Creating Your “Money Wheel” (Business Example)
As you consider branching out into new opportunities, I recommend two things:
First: Find businesses that will take your own learning to the next level.
I mentioned this in the video–the route to wealth that I chose looked like:
learn internet marketing –> learn to run a business –> learn real estate investing
Once I identified that, I found affiliate companies that would teach me how to learn those things while allowing me to market their education to others.
Second: Find businesses that are compatible with each other.
You want to find opportunities that allow you to take people from one business to another. This way, if you find someone who is interested in purchasing from one of your businesses, you can cross-promote your other businesses.
Example
For example, if I have a friend, Jill, who wants to learn internet marketing for her small business, I can introduce her to the IMFBO site and I’ll make some money there.
Once Jill gets good at marketing and she want to branch out into real estate (if she agrees with Robert Kiyosaki that business ownership and real estate are the best ways to wealth) then I can introduce her to real estate investing and earn some income there.
Then, when Jill is educated in real estate and flips a house for $20K, chances are that someone she knows will be interested in getting into real estate to make that kind of money as well.
Jill can introduce her friend, Jack, to the real estate business, the internet marketing business, and the business that teaches him how to run a business, and both Jill and I make money on anything Jack participates in.
You get the idea.
Then we put the money we make into real estate properties for another stream of residual income. When people see what we’re doing they start wondering how they can do it themselves, and around we go!
Choose your route
I’m not saying you have to join the same companies I have, or even go the “internet marketing –> business ownership –> real estate investing” route like I have.
If you want to know exactly what I’ve found and what I do you’re welcome to contact me and I’ll be happy to show you (and details on the IMFBO affiliate program can be found here), but what I’m saying is you want to find the route that works best for you.
When you’ve found that route, find companies that will not only teach you how to take each step while being able to build a business around it, but your want to find companies that will let you cross promote your businesses and really capitalize on everything you do.
So the concept is:
- Choose your route to success
- Join quality companies that teach what you need to learn
- Make sure each company has an affiliate program that you can cross-promote
Quick note:
When I say you want to look for “affiliate programs that you can cross-promote”, there are three aspects you want to make sure are in place:
1) You want any company you work with to have an affiliate program–if you get some great education that you’d naturally refer to others, why not get paid for it?
2) You want the companies you join to work well in conjunction with each other–you want someone who becomes a customer of yours in one of these companies to potentially be a customer in all of these companies.
3) Some programs, usually MLM’s, have policies where you aren’t allowed to build a downline and then promote other businesses to that downline–that kind of defeats the purpose if you can’t cross-promote your businesses.
No matter how you decide to proceed–you can join other companies as an affiliate or you can certainly take your current business and expand it vertically and horizontally–whatever you do, you just want your business activities to build on each other, such that success in one business leads to success in the others.
That’s the kind of situation you want to create for yourself!