It’s time to become rich! First, to make ourselves wealthy, we must believe that it is possible. I have a few articles that you should read if you aren’t confident in your abilities yet.
Now that we have the proper mindset let’s focus on the details. To become rich, we need a wealth generator. A wealth generator is an income stream (or source) that allows us to multiply the speed at which we acquire wealth.
The book “The Millionaire Fastlane” explains everything we need to know about wealth generators—it even tells us which generators give us the best multipliers. “Company of One” is also one of my top ten books every aspiring entrepreneur should read.
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I previously wrote about using real estate and the military as wealth generators. Today, I will add automated businesses to this list. First, let’s discuss what an automated business is and what it brings to the table. Then we can get into some examples.
What is an automated business? An automated business is an enterprise where you altogether remove yourself from day-to-day operations. You can remove yourself by automation (software, artificial intelligence), out-sourcing, and management. The book “The 4-Hour Work Week” is the best starting point to dig deeper into automation.
The Value of an Automated Business. The value of an automated business is that it frees up your time to work on other income streams. While your business is running, you can create more businesses, follow the stock market, or evaluate real estate investments.
One of my favorite quotes comes from Robert Kiyosaki (“Rich Dad Poor Dad”). He says, “I need to retire to focus on becoming rich.”
At first, I didn’t understand this quote because most people don’t think this way. However, over time, I realized how the rich get richer. They focus on acquiring assets, not working for money.
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Once Robert Kiyosaki reached $10,000/month in passive income from real estate, he retired. Now, he has the freedom (and income) to pursue big projects, investments, and businesses.
It may take him six months to find his next commercial real estate purchase, but it might add $1,000/month passive income to his portfolio—for the rest of his life.
The military is a wealth generator. I am in the same boat. The military pays me well, and I build an excellent dividend portfolio while on active duty. However, the pension will also be nice. Between the pension and my dividend portfolio, I will be sitting pretty.
Then, once we have $10,000-$13,000/month of passive income, my wife and I can focus on building businesses and buying real estate—slowly building our empire.
Is the stock market a wealth generator? No, the stock market is not a wealth generator. You lack enough control for it to be a wealth generator. You are at the mercy of market forces.
The stock market is crucial because it is your money system. Ultimately, your money system is what can set you free from the workforce, business, the military, and real estate.
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We always want to fund our money system because our long-term plan is to maintain and grow our wealth, even when holding more significant assets. So, now let’s look at the advantages of an automated business.
How to start an automated business. Well, you have to start by working on your business. You need to learn the ins and outs of your business, from head to toe.
As you grow as an entrepreneur and open more businesses, you may remove (or delegate) yourself earlier in the life cycle. However, you have to become the subject matter expert when you first start your business.
For example, let’s build a business where we harvest beneficial insects. We can harvest multiple types of insects, but let’s start with bees.
If I want to grow a bee and honey business, I will need to learn the ropes a year or two. There are many ways to earn income from bees, such as honey, beeswax, pollen, propolis, and selling bee venom therapy.
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Your first job is to learn which of these (or all) you can learn and implement. Over time, you can start to write standard operating procedures and guides.
You become the boss. Eventually, you can hire some associates to assist in certain areas. Remember, you need to prepare for automation before you start your business.
Now, depending on the level of detail, you may be able to delegate most of the work to associates and out-sourcing (virtual assistants). However, it may require you to hire and train a manager.
A manager will cost more, but now you are 95% automated, only dealing with major emergencies and situations.
Why automated business is a wealth generator. Now is the fun part, making big money. So, now you have the blueprint for making as much money as possible without jeopardizing your time. Let’s play this out over a few years.
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You have automated your first bee location with a manager. Let’s say you take home $1,500/month after paying the manager and employees. Not bad, but the actual asset is you and your knowledge.
Now, you take everything you have learned from reading the “Don’t Gamble with Retirement” series and put it all to good use.
Let’s start by buying a ten-acre plot of land and dropping a small mobile home in the middle. Because we know how to start and run a bee location, we can contract out the work from the start.
We can show the bank our past performance and use leverage to obtain what we need upfront. Within a year, we can have installed a manager and be making $3,000/month from this more prominent location.
Even bigger. “To make millions, you have to reach millions.” We can keep building out bee locations, growing our passive income base. We can even hire a regional manager to deal with the site managers.
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Now, we have the option to franchise our business. Remember, we have a solid training program, standard operating procedures, and proven technology. Plus, we have “lessons learned” and after-action reports. In short, we have all the enterprise knowledge that is highly valuable for someone to start a bee business.
Besides becoming a franchisor, we can also build an audience via blogging, YouTube, Facebook groups, and eBooks.
Once we have a large following, we can drop the massive online course to charge upwards of $500 per download.
Building an audience is where you reach millions so that you can earn millions. But, to reach millions, you have to have the experience and social proof that your business works.
Automated Wins. It may seem like your business wasn’t very automated because you were doing a lot of the work.
But what if you never hired anyone at your first bee location? What if you never hired the manager? You would be still working the first bee location, potentially earning $4,000/month in business income.
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The bee location may be passive, but an automated business gives you the freedom to focus on bigger and better things. You now are making $30,000+/month from online courses, YouTube, books, blogs, franchises, and the bee sites.
Even better, you can hire a CEO to run the entire business, with you acting as the president and collecting residual business income. You may have to split half of the revenue with the CEO, but you are now utterly free to pursue whatever business ventures suit your fancy or even retire to an island.
Conclusion. An automated business can grow as required. You are an insider and can add and remove elements as you see fit. This is why an automated business is a wealth generator.
Remember to fund your money system from the start, so you may be able to eventually even sell your business and add that money to your system.
If these ideas seem too outlandish, you have not read enough books. Start reading today with the ten books I recommended earlier. The more books I read, the more wealth I acquire. You can do the same. Good Luck!
- PDF of the Month: Become CEO of Yourself 2 (Free 196-Page PDF)
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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