New to the Live Richer Challenge: Net Worth Edition? Learn more about it HERE.
Missed some of the Challenge tasks? Catch-up then come back…
Day 8: HERE: Ways to Increase Net Worth
Day 9: HERE: The Art of Negotiation
Week 2: Increasing Your Net Worth
Today’s Easy Financial Task: Learn how to increase your income and net worth with entrepreneurship.
How to rock this task:
- Learn ways to venture into entrepreneurship for extra income
- Do a mind map to help you come up with ideas that you can turn into a business
Day 10 and we’re getting into another task!
Yesterday, we delved deep into the art of negotiation and how to go about getting a raise from your current job.
I had so much fun reading the responses to the video and seeing the special skills that all of you posted in the comments.
These are all valuable skills and achievements that any employer would be lucky to have from an engaged employee such as yourself.
Give yourself a round of applause.
Despite your awesomeness, the reality is it may not always be possible to get a raise from your present job. And if you need money ASAP, searching for and landing a new job may take too much time to improve your current situation.
That’s where entrepreneurship can come in and increase your wealth.
The Benefits of Entrepreneurship
I fell into entrepreneurship after facing a few years of not being able to find a full-time job. From my experience, I can tell you first hand that everyone (and their momma) has skills that can be translated into a business.
Plus, the benefits of entrepreneurship are plentiful. Here are a few:
- The income is unlimited - When you start and run your own business, you are in charge of how much money you earn. You set your prices and the amount of effort you put in will directly reflect your earnings. You can increase your net worth by leaps and bounds as an entrepreneur after gaining experience and honing in on a business model that works.
- You can parlay entrepreneurship into a full-time job - If you dream about running your own business full-time, being an entrepreneur part-time can be a good way to test out different ideas that can eventually lead into a profitable business.
- A fall back option if you lose a job - Let’s be real, no job is secure. If you do lose your job, being a part-time entrepreneur will give you some income and possibly a starting point for a business that can replace the income you lost.
Where Should You Start?
Consider starting a business doing what you already do for a living. Yup!
Pursuing your passion for a business isn’t always the right way to go. Passions that people aren’t interested in buying may be a tough sell. Yes, I said it…
I’m not saying you shouldn’t be passionate about your business. I LOVE my business, The Budgetnista! I’m saying that passion isn’t enough. It’s only one of the pieces to the puzzle of your success.
When you start a business doing what you do professionally for work, it’s easier to get started because it’s a field you're familiar with.
This is how I found my sweet spot. My career was in preschool teaching.
The skill I perfected during that time is teaching. I used teaching methods and my public speaking skills to start teaching financial literacy and growing The Budgetnista brand.
Here’s why this approach to entrepreneurship works...
- If your job is willing to pay you for your skills and talent then trust me others will be interested in your skill as well.
- Already being paid by an employer in your craft increases your credibility in the eye’s of potential customers and peers in the field.
The years of experience you have in a position and industry makes you stand apart as an expert. Think of yourself as a specialist!
Sometimes choosing what business to start is simple:
- If you’re highly organized and work as an administrative assistant, you can offer administrative assistant services remotely to business owners and other entrepreneurs.
- If you work in the travel industry (i.e. hotels, airlines, etc.), you could be a destination expert or travel agent.
- If you’re a project manager, you can start a business managing projects independently to companies in your chosen industry.
- If you’re a human resources professional, you can consult for small businesses or even employees. Employees may need help getting hired or even need advice on handling difficult situations at work.
Pull out the skills you’ve learned from your current career and create an awesome opportunity for yourself.
Not Sure What You Can Do?
I have an exercise for you -- mindmapping.
Mindmapping is when you creatively transfer everything that’s flying around in your brain onto paper.
You don’t organize these thoughts right away.
Rather, you start free writing and then look back at it for trends that can lead you into a new direction or help you solve a problem.
Here’s how to do it:
- Grab a blank pen and paper.
- Draw a circle in the middle of it and write “ME.”
- Draw four lines coming from that circle.
- Add circles at the end of each line and then write: “skills, qualities, expertise, and passions” inside each circle.
- Expand upon the ideas you come up with in each circle.
- Based on the results of the “skills, qualities, expertise, and passions” think of business ideas.
Nothing is off limits when you’re writing. Don’t let self doubt dictate what you put in the mind map either!
Need help getting started? Here’s a free mind map template.
And check out an example from a Dream Catcher below:
Share Your Ideas
Pick one or two ideas from your mind map and share them with us in the comments below or in the Dream Catchers : LIVE RICHER Facebook Group.
Don’t skip this step because your idea may inspire someone else!
Be sure to share what you’re doing today with your friends on Twitter!
You can reach out to me here:
Facebook: The Budgetnista
Private Forum: Dream Catchers : LIVE RICHER
P.S. Don’t forget to get your free Live Richer Challenge: Net Worth Edition Starter Kit. GET IT HERE.
P.P.S. Here’s a copy of the Challenge Calendar. It’s a fun way to keep track of your progress.
Want to work through the Live Richer Challenge: Net Worth Edition in a workbook? It's part of a bestselling series!
Click the link below and get your copy.