Loral Langemeier — "The Millionaire Maker" — entrepreneur, speaker, author of seven wealth-building books, and host of the Real Money Talks podcast.
Carson City, Nevada
Joined June 2008
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Your first business shouldn't be your dream business. It should pass five tests.
Whether you're keeping your job while you build or already own something that isn't working, these tests keep you from wasting a year.
Here they are:
That's why a programmer starts an IT business, a school counselor starts a family therapy practice, and a babysitter starts a day care. They're using skills they already have.
You get to do what you love after you've learned to make money doing what you already know.
Some of the easiest money you'll ever make comes from something you're already doing for free.
Whether you're in a W-2 job or running a business, start by looking at what people already ask you for.
Here are two examples:
Something he already did as part of his job was worth $1,000 a month to someone else.
Sometimes it's shocking how available the new money can be.
Sooner or later, every business owner hits a wall: you can't raise your price, and you can't sell more.
Whether you run a business full-time or on the side, that wall is where the best growth ideas come from.
Here are two examples I love:
So he created team workouts for adults who wanted another shot at gym class: rope climbing, kickball, obstacle courses. He rented the local high school gym in the winter and the fields in the summer, and charged a monthly membership.
Same skills, brand-new customer.