In this week’s episode of Freedom Fast Lane, Ryan Daniel Moran answers his most asked question: “How do I start my first business?” Ryan throws his unique spin on what you need to know in order to launch your first business whether it is online, bricks and mortar or flipping houses. If you feel you want to start a business but don’t know how then this podcast will give you the direction you need to get started.
Ryan’s Wealth Triad
- How are you making your money apart from trading your hours for dollars?
- Invest into a high yield income stream that is an investment e.g. real estate.
- Take profits from triad number two and invest into long term dividend paying stock.
Key Lessons Learned
- Everyone is already an entrepreneur (based on value we bring to the market place and being compensated for our efforts).
- Ask yourself “How do I separate my hours and my dollars?”
- Define your business: “I want to have a business that _____________ but I’m not sure what to do next. “
- If you don’t consistently develop your uniqueness, then your value goes down.
- As long as you continually to develop unique value you will always be relevant in the market place.
- You may need to spend time developing your unique value once you recognize what that is going to be.
- We all have the same ability to develop our unique value whether it is innate or created.
- If you can take your unique value and position it as a service rather than a product you will profit faster.
Questions to get thinking about your business
- Where do you currently have unique value to the marketplace?
- Where do you have unique knowledge that 90% of the world doesn’t know?
- In your job, what are you compensated for?
- What unique value will your existing unique knowledge help develop?
How to Start your First Business
- Identify your greatest unique value in the market place (innate or developed).
- Position your unique value for consumption where you can get compensated (consumable material).
- Develop how you deliver your unique value to those who are willing to pay for it (channel).
Your first stage of business is dedicated to maximizing one channel until you are getting consistent sales and revenue. Ensure to choose one channel and figure out what works. Here are some examples:
- Podcast – iTunes
- Amazon – physical products
- Click bank – digital product
- Affiliates – Google SEO
- Website/ blog – Affiliates
On your iPhone? Listen on iTunes here.
Links to Resources Mentioned
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Ryan Daniel Moran
Ryan Daniel Moran is one of the most sought after speakers and thought leaders on lifestyle freedom in the world. He specializes in creating extremely profitable cash flow streams and businesses without compromising your lifestyle. Ryan is passionate about inspiring, educating, and empowering people to live extraordinary lives, and he believes that anyone can live the life of their dreams as long as they take responsibility for their results and take consistent action toward getting what they want. When Ryan isn’t inspiring his listeners and readers, you’ll find him at an improv show, a Cleveland Indians game, or traveling the world.