If you’ve been dreaming of removing the ceiling on your income potential and working on what really lights you up… then this article is for you.
Between AI, technological innovations, and the ease of hiring affordable contractors worldwide – a lot of issues that previously made taking the leap to entrepreneurship difficult (such as hiring or learning new “tech skills”) have become significantly easier.
On the one hand, that means more competition.
On the other hand, it means that it’s easier than ever to start building your dream business today.
So let’s take a look at some of the biggest opportunities in 2024 for entrepreneurs, and walk through how you can start the process of figuring out the best path for you.
Who knows, a year from now you might just have the business you’ve been dreaming of.
Why Entrepreneurship is a Proven Path to Wealth
It’s a fact: most wealthy people build their fortune as entrepreneurs. So if you want to build a better life… then building a business is a great way to do it.
Why? Because…
#1: You have unlimited upside
- Break free from trading dollars for hours.
- Many ways to grow your revenue and decrease expenses.
#2: You’re incentivized by the government
- Employees pay the most taxes.
- Businesses have access to lots of deductions & tax incentives because they grow the economy.
#3: You have leverage, can create arbitrage, and are building a saleable asset
- Leverage can come from marketing, software & automation, systems, and people
- Bigger businesses are valued at a higher multiple than smaller businesses.
Ex: a biz that nets $500,000 might be valued at 3x net income… but if you grow it to $1,000,000, it might be valued at 4x, giving you a nice payday when you sell it one day.
#4: You can retire into your business with Economic Independence
- No one wants to retire and sit on the couch all day (boring!) We need purpose and want freedom to choose how we spend our time.
- You can grow and systematize your business so it doesn’t require your daily presence… and retire INTO your business.
#5: By increasing your active income, you can grow your passive income investments faster
- Whatever else your Investor DNA aligns with (real estate, stocks, alternative investments, additional businesses) – dramatically increasing your income through the right business – and then funneling the extra funds into more passive investments can speed up your journey to Economic Independence exponentially.
If you’re already a business owner, don’t miss “Opportunity #3”… it’s your key to getting to the next level.
And if you don’t yet own a business, then getting into a business that aligns with your Investor DNA is a critical first step to boosting your active income (which can then become more leveraged and passive over time.)
Now, let’s look at a few big opportunities for 2024, starting with…
Opportunity #1: Ride The ‘AI Wave’ To a Successful Product or Service Based Business
Maybe you’re noticed that every other email in your promotions folder says “AI”?
AI is all over the news. And businesses are rushing to innovate and implement AI solutions that move the needle.
In fact, you might be left feeling unsure of the opportunity with AI – worried it might leave you behind.
The good news is, you’re not behind.
You’re here at the beginning.
In fact, this might just be the catalyst that prepares you to be able to identify the right opportunities that align with your Investor DNA… so you can take advantage of this incredible time in human history.
Because between us…
… We truly believe that there is an absolute gold mine of opportunities with AI today – regardless of how old you are or what kind of “techie” skills you have.
Because at its core, for business owners, all AI is helping us do is:
- Create more stuff so we can do more, faster, better – through mediums of images, writing, and video.
- Automate more stuff so we can do more, faster, better, and 24/7.
- Predict what will work with more accuracy by tapping into data in real-time to make better decisions.
How many business owners are interested in doing that?
All of them, right?
Because they drive efficiency and profits. In our AI Profit Mastery program, we’ve talked about…
The Rise of 1-Person Million-Dollar Businesses
These are highly efficient businesses that use the power of AI to create new products and new value in the world… to the point where 1 person can operate a 7-figure business by themselves.
Ultimately, it’s about combining your unique Investor DNA and finding the right application of AI to make you 2x, 10x… or even 100x more effective, so that you can dramatically increase your income and create the time freedom and lifestyle you’ve always wanted.
So, how do you build a business with AI?
Well, let’s simplify it to either a product business or a service business.
If you like PRODUCT businesses, then you can use AI to quickly:
- Customize physical products with unique designs (like jewelry, clothing, gifts and gadgets, office supplies, pet products and more)
- Write books, stories, outlines, plans, and other documents
- Personalize art, such as pet portraits
- Translate audio, video, and text into other languages
- Transform content from one medium to another (transcribe a podcast and turn it into a blog post or book)
- Create digital products and templates that can be sold on Etsy, Canva, and other sites
Ultimately, AI can help you speed up and improve product design, customize and personalize products, and create prototypes. It’s almost like it was built for business owners.
And if you like SERVICE businesses, then you can use AI to help business owners:
- Create content and ads (on Meta, Google, etc.)
- Repurpose and publish content on additional platforms
- Score leads so a sales team can prioritize them
- Create a custom chatbot for a customer service department to handle routine inquiries, freeing up human agents for complex issues
- Automate tasks such as reporting and even sales conversations
- Tap into the power of their data to make better decisions
Business owners see the opportunity to use AI to improve their business, and a LOT of them don’t have the time or knowledge to implement it – they’d rather just pay someone to do it.
