY fitness club. I was making more money than the owners and even loaned them money during an especially slow summer. In the end, I didn't have contracts with the owners and they robbed me of tens of thousands of dollars. I was only 23 at the time and I learned another valuable lesson the hard way. Get your agreement in writing so there are no misunderstandings and you can collect what's owed.
I've built countless more businesses before I became successful with my own mortgage company back in 2001. Unlike my peers, I continued to invest tens of thousands of dollars a year educating myself about marketing, systems, people skills, bookkeeping, etc. That's the reason I was able to start and operate several more successful businesses even when the mortgage market came tumbling down and all the other bankers and brokers lost their shirts. I knew that if I could build it once, I could do so over and over again. That, my friend, is real security.
Let's pretend for a moment I were in your shoes. Let's assume there is a very real chance you could be laid off. You have no money to spare, yet you need to act quickly to start generating a second income...just in case. What would I do?
1. Get your finances in order. Make a list of all your monthly debt obligations. Include the total debt and monthly payments. the primary reason you have stress is because of the items in this list. You need to keep this list handy so you know how much you need to make to get your life back. Historically, when the fed holds interest rates down this low for so long, they jump back with a vengeance. You could be looking at some ridiculously high interest rates in no time flat. Now's the time to get rid of your debt. Put that piece of paper somewhere you can see it everyday to remind you of your immediate goal.
2. Make a list of the problems you can solve. Everyone has some skills. Most people I speak with get hung up trying to figure out what kind of business to start. The question you need to ask yourself is what problems can you solve. People don't buy products and services. They buy solutions.
3. Start your business by getting your message in front of people with problems to which you can provide the solution. Don't worry about setting up corporations at the moment. Don't waste any effort. The first thing you need to do is make your first dollar. If you can make one, then you can make thousands. Take whatever work you can get for the first 2-3 months. You need to build a portfolio of clients you can use for references and referrals.
Begin by thinking like your customer. Let's say you speak Spanish and English. You can translate back and forth easily enough, so there's a problem you can solve. So where do people look for translators? If you wanted to hire a translator, where would you look?
Personally, I love the internet. At any given moment there are a billion people searching for solutions to their problems. All you need do is get in front of them. There are even sites designed specifically for this purpose. For translation services, I would try www.craigslist.com, and www.elance.com.
Craiglist is great for posting ads, but even better for finding projects. Look for the "Gigs" section. People post ads for assistance there. All you need do is reply.
Elance.com is awesome. I hire a lot of people through Elance. I post a job and freelancers from all over the world post bids to take the job. I research their reviews and references, then make my decision. They use an escrow service, so everyone is sure they're getting what they agreed upon.
Here is a quick list of some of the freelancers I have hired through Elance:
- Bookkeeper - if you can use QuickBooks, then you can bid. Companies send you receipts and you enter them into QB, then balance the checkbook and send reports once a month.
- Graphic designer - If you can use Photoshop, you may get some work here. I have hired designers to make banners, headers, business cards, webpages, book covers, cd covers, etc.
- Telemarketer - If you can speak any language in a clear and confident manner, then you are in business.
- Translator - I have hired people to translate my articles and books into Spanish on more than one occasion.
- Article Writer - I give them the topic and they research and write me anywhere from 400-800 words.
- Video Creator - they used Camtasia to make me videos that were then distributed throughout the internet.
- Voice Over - I hired someone to record a 60 second radio ad for me in their studio.
I recommend you go to the site and see what other services are being provided there. You may get some ideas you might have otherwise missed.
Here are some of the freelancers I have hired through Craiglist:- Photographer
- Landscaper
- Powerwasher
- Handyman
Again, go check out what other services are being offered for more ideas.
4. Once you start getting some clients you can circle back around and use some of your new income to build a webpage, print business cards, form a corporation, etc. Just make sure you consult your attorney and accountant to make sure you're compliant with state laws and regulations, plus protecting yourself from excessive taxes and/or lawsuits. If you made it this far, you're going to be fine.
5. Pay off your debt. Now that your business is running you need to apply every available cent to paying off that debt. Trust me on this one. It will save your life.
What if you have NO skills?
Here's what I would do. Choose a field you would like to learn more about and apply for a job in that field. If they don't hire you, come back the next day and offer to work for free, provided they train you.
You might be thinking, "Why would I work for free? I need to make money. That's the whole point!" To which I would reply the following: YOU HAVE NO SKILLS. People go to college for years and spend hundreds of thousands of dollars to learn skills that may one day get them a job. I'm telling you to work for free in order to get those same skills. Besides, what else do you have to do that's more important than learning how to make a living?
Case Study
I have a friend who is a chef. When he first started out, after graduating from the New York Restaurant School, he wanted to work at the best restaurant in Manhattan. He applied and was denied a job. He went to work anyway. He told the owner he would work for free until the owner felt he deserved the job. 3 months later he was getting a check, but there's more.
In the restaurant business you sit at a station for as long as it takes to master that station. A promotion involves taking another station that usually includes more responsibility. You may have to wait years for a spot to open up, then you have to compete for it. My friend's strategy made such an impact on the owner of this restaurant that he was pushed from station to station every few months past chefs who had worked there for years.
Fast forward 3 years and my friend was chosen over a dozen more seasoned chefs to help open the first 4 star restaurant in Las Vegas. My friend now enjoys a six figure income and has dozens of opportunities available to him. He will never be without income.
So you need to ask yourself whats more important, pride or survival?
My wife and I like eating, so I would work for free if that gave me the tools I needed to put food on the table.
That said, if you are ambitious, have a strong work ethic, and enjoy helping your neighbors, then keep your eyes open. I will be sharing an opportunity to work with Score More Credit in the very near future.Leave your comments below.
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