How to turn your business into an investment that works for you so that you don’t have to work for it.
By John Peterson
Even at a young age, I was fascinated by successful business people. And at sixteen years old I envisioned myself one day flying around in planes a lot, helping business owners to improve their businesses.
Guess what? 31 years later and that’s precisely what I do for love. I say for love rather than for a living because I have a number of business interests that earn me a living, so I’m one of those lucky guys that get to do what he loves every single blessed day of my life!
It wasn’t always that way though. In fact, when I wrote my first book the most important part (in my humble opinion) was the chapter on how I lost one million dollars twice. Yep not once, twice!!!
I say this because when you have never really lost out big time, then your beliefs are merely theories. However, when you have lost out big time, you learn just how fine a line there is between success and failure and you look at things very differently from then on.
So today we’re going to fast-forward to thirty-one years of progress and get to the good stuff. The simple 5 steps that allow you to turn your business into an investment that pays you and your family a passive income. As much as you want for as long as you want
Imagine if you actually pay attention here and you learn this system comprehensively. Ok, sure as always the devils in the detail but this really works and I’m living proof. The last business I started only 18 months ago and working less than 10 hours a week it has just been valued at $10M AUD (Aussie Dollars) and I’m a 50% shareholder!
So let’s get to it
STEP ONE -FOUNDATION
This is the fundamental step 99% of Entrepreneurs and Business Owners miss and as a result, never achieve much more than paying themselves a living, which is a bit like buying yourself a job!
Why do people miss it? Because they don’t know what to do. From first-hand
experience it was not until in my forties that I finally worked this out and that there had been virtually no documentation (no signposts) for me or anyone else to follow until now that is
Getting your foundation right basically means that 80% of what you do is done by someone else 100% of the time. And although that sounds quite logical, putting this into practice means checking your ego at the door and makings your business more valuable than yourself, which is not easy for people to do.
A great example of this is McDonald’s Restaurants whereby teenagers operate a multi-billion dollar empire. Clearly, 80% of what needs to be done is done by these kids 100% of the time!
Getting your foundation right is no doubt the longest step in terms of time frames. Depending on your aptitude, sector and good fortune this will typically take you between 12 months and 3 years to achieve.