Tag Archive: Make Money

  1. Why is a business Exit Strategy so important?

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    Whatever it is, there is a reason why you started your business. Maybe it was to build it up, sell it, retire young and set sail into the sun or work on your golf handicap. You may have the dreams, but do you have a business Exit Strategy?

    My dream when I started my company was to be free to travel the world whenever I wanted and to wherever I wanted – all the time! Shortly before I started my business, I had backpacked around the world for a year and had the most amazing experiences of my life. I had joined an unofficial club and I had well and truly caught the travelling bug. The opportunity to create a new business came unexpectedly but with a new and more relaxed outlook on life, I turned the opportunity into reality. From that day on, I was clear in my focus that the business would provide and opportunity to give me the financial freedom to be able to travel the world forever. And it happened!

    It’s All About Planning

    If indeed you want to retire at some stage then planning your exit strategy is as important as planning the business success. And having the final goal /dream in the back of your mind is key to pushing you to make the right decisions along the way.

    Achieving business success is not plain sailing and business leaders face many challenges. Some will fail. In fact, it was reported by ‘Ormsby Street’ that 4 in 10 businesses would fail in the first few years. To grow a successful and profitable business takes time, especially if the nature of the business is labour intensive. It is not easy and it will drain energy from you. You can never really detach yourself from the business and no matter what you’re up to, you will always be thinking about work in some way. Thinking of the business idea is the easy part, even starting a business is simple compared to the difficulties you will face trying to run it.

    Exit planning is something you should do years before you actually hand over the keys to your business. You should create a vision of what you want to happen in the business, how big it will be, how many employees it will have, the geographical locations it will operate, the types of customers, the financial results, and what it will be worth. A clear understanding of this will help you to create a well put together strategy of how you will actually make this happen. You are effectively Designing Your Destiny.

    A good exit plan will help you to drive your company to greater success. Understanding your plan will help you to make the right decisions and even more importantly, let go if the things that are not important. Getting involved in the trivia is something that too many business leaders do, and it causes undue stress and takes up way too much time that should have been allocated to the important task of running the business. Knowing your exit plan will keep you focused on the priorities and get you to your goal a lot quicker.

    Find a Mentor

    Using a business mentor is an excellent way to building your exit strategy. Rather than trying to learn things the hard way, you can tap into their wealth of experience and set a robust strategy that gives you confidence. In fact, using a good mentor throughout your business journey is an investment well spent. I would always suggest that you use a mentor who has actually led a business to sale and exit rather than someone who deals in theory. Working with a fellow entrepreneur who understands exactly the position you are in would be the best route.

    Buyers want to buy a business that will stand on its own two feet so that they know that when they took over it would still be able to be run when you left.

    Building a management team is the key to this. It will generate new ideas and energy, and will help you to build your business quicker. You will create a layer of staff who can take responsibility and be accountable for their element of the business. You will delegate many of the tasks that you shouldn’t be doing and you can focus on the strategy – the exit strategy.

    Related Article : Make Money While you Sleep

    When I built my exit strategy, I found that I was enjoying running the business more. By building a good management team, and letting go of many of the tasks that held me back, I had more time to focus on what was important. I believe business leaders should be focusing 80% of their time on strategy, and looking for the next opportunity. When I learned this and put it into practice, I started to enjoy my role so much more. I allowed the management team to get on with what they were good at and had been trained on, and I focused on the high level elements only, and got back to my entrepreneurial ways of thinking of new ideas.

    Business leaders who have already started planning their exit route, tend not to get so stressed, as they have already passed on the responsibilities to their management team. They have a belief that they will be ready to leave the business when the opportunity comes, knowing that they have a strong team developed that will continue to run the business very effectively into the future.

    Everything that arises, passes by. At some stage you will need to leave your business. Doing it under your terms is a lot better than being forced to do it from unfortunate circumstances or outside pressures. So start planning your Exit Strategy now.

    Contact me for a free initial consultation on how I can help you to build your business and exit strategy.

  2. Why you should take a career break and Travel the World

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    It’s not everybody’s cup of tea but most people I speak to say they would love to Travel the World. Then when I ask why they don’t just do it, I’m met with too many excuses. Sure, I agree that it’s not easy to just put everything down, jump on a plane and not return for a year. However with some careful planning, breaking down the old self-made mental barriers, and some shrewd saving, it certainly is something that you can achieve.

    This article is based on my experience having gave up my job in my late twenties (which was high earning and a progressive career opportunity), rented my apartment out, severed many more ties and then jumped on a plane to South East Asia. Something inside me issued a stark reminder that life is too short and if I don’t do it now, when will I ever do it. So I took the leap, focused on all the positives and basically made it happen. Exactly a year later I returned an improved and more open person which resulted in me creating a new business which became very successful and gave me freedom in my life. I wholeheartedly credit most of that success to the fact that I went travelling around the world.

    Here are some great reasons on Why you should take a career break and Travel the World:

    1. You will ‘live life’ fully in the present moment
    2. You will see so many wonderful sights and experience amazing things
    3. You will discover and appreciate new cultures
    4. You will learn new languages
    5. You will gain important perspectives in life
    6. You will make many new friends
    7. You will return wiser, smarter and open to new opportunities
    8. You will feel free
    9. You will have an amazing time enjoying yourself
    10. You will be ultimately be happier


    It doesn’t mean you need to give up everything and travel the world for a year or more. You can take a series of shorter breaks and have an agreement with your employer to take some time off or even work on your project whilst away.

