One Million in the Bank
Total Page:16
File Type:pdf, Size:1020Kb
Praise for One Million in the Bank “This practical book, based on proven principles, gives you the tools, techniques, and mindset to achieve financial independence faster than you ever thought possible.” —Brian Tracy, author of Million Dollar Habits “One Million is an extraordinary book. Slavin has drawn on a career that began with no background in business and shared the most practical, and therefore useful, insights, ideas, and information I have ever read on what it takes to start a successful company.” —Bryan Mattimore, cofounder of The Growth Engine Company and author of Idea Stormers “Michael Slavin provides relevant and actionable advice based on his own experiences and those of everyday people from all walks of life, showing how anyone—and I mean anyone—can seek and obtain financial success.” —Kelly Perdew, winner of The Apprentice Season 2 “I wish I’d had this book when I started my company. Since I didn’t, I had to learn everything through trial and error. Still, I was able to go from zero to millionaire in just two years. I know Mike’s principles work because they’re exactly the ones I used.” —Rick Staly, undersheriff of Flagler County and founder of American Eagle Sentry “All the drive in the world is wasted if you don’t know what to do. Mike has filled a gap in the entrepreneurship literature by writing an insightful and accessible how-to guide for ordinary people. With a mix of advice and anecdotes, he shows how anyone can build a successful business from scratch.” —Derek Lewis, author of The Business Book Bible “It was amazing: as I read this book, it was like Mike was speaking straight to me. The American Dream of being financially stable and having a million dollars in the bank is still alive and strong! Mike provides you with a roadmap of how to get there and success stories of individuals who have already achieved their dream. This is a must-read.” —Kiril Logvinoff, middle market merger and acquisition specialist “Mike will open your eyes to possibilities you never thought were possible. Money is everywhere, help abounds, and innovation is much less important than hard work and smart execution. This book should get you moving.” —Joy Montgomery, small business and startup consultant and Western Region mentor chair for the Cleantech Open “At a time when our economy desperately needs new businesses, Mike has provided a fantastic roadmap. This book is not only full of time-tested wisdom but also contains the essential encouragement any new entrepreneur needs. As someone who’s started many new ventures, I highly recommend this book! I wish I’d had it!” —Dr. John Opincar, CPA, CMGA, executive, mentor, teacher, and author of Ethical Intelligence Golden Mean Press Copyright © 2015 by Michael L. F. Slavin All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), without prior written permission of the copyright owner, except for the inclusion of brief quotations in a review. Published in the United States by Golden Mean Press www.goldenmeanpress.com Library of Congress Control Number: 2015911093 ISBNs: 978-0-9961186-0-6 (paperback); 978-0-996-1186-7-5 (ePub); 978-0-9961186-2-0 (Kindle) Cover design by Ana Grigoriu eBook design by Mayfly Design Editing by Derek Lewis and Anthony Sulwer Proofreading by Michael LaRocca and Matthew Greenfield To Won, Nick, Deeds, Gram, and Grump Contents Why You Should Read This Book 1. The Three Keys to One Million in the Bank The Only Three Things You Need to Know • Why Stop at $1,000,000? • Why Is a Business the Best Way to Go? • Why Does It Take Three to Seven Years? • Why a Tried and True Business? • The Roadmap to $1,000,000 Case Study: How Going Fishing Landed Ken a Million Bucks PART I: PICKING A TRIED AND TRUE BUSINESS 2. Picking a Business Strategy #1: Learn Your Business by Working in Someone Else’s • Strategy #2: Look at Other Tried and True Models • Strategy #3: Considering Risky Businesses 3. Buying a Business Buying an Existing Business • Buying a Franchise • Going into Multi- Level Marketing • Scale Your Own Business (Not Someone Else’s) 4. The Truth About Starting an Online Business Tech Companies vs. Traditional Companies • Traditional Businesses on the Internet • The Siren Call of Online Business 5. Finding Free Business Help and Advice Two Acronyms You Need to Know: SBDC and SCORE • Targeted Resources and Organization • Do Your Homework Before Getting Help • Make Sure You Get What You Need 6. Business Plan Basics Getting Cheryl to a Million • Why Business Plans Are Important • What It Needs to Cover • Plan Your Exit PART II: THE MONEY’S HIDING IN PLAIN SIGHT 7. Myths on Where the Money Comes From Raising Money from Friends and Family • Self-Financing Your Business • What’s Extreme Saving? 