This article is a follow-up to “The Goal of Business“, where I make the argument that our focus in business should be to obtain freedom, not wealth. Freedom is obtained by owning money machines that provide enough income to cover our living expenses. Please read this first, if you haven’t already.
For your business to be a money machine, you need the following assets that you can leverage to your advantage:
Systems provide freedom and are vitally important to anyone who wants to turn the business into a money machine. Do you have a system for processing home sales through escrow? Do you have a system for getting referrals? Do you have a system for hiring new agents to help you sell more homes? Do you have a system for testing new lead generation advertisements?
One could argue that an administrative assistant is a money machine. This could be true. However, to be crystal clear in our thinking, people must generate new income for the them to be a money machine. Your assistant is a money machine if they bring new $$$ into your bank account. If not, they probably save you a great deal of time, but they’re not a true money machine. An agent who sells homes for you is a money machine. The reason why is because this person is making new $$$ for your business, while you’re doing other things… hopefully building another money machine.
Do you have the ability to add new clients consistently through one or more marketing campaigns? You should be able to run an advertisement and turn prospects who respond into $$$. This means you must create, buy, or license money machine advertisements and money machine lead conversion systems.
These three assets can be turned into multiple money machines simply by leveraging them into multiple business opportunities. And I believe the majority of your time should be invested in creating or improving these three assets. Hiring a training a new buyers agent is a better use of your time than selling one home. The reason why is the buyers agent may become a money machine. Anything that you allow yourself to spend time on that doesn’t help create or improve a money machine is NOT the best use of your time.
When the average person wants more money, they look for a new job. The new job could be a replacement of their existing job with higher pay, or it could be a new part-time job to supplement their current job. The average person doesn’t think about building or creating a money machine to generate more money.
Now, some money machines are better than others, and it’s best to put some thought into various money machines before you run off building one! The best money machines have the following 6 characteristics:
1. Generate high income/positive cash-flow.
2. Require little time to manage once setup.
3. Provide consistent income.
4. Require minimum risk.
5. Under your control.
6. Income continues indefinitely.
It’s important to understand that every money machine requires time and work to set up. This includes money machine businesses and money machine investments. However, once the money machine is set up, you should have a little more freedom. You can use this time freedom to create another money machine, or to spend time with your family and friends.
NOTE: This post was excerpted from one of my Master Marketer Club reports. If you’re interested in trying my Master Marketer Club membership, you can do so for $1.00 here.