Finding Products and Services To Sell

Posted on July 31st, 2009 by lol in Automation, General Business Advice, Investing

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There are a million ways to make a million pounds but establishing the correct business is essential if you want to escape The Rat Race. You need to operate in an area which does not handcuff you to your desk or place of work.

For example, I have a friend who is a personal fitness trainer, he earns £40 per hour, works 10 hours per day, 6 days a week. That’s an income of £2400 per week, £124,800 per year. But if he is unable to work due to illness or if he takes two weeks off his income will stop! This business model although highly profitable is still flawed and will not assist you to escape The Rat Race.

My Winning Formula

I mainly invest in property and online internet projects as these provide the right type of income; which is passive! I buy a house (which is viable to let out), I find a good tenant (extremely vital), I integrate the property into my efficient letting system (equally vital), I then forget about it and move on to the next project. This is my winning formula which I replicate continuously.

You need to find your own formula which works for your own circumstances and interest. Property works for me as I am passionate about houses. I love buying them, stamping my own mark on them and then providing an excellent home for my tenants. The fact I generate profit is a byproduct of a successful and interesting deal.

The key ingredients for creating a passive income, are ’systems’ and ‘automation’. Once you get the mixture right, your status changes from someone who runs a business, to someone who owns a business. And by owning a business, you then rarely have to get involved or interact; at this stage you can leave The Rat Race and maximise on life.

I have made many mistakes, lost thousands of pounds and come close to bankruptcy three times; all in the process of finding the winning formula. The same could happen to you, but I know one thing for certain, if I would have a resource like RatRaceWinner.com to refer to when I first started my journey, I would have reduced the chances of loosing money and reached the end goals a lot quicker!