The Money Podcast How to be a (Multi) Millionaire
How you become a multimillionaire where you are financially free and can spend your time doing exactly what you want? This is the question that Rob has been asked numerous times so here are 12 areas which all multi-millionaires have in common. From ensuring that you have a big vision to testing everything and loving your customer, here are the most important ways to develop on your journey in becoming a multi-millionaire. This won’t happen overnight, it might take years but learning from someone who has developed his multi-million-pound business is a good place to start.
Key Takeaways
You need to have a big vision. A small vision will create a small business. People want to see how much you can change the world. Ideally make your vision, national even global. It needs to be bigger than you. It needs to serve a large group of people. It’s not about the service or product it’s about whether it’s scalable.
Have you got something that is unique, does it make people's life easier? People will buy something that is more convenient. You need to have a unique value proposition. If you make people's lives more convenient they will reward you.
The details matter. It’s a strange paradox of being a billionaire that you have to have a big vision but also ensures that the details of your service and product are thought about deeply.
You need to become the best. This might be an obvious statement but it’s still valid. If you want to be a multi-millionaire you have to be faster at getting real-time feedback to improve your product/service and you have to be the best. It could be bringing two things together that is unusual, or you could continually improve your product, whatever it is you need to be the best.
Don’t give up. You will always have another chance. No matter how many times you’ve failed, or a certain business model has failed you will always have another chance.
Always test things first. Find out what people want first, don’t go neck deep into a market and spend all your money. If you go all in then you can always lose big as well as win big. Make the product, market-ready beforehand through testing everything.
Building a great team. Can you leverage smarter people, experts in certain areas that you don’t know as much in? You need great specialists to be successful. If you leverage effectively then you can scale much quicker.
You must love your customer. The customer is king. I used to think that people worked for me, but everyone works for themselves. I realised that I work for them. I work for my customers. Sometimes we make mistakes but 95% of the time we show that we care about our customers.
You want to stay close to your market. When I first retired I thought I could relax and outsource everything but your competition gets ahead of you when you move away from your market. If you do get close to your community then this can give you the edge on gaining quicker feedback from your clients. It means that I can react quickly and improve my service.
Don’t accept conventional wisdom. Conventional wisdom is not always conventional. Test other ideas, and make sure you test ideas before implementing. A good example is a phrase ‘Learn from your mistakes’, which is conventional wisdom but it’s wrong, you need to learn from other people's mistakes, it's cheaper.
Reinvest your profits in Growth. We tend to draw down only 50% profits from our business. This means we reinvest 50% in marketing, in our premises, in our training and staffing. You’ll be worth a lot more when you reinvest in your company to grow effectively than if you didn’t
Cheek. Courageous. Disrupting. Audacious. Leverage. You need to be brave and a little bit cheeky in order to be disruptive in the marketplace. Leverage is key so you get much more for your money per hour.
Best Moments
‘This will not happen overnight.’
‘A million is not what it used to be.’
‘10 million meant I could retire, and my kids wouldn’t have to work.’
‘I think much less about money now than when I was skint.’
‘The details matter when you are trying to make a million.’
‘If you have a small vision you will have a small business.’
‘Hybridising from other markets, and sectors.’
‘Don’t give it up.’
‘If you go all in then you can always lose big as well.’
‘There is nothing wrong in testing.’
‘Business top and bottom line is often related to how many staff they have.’
‘You have to serve your customers.’
‘Conventional wisdom is often wrong.’
‘If you don’t innovate your competition will.’
‘Be audacious in your approach to business.’
‘Learn from other people's mistakes.’
VALUABLE RESOURCES
The Disruptive Entrepreneur Podcast iTunes | Stitcher
Books Written by Rob Moore:https://robmoore.com/books/
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor and property educator. Author of global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything.”
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