- Wealth is a category and state reached through passion and hard work.
- This means that if you want to get wealthy and increase your income you will have to direct your passion in the right directions.
- Know how to sell, find the right audience, partner up strategically and set the start to your wealth acquiring journey.
We’re all born into different playing fields when it comes to wealth and income. And we have the choice to either maintain the wealth status that we are born with or to improve it for the better. The chances for improved wealth is partly due to luck and opportunity. However, it also involves identifying and seizing opportunities as they come your way.
The purpose of this piece is to help you identify and create those opportunities so that you can continually build wealth throughout your lifetime. Whether your passion is playing games and building an online audience that you can monetise or you are a skilled artist who wants to auction your works, there are several different niche activities that you can do to build your wealth. Here are some practical tips that you can apply to build your wealth.
1. Identify Your Passion
You want to work on a project that won’t feel like a chore. If you follow your passion, you will be working on things that you would be doing whether you are getting paid to or not. This is crucial for the early stages during your project development and also later down the line when challenges or setbacks may affect the project and your passion will be the driving motivator to get you through those challenging times.
2. Find a Specific Problem That Exists In Your Passion
Just following your passion alone won’t allow you to build wealth. You actually need to provide solutions to problem gaps with people who share an interest in your passion. So you need to look for the micro-niche opportunities that exist in your market.
For example, people that enjoy running want to improve their time or distances. So a runner may aim for a 5km time trial run of sub-20 minutes. Presently they run 25 minutes for a 5 km run.
How can they close that gap?
Some of the solutions may include:
- Stamina training
- Running tempo
- Stretching and recovering
- Improving how they measure their performance.
Are there more than 10,000 people affected by this specific problem?
You will need to validate the scalability of your passion. Ask yourself if you think if there are more than 10,000 people who would be affected by the problem and that would be prepared to invest in the solution that you offer. If the answer is yes, then you can scale the sale of the product or service to be sold in your market.
3. Sell High-Ticket Items
The most challenging part of the process is closing the sale. If you want to build wealth, you will do so by selling higher-priced items. This will allow you to earn more revenue by selling fewer units.
To illustrate an example, consider property developers who create and sell units at $400,000 each and aim to sell a complex of 100 units. This will amount to $40 million in revenue. When you compare this to a market stall holder selling their craft items for $1, the same 100 transactions will yield them $100.
Wealth is relative. So you need to see how to sell the product or service that you provide at a premium price. Is there a way you can sell the product so that it is perceived as a luxury item?
4. Build an Audience
This ties into the point that was made earlier about having a scalable market. It is essential that you build an audience that you can monetise over the long-term. Whether the audience is built off a subscription base or you develop a database of people such as a mailing list, the audience will make or break the wealth that you accumulate and sustain.
5. Create a System That’s Independent of Time
Wealth is about having an income system that adds to your wealth without you having to invest your own personal time or resources into it. The income system might see you:
- Have a product that allows you to earn royalties or commissions from others.
- Investments that allow you to earn dividends or accrue yield earnings from valuations.
- Business systems that may allow you to earn an income from the business revenue. (This could be from angel investments or building a business and then employing people to manage that business on your behalf.)
6. Collaborate With Others Whose Audience Shares Similar Passions
You can only grow so much on your own. This is why you can scale your growth by seeking and partnering with others that already have an existing audience. The easiest way to start scaling things is by offering a commission in exchange for promoting the product or service that you are selling. The better the incentive, the more likely they are to promote what you have to offer.
Additionally, you can consider joint ventures or strategic alliances on some projects. This might include providing an add-on bonus to an existing product or service on offer. Or possibly bundling a series of products and services to increase the value to generate more sales.
7. Promote Your Passion Through Content Marketing
It is the most cost-effective way to build trust with your brand and to be perceived as an expert in your field. This can be done by:
- Publishing articles,
- Blog posts,
- Infographics, and
- Any other type of informational marketing material that can be promoted on the web.
When content marketing is done well, it can amplify your product’s reach through earned media citations. It can lead to endorsements from influencers such as social media personalities or celebrities, who can then facilitate the success of your product or service’s growth.
For example, when South Korean singer & rapper Psy released his song “Gangnam Style,” it was only released for the Korean market. However, interest from abroad and a tweet from Justin Bieber and other celebrities made the video go viral and allowed him to become a global superstar, whilst earning additional income from YouTube advertising royalties and paid television performances.
How realistic is it to achieve this type of wealth?
It isn’t a "get rich quick" scheme. But the system can work over a 5 year period to provide consistent income returns. Over time, you can develop a portfolio of income generating systems through your passion or passions that can continually provide income and grow your wealth independent of time.
Any failures along the way should be seen as learning.
Not every venture that you attempt will succeed and it is important to learn the lessons quickly so you can move onto successful ventures quickly. Implement the system and test it to see how the response from the market is. If it appears to be working, then scale. If not, then discard the venture and move onto the next one. You want to find your golden unicorns as quickly as possible.
Earning $100,000 a year requires you to earn more than $8,000 a month. If you scale up your income streams quickly, you can surpass this within the first 12 months of starting your venture and earn wealth independent of an employer and leaving you subject to your market. If you have an idea, start exploring the opportunity for your idea today.