27. The Cash Machine: Create New Money as You Learn to Earn

Whether you build, fix or buy your Cash Machine, you are going to focus on a business that is immediately going to generate revenue. You can organize your Cash Machine in three ways:Build it. Starting from scratch is not the easiest way to begin a business, but the Cash Machine makes it much simpler. You can either use the skills you have or partner with someone who is also starting from scratch to leverage your skills with your ideas – or do both at the same time.

Fix it. If you have your own business already, but it’s not making enough money or is too difficult to run, then you need to make your Cash Machine more effective. If your business does not make any money, it’s just a hobby and not a business, and hobbies will not make you wealthy.Those that are just lying around doing nothing, like CDs or money market accounts for instance – that can be sold to generate cash for your Cash machine. Or you could join another entrepreneur or group of investors who are buying another company and offer your skills or experience as sweat equity.

You can create a Cash Machine and keep your 9 to 5 job! This is called straddling and it will enable you to amass secure benefits before taking the leap to focusing on your Cash Machine entirely.The Cash Machine action plan, therefore, is as follows:Discover the skills you already have. Generate a business idea based on those skills. Model the idea after a similar business. Test the sales potential through revenue modeling. Design a Cash Machine plan. Build a team. Develop the marketing and sales strategies.

As soon as the business is up and running and revenue starts flowing in, the Cash Machine owner will be ready to move on to learning and understanding new skills, the entrepreneurial skill set.Management – a business takes vision and vision takes leadership. Marketing – begins at the idea stage and should be carried all the way through every step of the business cycle. Sales – if marketing gets your customers to the door, sales will make them want to take their coats off and stay a while.