How to Earn More As A Business Owner Wanting to Build Wealth

In this first half of a two-part series, James and Business & Investing’s Charley Valher tackle a common dilemma of business owners - making enough profit to invest in wealth-building options.

If you can relate, tune in and discover ideas around how to earn more and fund your own wealth-building journey.

Podcast: Download (Duration: 43:51 — 43.9MB)

Disclaimer: Neither James nor Charley are financial advisers. What they discuss in this episode is not financial advice, but their personal viewpoints and practices.

Editing note: Charley’s site is now Business & Investing

Would you like to invest but feel you lack the resources? In this first part of a two-episode series on wealth, discover some ideas around how to earn more as a business owner and support your wealth-building goals.

Charley Valher has a process he says might help you increase your income, allowing you to invest in wealth-creating options.

One thing you’ll discover is the importance of leaving your comfort zone, which could enable you to earn more.

You’ll learn, too, that progress tracking and an accountability mechanism are powerful tools for boosting your bottom line.

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Table of contents
1. A recurring theme among business owners
2. A process for increasing your earnings
a. Get uncomfortable
b. Set targets
c. Tracking
d. Create the business model
e. Accountability
f. Repeat

A recurring theme among business owners

A lot of business owners would like to be investing or building generational wealth. The problem, they say, is they don’t earn enough – they need a way to increase income.

Charley Valher has come up with a process to do just that. His way to earn more money consists of six steps:

1. Get uncomfortable
2. Set targets
3. Tracking
4. Create the business model
5. Accountability
6. Repeat

He and James have been in business long enough to offer an opinion on things you can do to perhaps, increase your income.

Download 6 Steps to Earning More Money for Your Wealth-Building Plans (and the PDF transcription)

A process for increasing your earnings

a. Get uncomfortable

People get to a certain level of income, says Charley, and then they just don’t push anymore, the reason being they’ve become comfortable.

They need something to compel them to leave comfort zone behind and increase their earnings.

This could be the expected arrival of a child, or a competitive peer environment – something that makes them uncomfortable with their current earnings and convinces them of the need to make more.

b. Set targets

Step two is determining, just what are you aiming for? James and Charley suggest getting specific, maybe with a spreadsheet.

If you want to increase your income for the purpose of investing, then by how much?

c. Tracking

Flying blind makes no sense when you want to generate wealth, or even just have a successful business. Yet, says James, a lot of people don’t know their numbers.

A P&L report is your friend when it comes to knowing how close or how far you are to achieving your financial goal.

James tracks other, non-financial, metrics as well on a daily basis – emails sent, podcast listens, website visits, number of people in his memberships.

d. Create the business model

Many business owners wanting to earn more make the mistake of hammering leads and sales, without considering if their business model can support that.

James suggests getting data, making decisions based on that data, then acting on that – data, decisions, do.

It may be, you need a different business model to earn more. The data will inform your decisions, as can consulting someone who’s done what you hope to achieve.

e. Accountability

As James puts it, it’s harder to bullsh*t someone else. When you’ve got another person, a mentor or a peer, in on your income goals, you’re much less likely to fail.

That said, if you want to be an entrepreneur and to be wealthy, you have to be accountable for your own success.

f. Repeat

All of this isn’t something you do once. When you reach a certain level of income, it’s only some time before you become comfortable again.

You have to actively become uncomfortable, and repeat the entire process.

Now that you know the six-step way to earn more, you’re set for the second part of the series, Episode 942 – The Six Critical Wealth Creation Concepts.

Build wealth inside and outside your business – check out businessandinvesting.com

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