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How to Become Rich Doing What You Love

BY Eddy Hood In Profitability On May 07, 2013 With 0 Comments

How to become rich doing what you love

I knew a lady once that had to live in her store. She bathed in the fountain of a commercial plaza at nights and dried her hair in the ladies restroom of a local restaurant. She is also one of my favorite people in this world. He heart is as big as the moon. Her goal in starting her company was to learn how to become rich doing something she was truly passionate about. It didn't work out so well.

She wasn't able to generate enough income in her business to pay herself. She worked long hours buying product, keeping the store clean, pricing inventory, and trying to keep customers happy. When I met with her, you could see the stress in her eyes. It's unfortunate, but I've spoken to many business owners like that. I love entrepreneurs. If you're one and you're not getting paid well in your business, I want to change that. When you started your business, you wanted to learn how to become rich doing what you love - so lets make that happen for you.

How to Become Rich Step #1: Surround Yourself with the Right Tools

The first step is to surround yourself with the right tools, environment, mentors, and systems. Once you subscribe to the blog, you'll get my newsletter weekly with new tips, tricks and tools that I am constantly on the prowl for. My ultimate goal is to help entrepreneurs get paid for their time. I love seeing it happen.

To subscribe to the blog fill out the form below:


How to Become Rich Step #2: Discover Your Wealth

I've asked people from all over the world what wealth means to them. I love that the answer isn't always to get more money. For some people, learning how to become rich means being with their kids more. For some it means to be in a deep and intimate relationship. At Ignite Spot, we use accounting to help our clients reach a personal salary of $250,000 a year or more. Maybe that's wealthy to you. I'm not sure. What I do know is that if you don't take two minutes right now to determine what wealthy means to you, you'll always be poor no matter how much money you have.

Assignment: Answer the following question on paper - "What does wealth mean to me and how do I measure it?"

How to Become Rich Step #3: Get a Better Value Proposition. Yours Currently Sucks.

What do you do to earn money? If I were to ask you what you do to make money, what would you say? If your answer is "I'm an accountant" or "I do real estate" then I can safely say that your value proposition sucks.

A value proposition is your statement to the world defining what you do better than anyone else; it's how you add value to someone's life. It's the main reason for why people should give you their time, money and attention. If I told people I was an accountant, I wouldn't get very far in life. Nope. My value proposition is that I use accounting to help business owners pull an annual salary of $250,000 or more. I don't just teach them how to become rich in their business, I build a plan to get them there.

Whatever your value proposition is, make it personal and valuable. Saying "I'm an accountant" means that you have absolutely no drive towards standing out from the crowd and actually doing something worthwhile.

How to Become Rich Step #4: Play Left Field Deep

My grandpa used say "That came from left field" when something unexpected would happen. That's exactly what you need to do. Find a way to be innovative. The best way to innovate is to stop trying to be everything to everyone. Pick a core group of people and serve them better than anyone else. You don't have to come up with some hair-brained new way of doing things. If you do that's great, but that may take a while to figure out. Until then, simply serve a specific set of users better than anyone else and you'll innovate their world. Learning how to become rich is much easier when you are willing to think outside the box.

How to Become Rich Step #5: Master the Igniters

Igniters are my passion. They ought to be. I built a business around them. At Ignite Spot, we created the term "Igniters" to help our clients visualize the power of this process. Whatever you do to generate income, there are going to be 3 to 5 key metrics or numbers that best measure and drive the growth of what you do. You need to take a few minutes now to discover what those are, write them down, and learn how to caluclate them. As an example, if you love building homes and have a business doing so, your igniters might include:

  • Gross margin
  • Number of homes started this month
  • Number of homes closed this month
  • Cost of materials as a % of overall revenue

 

Accounting Dashboard
The Ignite Spot Financial Dashboard for Clients

These are just examples of course. If you really want to learn how to become rich, you need take this one seriously. This is where the rubber hits the road for many people. That's because what you measure in life will improve. So of you want to improve you wealth, you need to measure it.

If you are a business owner and you need help determining your igniters, give us a call at 855-MY-IGNITE x 2.

How to Become Rich Step #6: Make 10 People in Your Life Wealthy First

So how do you become rich? You make others rich first. This step is also one of my favorites. I want you to identify 10 people in your life that you will commit to help become wealthy. If you do this, I guarantee you that they will reciprocate and help you find your wealth. Take a real interest in these people. Write their names down now while you finish up this blog post. Got them? Good. Now give each of them a call and invite them to lunch appointments within the next 30 days. During those lunch appointments, take some sort of action that will add to their wealth and watch what happens.

Now don't give up on me here. Are you the 99% that theorize about this stuff and move on or are you in the top 1% that actually do the things in life that bring massive returns?

Once again, my challenge to you is to PROVE ME WRONG. Show me that you are not one of the 99% and that you took 10 minutes to address these 5 steps. Let me hear from you in the comment section below.
Send Eddy Hood
an email at eddy@ignitespot.com

My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.

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