8. Wealth and Savings 9. Other Places to Find the Money Getting a Bank Loan • Crowdfunding • Peer-to-Peer (P2P) Lending • Microlending 10. Raising Money from Investors Why Investors Invest • How Much Is Your Idea Worth? • How Much Do You Really Need? • The Investors Hiding in Plain Sight 11. Spot the Investors Right in Front of You Finding Investors at Starbucks • Smart Networking • Finding Investors on LinkedIn • The Rules of Engagement (for Investors) Case Study: From Under a Bridge to Through the Roof PART III: THE BASICS OF SALES & MARKETING 12. The Business Skills You Have to Have Sales and Marketing • Financial Management • Leadership and Management • Always Be Learning 13. What You Need to Know About Sales Learning How to Sell 14. What You Need to Know About Marketing Stand Out from the Crowd • The Cornerstone of Your Marketing • Marketing with Websites, SEO, and PPC PART IV: GETTING YOURSELF READY TO START A BUSINESS 15. How Your Brain’s in the Way Cognitive Biases 16. Using Habits, Willpower, and Self-Discipline to Reach Success How to Change Your Habits • Finding the Will to Win 17. Tracking Your Success How to Use a Business Journal 18. Set Goals to Succeed Recognizing Types of Goals 19. On Your Way to a Million Take Action • Don’t Quit Your Day Job • Don’t Forget the Golden Rule • Set Your Sights High Recommended Reading About the Author Acknowledgments More One Million in the Bank Resources Why You Should Read This Book I used to be you. After ten years of honorable service to my country, I went into the private sector and found challenges I’d never encountered before. I had big plans and big ideas, but for seven years I struggled to just survive. I went bankrupt. My wife and son watched our car get repossessed. We were kicked out of our rent house during Christmas—right after my young son had decorated the tree. Finally, I learned the principles described in this book and started a tried and true business. Within three and a half years, I went from negative numbers to having seven figures in my bank account. I want to save you all the headache and heartache I went through, if I can. Or, if you’re in the middle of your own troubles, I want to show you how to not only improve your situation but how to literally change your life. I wish I’d known the simple yet profound information I have learned since those hard times and now share in these pages. Through my own experience and after interviewing dozens of other successful entrepreneurs, this is what I’ve discovered: whoever you are, you already have what it takes to start a million-dollar business. You don’t need more education, more money, or more time. Thousands of seemingly boring, everyday businesses quietly earn their owners six-figure incomes or more, year after year. You don’t need to have or be anything special to be a successful small business owner. In this book, I provide you the simple roadmap you need to start a business that puts $1,000,000 in your personal bank account— regardless of your location, education, race, gender, or age. You’ll read stories of everyday people from all backgrounds that I’ve personally interviewed and vetted, from people with graduate degrees to high school dropouts, and from yard guys to corporate professionals. Really, the only thing they all have in common is that they’ve put $1,000,000 in the bank (or will shortly). This is not a get-rich-quick book. These everyday businesses take time and effort to build. As you’ll see, it takes at least three years, and sometimes as long as a decade. But it’s worth it. There are three key ideas to small business success: You don’t need to come up with anything new—you just need a tried and true business model. You don’t need any money—all the money you need is hiding in plain sight. There are millions of dollars’ worth of help, advice, and consulting available to you right now—absolutely free. Here’s a quick breakdown of the book. Part I is about how to pick a tried and true business model that you know works, and then how to find the help you need to get started. Part II is about money: how to find it, how to spend it, and how to save it. Part III is about the basic sales and marketing skills critical to starting your business. Lastly, Part IV is about the personal skills critical to maintaining your business.