    If you have kids then there’s always the possibility of travelling for six weeks in the summer and present them to many new cultures and growth-orientated experiences. Many families travel and there is always accommodation available on sites such as airbnb.com. It may take more forward planning to make it happen….

    Financing such a world trip could be the challenge for many people trying to make the dream a reality, but if you want it enough then there is always a way. Start by cutting out all the costs that you don’t really need and make some sacrifices on nights out or the odd ‘treat’. If you have your own place then consider moving in with other people for a short period. Start saving, and saving hard! Making more money will of course help loads so consider asking for overtime at your job or starting a little side business in your spare time. Stay in touch with my website for more tips on creating new passive income streams, and read my previous post Make Money While you Sleep.

    The simple reality is that you don’t really have much time on this earth, and you certainly don’t want to regret things that you didn’t do. Therefore before its too late, start writing down your travel plans now and put the ball in motion for the experience of a lifetime – you won’t regret it!

    One Life – Live it

  3. Make Money While you Sleep

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    Doesn’t it just sound amazing? Make money while you sleep! Well, it certainly is possible and not only that, its possible for anyone to achieve. Don’t get me wrong, there is a lot of hard work required and it may take some time but it doesn’t have to.

    Finding a source of income that makes you money without being there or continuously working is the key to having a steady income and still having time to enjoy life. It’s normally one or the other – have time but no money, or have money but no time. Its just too common in this day and age that people work loads of hours, get promoted and make a good bit of money and have a couple of weeks holiday to recharge the batteries before getting back into the rat race and going through the motions of basically making money for someone else. With bills to pay and mouths to feed, many people get stuck in this routine and spend their hard earned cash by purchasing the latest gadget or clothing to fill that invisible void. They just don’t have ‘time’.

    Related Article : Why you Should use a Business Mentor

    On the other hand, there are people who don’t have the career and income but have a lot more time on their hands. With a lack of funds in their bank account, they don’t have the opportunity to get out and do the things that they want, or to get on holiday.

    Wouldn’t it be great to have a steady income and also the free time to choose the experiences you want to enjoy in life?

    Now money doesn’t buy you happiness. I can certify that from my experience of becoming wealthy after a business success. But in this world system, money is required in order that you can have options to pay for the things and experiences that will supposedly make you happy.

    So, what can you do to make that passive income to get cash paid into your account even when you are tucked up in bed anywhere in the world? Well that answer depends on you and what you determine your passion and skillset is. By setting up a side business that truly excites you, you can create a service or product based on something that you enjoy. That way, it does not feel like a job. The key is to create something that you work on once and then receive payment many times thereafter.

    To skip forward a little, lets assume you already know your passion (if not please read my previous post Find the Passion Within You). You’ve found out what you’re good at and what you can share with the world and enjoy doing it. Here are 3 of my favourite online examples of how you can turn your ‘hobby’ into cash.

    1. eBook

    Get the laptop out and start writing. Write about something you are passionate about and share your experiences and advice. This could be a training course about knitting or how to improve your golf swing. Absolutely anything. There are good options out there of platforms that will sell your eBook for you, the most common being Amazon. Even with their hefty 30% commission, you can still make a nice return since they do have a huge audience. Once you have written your eBook and had someone review and edit it, you can easily create an account and list your masterpiece online. You don’t even need to spend any money at this stage, however you will want to consider some marketing online to attract buyers. A simple holding web page can be created that showcases your eBook with links to the online store. You can then place online ads to attract traffic to your webpage by using Google Adwords, Facebook or other social media advertising.

    2. Affiliate Marketing

    This takes some time to setup and can be a slow burner but if you set up the right product, attract the right audience and have the right structure in place, you can be earning a tidy sum in no time. I’ll cover this subject in a lot more detail in another post, so here is a short review for now….. Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought to the business. The key here is to collect email addresses from people who are genuinely interested in the topic/product that you are talking about. To do this you need to setup a website/webpage with appropriate content and a sign up form. To get more people signing up, its advisable to give away a free gift such as an eBook, product or video. Once you have your list of email addresses, you can use Mailchimp (or similar) to manage emails sent to your list which would contain offers on new products and services that you’ll receive a small commission on should any of your list click and purchase. As I said, it’s a small commission so the key is to have a very high number of addresses on your list to make it worthwhile.

    3. Create/Buy a product and sell it online

    The success is mostly in the purchasing! Buy the right thing at the best price. If you can create a niche product then fantastic but this could take lots of time not to mention the cost to develop the product. Therefore, if you can find a product in a niche market, preferably in something you enjoy, then you can really make this work. Alibaba is a good source of bulk products that you can purchase from places like China. Setup an online store on a platform such as Shopify or BigCommerce to list your product(s) and also embed the store into your own simple website. At a cost, you can arrange for a dropshipping company to hold the items and send them out when you get an order. This could take a big chunk of your profit but if you have your numbers right then it does take away all the hassle of handling the goods and lets you focus on finding the next big selling product! Since payments are made online you’ll need a merchant account (Paypal etc) which is relatively easy to setup and then you can look forward to seeing your sales reports!

    Related Article : Why you should take a Career Break and Travel the World

    In summary, to Make money while you Sleep is possible, but there is a lot of hard work required and also a good bit of research required to find a new niche with more profit and less competition. If you would like some help to set any of these examples in place, or to work out the product/service that would best suit your skills then please do get in touch and sign up to my newsletters.

    Peace and Good Vibes