What I’m about to say goes against almost every self-help book out there. It goes against what you’ve been told time and time again. And it might even go against your moral code.
Then again, if you want to be rich, you might want to consider where your ‘moral code’ came from. The advice everyone loves to trot out and display to anyone who will listen is, “Do what you love, the money will follow.”
Hmmm… What if you love writing poetry? Or gardening? Or making baskets What if you love crochet? Or cats? Or hiking? Yes, you can make money in all of these niches. But… how much?
Making money and getting rich are two entirely different things. Making money is getting the bills paid and maybe being able to scrimp enough together to take an annual vacation. Getting rich is, well, getting RICH. Whatever that means to you – a 6 figure income, 7 figures in the bank, 8 figures in investments and real estate – you decide.
But guaranteed, you’re not going to attain any of those levels of wealth if you’re focused on the crochet niche. (Do you even know what crochet is? It’s taking a hook and some yarn and making an afghan, sweater, scarf, etc. Enjoyable and relaxing, yes. Profitable, NO.)
Okay, so if the key to getting rich is to follow the money and not the passion, what exactly does that mean? It means you go where the money is. You find something that is highly profitable and focus on making those profits. You don’t strive to be the best blogger or the best website builder or the best social media maven. You focus solely on where the money is and you do whatever it takes to make that money (staying 100% legal, of course).
We’re talking about a mind shift here – a different way of viewing your business. If your focus is to be the best life coach, then you are a coach. But if your focus is to have the most profitable coaching business possible, then you are an entrepreneur. And as an entrepreneur, you’re going to quickly realize you need to hire others to be the coaches while you find the clients. Then you’ll put systems in place to get the clients while you focus on scaling, and so forth.
Notice that you are not a coach, you’re an entrepreneur. You’re not working IN your business, you’re working ON your business. I know this difference might seem slight to the uninitiated. But if you look at anyone who has built a business to 7 figures or more, you will see that they set aside passions and followed the money.
They’re not experts at the products and services their business delivers. They hire or outsource experts for that. They are experts at making their businesses big and profitable. That’s entrepreneurship.
And what about those who go even further, building one successful business after another? They’re focused on something even beyond money. Walter White, from the television show Breaking Bad, sums it up like this when talking to his partner Jessie…
“You asked me if I was in the meth business or the money business.
“I’m in the empire business.”
But that’s a step beyond. For right now, if you want to become rich, focus on where the money is and how best to deliver the stellar products or services that will bring that money to you by the truckloads. And by the way, if you’re really, really passionate about crochet, or poetry, or gardening… you can do as much of it as you want once you build your wealth building business (or empire) and then sell it for megabucks.