So now do you all know what a cash machine is?
"Yes" should be your answer. If not, for any new readers here, a cash machine is defined as a legitimate, legally structured business venture that uses your
skill sets, is modeled after a similar successful business, is developed in weeks (or sometimes days), takes advantage of
teamwork and generates immediate cash flow.
Still lost? Well, you can start by picking up a copy of my new book,
The Millionaire Maker's Guide to Creating a Cash Machine for Life
. This is a practical, step-by-step, action-oriented guide to building your own cash machine and will keep you on track along the way.
Or you can just think about it, doing nothing, and stay trapped in a cycle of debt or a nine-to-five, W-2 job, living a "have to" and not a "want to" life.
You can and should be an entrepreneur. The cornerstone to this is launching your cash machine. Building a business as an asset is one of the most powerful forms of wealth generation and one of the best steps you can take to create an expansive, empowering life.
What's great about a cash machine is that you -- and everyone else -- already has the skill set they need to make money, and quickly.
We last spoke here about identifying these skill sets and how to put yours to work in launching your cash machine. Remember, this skill set is based on what you already know and is not necessarily the business of your dreams. That will come later, once you learn to earn.
For those of you who are on your way, have identified your skill sets, brainstormed your ideas, built your team and have a business in mind, you now have a big and important decision to make. How are you going to make this business happen, to get your cash machine up and running?
Will you build it yourself? Fix a business you already have, one that is not making enough money or is too difficult to run? Or perhaps buy it outright?
Build, fix or buy. Let's examine each approach and get you headed in the right direction, a way that will generate cash immediately and teach what you need to know to become a successful entrepreneur.
Build Your Business
Starting alone, from scratch, with little money and no assets on hand is not the easiest place to begin, but the cash machine makes it much less difficult.
You might consider partnering with people who are already starting a company from scratch, combining your skill set with their ideas. You will learn how to make money from them while at the same time, get your own idea in motion. Forward motion is good!
But be careful not to build your business, whether alone or with a partner, based on emotion. Big ideas wrapped in emotional packages are rarely simple. And we want simple. Build on what you know now, not your passions or dreams.
In building a business, you have lower start-up costs, no hidden problems and you can control the business' direction while tailoring it to match your lifestyle. On the down side, you start out without a brand, name recognition, customers or immediate cash flow.
Fix Your Business
Perhaps you already have your own business but it's not making enough money. This is not an effective cash machine.
Too many people pursue a business without making any money. This is a hobby, not a business. Hobbies do not make you wealthy. You need a new mindset around your business, a new way of thinking about it in order to turn it into a cash machine.
Perhaps you don't have the right team, or didn't come up with the right plan.
Did you complete a thorough revenue model? Did you find someone who has already done what you are now doing? A similar business, or one close, to model yours after?
Often you will not find an exact match. Or you keep looking at the entire business, while not focusing in on the broken links.
One way to fix a business is to divide it into different segments and model each of those segments after a business that is succeeding.
Buy Your Business
Why not consider liquidating your lazy assets -- your home equity, CDs or money market funds -- and using the cash to buy a business that generates cash flow and higher returns?
There are hundreds of businesses and franchises for sale all the time. No assets to buy your cash machine? Then consider teaming up with another entrepreneur or an investor group and offer up your skill set and experience as sweat equity.
In this scenario, you could share in the cash flow immediately, while simultaneously learning to earn.
And your sweat equity will turn into real equity as the business grows. Then you can take that equity and leverage this asset into the money you need to start your own cash machine. There are risks in buying a business or a franchise, and only one way to mitigate this risk: You must do your due diligence and research the opportunity extensively.
Whether you decide to build, fix or buy your business, there are advantages and disadvantages to each approach. You need to understand these, so do your homework.
Again, in my new book, I show you all the right steps in the right order, starting with defining your skill set, brainstorming ideas, modeling your business and coming up with the best plan for you. Then I move right through the critical strategies for marketing and sales and growing your business.
So do you want to play or just sit on the sidelines and watch? Let's get into action, now, today.
Come up with the cash machine plan that is right for you, and you will be on your way to true financial freedom. Once you taste success as an entrepreneur, you will get the bug and start many more businesses and make more money than you ever dreamed possible. I certainly have, and so can you.
A master coach and financial strategist, Loral Langemeier has proven how consumers and businesses can create wealth from the inside out. As author of "The Millionaire Maker" and "The Millionaire Maker's Guide to Wealth Cycle Investing" and director of Live Out Loud, a financial coaching and mentoring company founded in 2000, Langemeier has become one of the most successful business and financial speakers in the country.