If you like the idea of starting a service-based business, this might be the single best way to generate an extra 6 or 7-figures this year.
All you need is a couple of skills and the software to do it, and you can help business owners improve their support, marketing, sales, and more – and get paid well for doing it.
So, if you want to start your own business and break free from your 9-5, then consider looking into how you can use a simple AI tool to make a business owner’s life easier.
And if you have your own business, then you might want to dig in and discover how AI can not only help you earn more… but free up more of your time as well. We’re going to dive deeper into that in our next piece of this series, so stay tuned…
But even if you have zero interest in AI, we’ve got you covered. Let’s keep going with…
Opportunity #2: Why Buying a Business Might Be Better (than many other options)
From both a market (macro) and individual perspective – depending on your Investor DNA – buying a business might be 10x better than starting one…
… And if you’re looking for fast growth, a strategic acquisition could help you double your revenue or profits overnight.
Let’s take a look at why.
The Market
Baby Boomers own 45% of small businesses, and 10,000 of them hit retirement age each day from now until 2030.
What will they do with their businesses?
Well, if they don’t have someone to pass it down to in the family, which will happen a lot, they’ll want to sell. (How many millennials do you know who want to take over their dad’s HVAC company?)
But only 20% of businesses listed ever sell, and almost 600,000 businesses shut down each year. It’s a disorganized market, and it takes some work and skill to prepare a business to be saleable, which many “mom-and-pop” owners simply don’t do.
So what will happen to the value created by those businesses? Sadly, many will shut their doors, and it will disappear into nothing.
… Unless business buyers like you step up to carry the torch and build your own empires.
The Risk
It’s easier to go from 1 to 2 (buy and grow) than 0 to 1 (starting a biz.)
- 90% of startups fail
- 90 – 95% of entrepreneurs who buy an existing business will still be in business after 5 years
The odds literally flipped from 90% chance of failure to 90% chance of success.
If a business has been running for 5 – 10 years or more and has strong cash flow, then it has a much better chance of withstanding any disruption or challenge when compared to a startup.
If you can add innovation to a business with existing cash flow, then you have a winner.
The Cash Flow
Buying a business is the closest thing you’ll find to an “overnight success.”
Yes, there’s time, energy, and education required to find, negotiate, and close a deal.
But as soon as those papers are signed, you have instant cash flow.
If you’re buying a business that nets $500,000 per year… how long would it take you to scale a startup to that level?
The Creative Financing
You might be thinking… I don’t have the money to buy a business!
However, the beautiful thing about acquiring a business is that the only limit to how it can be financed is your imagination.
Many buyers go the traditional route with SBA financing, which in the U.S. is a proven path to small business ownership. But there are also creative funding structures like “seller financing” that could help you get into a business with none of your own money down (or very little of it).
Infinite Returns?
Austin, a member of our ACQUIRE program, was able to buy a gym and pull out his initial investment (5% of purchase price) within 3 months! In his own words,
“This is much sooner than anticipated, but from here on out it’s an infinite return!”
While what Austin did certainly isn’t everyone’s experience (and yours will vary) – it goes to show what’s possible when you step into a business that’s already successful.
The Exit
We love arbitrage (buying at 1 price in one market and selling at a higher price in another).
With business buying and selling, “multiple arbitrage” is built into the market based on the size of the company.
Bigger businesses are more stable and have less risk.
They’re therefore priced higher than smaller businesses, which are less stable, more risky, and more likely to be reliant on the owner (which means you’re stepping into a job until you hire the right person, or people.)
Here’s a simple example of how a home services company might be valued based on size:
If the $1,000,000 business was valued at a 2.5x multiple, it would only be worth $2.5 million.
Simply because it’s $750,000 bigger, it’s worth $1.5 million more.
That’s arbitrage, and that’s why buying and growing businesses is so exciting.
Is buying a business right for you?
Well, that depends on your Investor DNA, which we’re going to cover next:
Opportunity #3: Use Your Investor DNA To Start or Buy The Right Business For YOU
When you’re shopping for a new car, you have a list of criteria such as:
- Type: 4×4, sports car, daily driver, family minivan, work truck etc.
- Color
- Budget
- Buy with cash, lease, or finance
- Timeline for holding it
- Safety rating
- Warranty
… And it’s the same with starting or buying a business. So if you’ve been thinking about taking the leap, but haven’t yet… then the next step is to work through the factors that are going to determine whether a business is right for YOU.
At Wealth Factory, we get asked all the time “What should I invest in?”
And our answer is always the same.
It depends.
If anyone tells you “XYZ is a great investment, you’ve gotta do it…” then run the other direction.
Because risk is in the investor, not the investment.
