Lately, I feel like the noise of why people have given up on trying to build their business is because of Capital. Capital has been known to kill more dreams than Freddy Krueger. Getting a loan from a bank or lending institution isn’t an option for many of us (especially millennials) who don’t always have the collateral or assets the institutions require to grant us a loan.
So how do we go about building capital so that we can start building our businesses? Recently, I disclosed that I had been working on a few deals that would have given me additional revenue so that I could then start to invest into my own business and create some other streams of income. They fell through and I got a job offer that came with a very good compensation package that I decided to take.
Now, if you have been following me or many other entrepreneurs, you would know that trading time for dollars, is definitely not the most efficient way to earn money. Unless you are getting paid something insane to balance it out lol.
Its interesting because after making the announcement that I would be taking the job offer to continue building my businesses and documenting the process so others can follow along, I had gotten a ton of messages from other entrepreneurs who have been thinking to do the same but haven’t for a variety of reasons and employees have reached out because they would like to work the 9-5 and build a business. The disappointing thing is that I have had a few people call me a fraud for taking a job offer *Huh*? A job offer that dropped in my lap because of all the work I have been doing in the market might I add.
As a young man of 32 years of age, who hasn’t yet found the miracle seeds to plant money trees in the back yard and pick them when needed, I definitely didn’t expect any negative reactions. But it’s all good, because the process in building the systems needed to automate our processes and generate passive income, requires…you got it, Capital!
So for my millennials that don’t have the opportunities to get the loans needed or have a rich family member that can fork out the money required to get their dreams off the ground, what can you do? Well, luckily there are a few things that we can do but it’s going to require some real grit and dare I say discipline *cries*.
So here are my 3 tips to start getting the income we need to start building our businesses:
- Take a job that pays well
- Look at the list of high-income skills and develop 1
- Start flipping or Dropshipping products
Take a Job That Pays Well
This is the most obvious solution but it’s how we go about doing it. I will paraphrase one of my favourite guys here, Gary Vee. We gotta take a job that pays the most, that doesn’t take the most out of you. I worked at Digicel for 6 months and while the pay was decent, it required me to work almost 7 days a week and some absurd hours. The last straw for me was when there was a switch of the teams I was managing and it then required me to work even more hours and that infringed on my time building Droid Island.
2 years after quitting, I made the best decision as Droid Island has definitely matured due to the amount of time I have put into it and it allowed me to build on online business that generates money and doesn’t require my presence every day.
When you can take your earned income and start to invest in passive income generating businesses (businesses that can run without your presence), you will be able to create more income streams and when that passive income matches your earned income, that’s a good sign for you to get out of that 9 to 5 job.
Developing a High-Income Skill
Now, this is something that you should be hearing about a lot more now, due to the accessibility of learning these skills. I did an article talking about 20 side hustles you can start today if you haven’t read it, you can check it here (20 Side Hustles You Can Do). A High-Income skill is categorized as a skill that can net you $1000usd or more per transaction.
A few examples of high-income skills are:
- Web & App development
- Paid Speaking or Consulting
- Digital Marketing
- Video Editing
- High-ticket Closing
Those are just a few skills that generate a considerable amount of money and you can start learning those skills online, build a portfolio from people you find on social media and earn money from clients around the world.
Start Reselling or Dropshipping Products
This is one of the easiest things to get into. We can source products from damn near anywhere in the world and either resell it online or resell it in your local market. For me, I changed my business model of Droid Island from retail store to e-commerce platform and dropshipping as my fulfilment method.
Dropshipping is simply having the customers pay for items up front and then placing the orders from your suppliers afterwards. Thus negating the need to keep stock of any items. This also eradicated my overheads as now I just pay for monthly hosting of my website but all the money is made upfront when customers place their orders and then I use a courier service to have the products delivered locally.
Reselling & dropshipping products makes earning additional revenue a great option because there is almost no barrier for entry. The key is to build your brand as a trustworthy brand and selling products that align with the brand you are trying to build or reselling products you know are in high demand in your market that people may not be able to get or get a good price.
So when I when I check my email and see new orders placed, it’s always a great feeling because that was money made without me having to speak to customers most times. They read my tech blogs or see my videos, jump on the website and order the products they want. My emails are usually automated and most of my orders do not require that I even speak to the customer.
All 3 methods are great ways to start generating additional revenue and then you can start to take that money and invest it into the business that you are a really trying to build. You might not even be passionate about some of the things you are doing and that’s okay, but these are steps in the process to your bigger goals.
For me, I am actually doing all of these methods as we speak. I took the job offer to get earned income to invest. The high-income skills I have developed are web development and digital marketing, which I use to help in my business but also manage social media for businesses and I drop ship the products I sell for my Droid Island brand.
Late last year I had started my Content Factory project and I had to put it on the back burner…Why you ask?…Capital!
But guess what I did this morning, I finally dusted off my plans for Content Factory and started looking at the things I need to get it up and running today, now that I am in a much better position to start investing in it again. And that’s just one of the 3 big projects I am finally ready to get off the ground.
The deals I was trying to close earlier in the year, were going to give me the capital needed to get them off the ground but things don’t always work out the way we want it too and I am a very resourceful person.
So even though there were a few people who called me a fraud for taking a 9-5 job because it goes against my message of being an entrepreneur, I invite you to the platinum section, all expenses paid, to the Keron Rose show.
There are many people who are looking to become full-time entrepreneurs or keep their jobs & make additional revenue streams and the conversations that I create on my pages, the messages from those people of well wishes and curiosity to learn along with me, make everything worthwhile.
So let me know in the comments below, which tip will you start researching and try getting into to earn that additional revenue to build your dreams?