In the Green Wealth Belt mini-course, I planted the first seed of getting you to seriously consider accelerating your wealth by starting a business, even on a part-time basis. It’s great that you’re investing your money and having it work for you in mutual funds and other things. But achieving your long term goals may require that you expand your annual income.
Green Wealth Belt (RWB)
So, a business centered around something you enjoy or know about would make sense. You can create a business online and it’s not very difficult to get going. A business is a great way to put you in firmer control of your financial future. Also, think of the extra cash and having a back-up income plan in place if you were to lose your job.
But I don’t want to drag you kicking and screaming into starting a business that would further multiply your income streams. It has to be your choice. So in the Green Wealth Belt course, I asked that you establish your own reason for “why” you should go for it. And I walked through the options for accelerating your wealth. Please go and read that section of the course when you have a moment.
Reasons Why Many People Don’t Create Businesses
In this section, I want to address another factor that many people struggle with when it comes to starting a business. They don’t feel like they have a solid money-making idea. I can’t even tell you how many times I’ve had casual conversations with people who have told me this. But after I ask them a few questions about their interests, passion, and knowledge, they begin to realize how much they have to offer the world.
There are a wide variety of reasons why most people get stuck at the idea stage. Here’s just some of the reasons:
- They think their knowledge or skill is of little value
- They think that what they know or do for work is so common or irrelevant, it’s not worthy of being a business
- They think there’s too much competition for their idea
- They think an idea has to be something big, new, and truly innovative
- They think it will be too expensive to implement their idea
So do any of these reasons sound like you? If so, don’t feel bad, I’ve been there too. I’ll share a little story with you.
I’ve been earning a living online since 2002 and have been in and out of a number of niches. Some of them were extremely profitable and others just fizzled out for a variety of reasons. And I learned from my mistakes without it costing me a lot of money.
But the toughest niche to crack was the one related to this website you’re on. You see, much of my business background was spent in the area of money and finance. I have many years of experience and enjoy the topic. However, I just couldn’t come up with a way to translate my knowledge and experience into an online business.
In the past, whenever the notion of starting a personal finance web site popped into my head, I would quickly dismiss it. My thinking was that there are soooo many of these types of web sites. Plus, you have big names in the industry such as Suze Orman and Dave Ramsey. I just figured there was nothing more I could add.
But then after all these years had passed, an aha moment happened. I realized that have additional skills that I can leverage to make personal finance and wealth building fun, interesting, and entertaining. I discovered and begin to believe that there are more ways to help people in this area than taking the “be like the rest” approach.
Simplicity With a Slight Twist
So, I brought in the martial arts and wealth belts angle. And I decided that I would take a different approach to making videos. I added a free membership site. There’s much more but I think you get the picture.
My point is that your idea doesn’t have to be completely something that the world has never seen. In fact, if there’s lots of competition for it, breathe a sigh of relief. That’s because you want your business to be in an area where you know people are spending lots of money. And in case you don’t know what the most popular categories are online, here’s a list in no particular order:
- Make/Save Money
- Self Development/Improvement
- Hobbies & Crafts
- Computers & Technology
Think about your skills and passions for a moment to see if anything quickly pops into your head. Does the idea fall into one of these broad categories? If nothing comes to mind right now, no worries, you have time.
But I do have another exercise I want you to try. It’s along the lines of what I did for this website.
In my case, it’s obvious that personal finance and wealth-building fall under the “Make/Save Money” category. But if I had left my original idea for this site limited to that one category, it would just be another one cut from the same cookie cutter as thousands of other sites covering this subject matter.
So, I added another layer of uniqueness. I pulled in little elements from the “Safety/Security/Survival” and “Entertainment/Escapism” niche categories.
Did you notice our martial arts theme for this web site? Now, I’m not going to teach you martial arts and physical self-defense skills on this site (hmmm…a thought…lol). But I can certainly borrow from the teachings of this niche (discipline, self-control, patience, etc.).
And for the Entertainment/Escapism element, my goal is to make interesting videos that do a bit of entertaining while they teach, perhaps even dragging in clips from martial arts movies. Get what I’m saying?
Now it’s your turn. Pull elements from multiple niche categories to generate new ideas or improve upon those you have already. Brainstorm with your spouse or a friend. It’s fun.
For example, I just had the thought of a dating web site for wine lovers. (Wine is another one of my passions.) See how I combined elements from the “Relationships/Dating” and “Food/Cooking/Beverages” niche categories? No, I’m not going to create such a web site. Just take note of how I didn’t have to reinvent the wheel to take a stale, generic, or very competitive niche and give it a fresh twist that would probably appeal to a sizeable group of people.
A Great Place to Get Ideas
But wait, if that wasn’t enough to get your brain humming, I have another suggestion that might inspire you. Check out one of my very favorite television channels. It’s Food Network TV. For nearly 24 hours a day, all they talk about is food and cooking. (Yet another passion of mine.)
If you pay attention to the theme of each show, you’ll find that they pull in ideas, concepts, and flavors from a multitude of the niche categories. You’ll find one or more element(s) relating to relationships, sports, business, interior design, law enforcement, survival, health, auctions, arts, crafts, travel, science, game shows, reality tv, competitions, etc., in just about all the shows.
In fact, one show after my own heart is called Iron Chef America. It’s a cooking competition that pits two tops chefs against one another. Guess which niche category they’ve drawn ideas from and combined with cooking? Yep, martial arts.
Now keep in mind that the network performs focus group testing beforehand to determine if people will like the show when it goes on air. That’s why the shows tend to hang around for a while. The network has a certain degree of confidence that a lot of people will enjoy watching.
That’s great news for you. They’ve done all the testing. All you have to do is identify which of those elements, angles, or twists might be a good fit for your niche business idea. It doesn’t have to be exact. Just watch and let your mind roam free. Battle of the scrapbookers…Spiritual fitness exercises…hmmmm…I could go on and on.
Finally, I want to leave you with two quick tips. First, make sure the ideas you come up with are things that you have genuine interest, passion, or knowledge. You don’t want to start something that you’ll eventually dread. Second, don’t downgrade or discount your knowledge and skills. And bring in the attributes that make you unique as a person. That’s the fertile ground from which seedling ideas will blossom.
Now, don’t jump the gun if you come up with an idea that sounds cool. In other articles, I’ll show and tell you how to evaluate your niche for its profit potential and get your business off the ground.
For now, just start a journal. Write down your skills, passions, interests, likes, dislikes, personality traits, obstacles you’ve overcome, ways you’ve helped others, problems, successes, failures, life lessons taught/learned, ideas, etc. Eventually, you’ll identify a common thread that will point you in the right direction.
- Determine if you’d like to start a business to create multiple income streams and increase your wealth faster.
- Keep a brainstorming journal of thoughts and ideas for a potential business.
In conclusion, this mini-course has given you additional investment options, beyond those introduced in the Green Wealth Belt course. Take a look at that course if you want to get the full picture.
The investment options presented here are meant to give your portfolio more diversification should you need it. And a Traditional IRA is a must if your company doesn’t offer a retirement plan.
Last, but not least, was a continuation of the discussion that began in the Green belt course of what starting a business could mean for your life.
As a Red Wealth Belt holder, momentum is on your side. The next level for you is the Black Wealth Belt. You just have to decide how quickly you want to get there.
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