Risk is in the business owner, not the business.
What’s right for you, is not right for someone else.
It all comes down to your unique Investor DNA. When you’re clear on yours, you’ll be able to focus your time, money, and energy exclusively on opportunities that align with your Investor DNA and say “no” to everything else…
Which will make you a powerful investor with the clarity you need to make great financial decisions.
The first piece of your Investor DNA is to understand The Value Equation:
Mental Capital * Relationship Capital = Financial Capital
(knowledge + people = wealth)
We’re only 1 idea or relationship away from a new level of prosperity.
The bridge to get there has to do with value and service to others.
You DO NOT need more money to make more money. You need to play the game better and provide more and deeper value to others.
Because dollars follow value, and the better you are at discovering and utilizing this capital in the world, the wealthier you become (both monetarily and in your enjoyment of life).
Tap Into Your Unique ‘Mental Capital’
Mental Capital is the first part of your Investor DNA, and it’s what you know. It includes your skill sets, education, experiences, and insights. It almost always involves specialization (no one can be an expert on every topic).
The “Mental Capital” aspect of your Investor DNA has four main components:
- Core values – What you value most (e.g. integrity, soul purpose, growth and accomplishment, etc.)
- Core competencies – The abilities, skills, wisdom, things you’re good at (creating, teaching, collaborating, etc.)
- Core drivers – what fuels you when you find yourself happiest, excited, most creative (i.e. achievement, camaraderie, independence)
- Core focus – what can you be doing that will give you the most impact, best life, and not become a distraction (i.e. your soul purpose)
When you can start or buy a business that fits in with your existing Mental Capital, you have a huge advantage… you’ll be able to spot opportunities, grow the business, and even minimize risk better than anyone else could because you have the skills and experience to do it.
This is about progress, not perfection. Becoming a great investor or business owner requires awareness, skill, and discipline to trust and stick to your Investor DNA. It also requires you to…
Develop Your Relationship Capital For Explosive Growth
Relationship Capital is who you know. It comes from having a connection mindset where you’re actively looking to connect and deepen relationships at every opportunity, and there is no asset more underutilized and with more potential than Relationship Capital.
When starting or buying a business, your Relationship Capital can open doors to deals, financing, investors, joint ventures, and much more.
Oftentimes, people aren’t great at this.
It’s hard for us to ask for support. We’ll refuse to delegate tasks and wind up taking on everything for ourselves. Or be too afraid to ask for advice or seek out mentorship.
Relationship capital is much harder to build and utilize than Mental Capital because it involves other people.
Mental Capital is much more in your control… you can put in time, effort, and money, and develop more skills and knowledge. However, Relationship Capital is closer to an art form – it’s messier, needs to be nurtured, and can take some time to know if it’s effective.
But remember this: when you put in the effort to nurture relationships – with no expectation of receiving something in return – you’ll discover opportunities you can’t even imagine.
So if you struggle with Relationship Capital – or just haven’t focused on it – have patience, work on it, and come from a place of service. By trying to add value to others first, you’ll never go wrong.
Here’s a Free Gift To Help You Seize The Right Opportunity For You
Like many entrepreneurs, your head might be spinning with ideas right now…
So how do you decide on the right one?
What do you do next?
Well, AI presents literally thousands of new ways to add more zeros to your bottom line…
Buying a business is a big move that requires a lot of careful thought and consideration to find the right one…
But the key to success, no matter where you are today… is twofold:
- Start to master your unique Investor DNA
- Use a proven process for quickly evaluating ideas and picking the right one
We get it … there’s a lot to this. Far more than we can cover here.
However, if you want to accelerate your journey to building not only more income and wealth, but a life you truly love…
Then welcome you to the kickoff of “Empire Month,” where we’ll be sending you valuable content and gifts to help you build your own personal empire…
To get things started, we’ve got a free gift for you that will help you move forward on what we’ve covered in this article today. It’s called:
The Idea Launchpad Kit
This free Idea Launchpad kit includes powerful frameworks for generating and evaluating ideas on their merit, so that you don’t waste your valuable time and energy pursuing something that won’t get you where you want to go. And it has helpful guides for starting your process – whether you’re looking to start a business or buy one, including:
- How to Come Up with a Million-Dollar Idea in Less Than 10 Minutes
- The Idea Optimizer: A Simple Process To Decide If an Idea Is Worth Doing
- How to Start a Business in 16 Steps
- Minicourse: Preparing to ACQUIRE: How to Position Yourself as a Strong Buyer
Plus, when you claim your Idea Launchpad Kit, you’ll also get an exclusive early invite to a free live training we’re doing Thursday, March 14th where we’ll show you not only how to build your “empire”… but how to scale and secure it as well.
Claim your free kit here, and we look forward to supporting you as you build your own personal “empire”… and more importantly, a life you love.
