I was sitting in a barbing parlor with a friend and we were discussing thoroughly about building wealth. My friend owns the salon and he has 12 employee in this particular branch including a manager and a receptionist. He was talking about becoming billionaire but to become this, you need to first become a millionaire. When we were talking, he mentioned that there are a few things that needs to be done in other to be a successful millionaire, so let's me share what he said with you.
One way to become a millionaire in any country that you are is to be the best in any field you are. You see, the 80:20 rules that talk about 20 percent of people making 80% of the money and success is correct but do you know that the 1% of any field reign supreme in everything success in that field. This including finance, making decision, and shaping the way the field will be perceived in the near future.
Another way to become a millionaire is licensing trademarks and selling names. I noticed that in recent times, there have been a lot of names on sale on Telegram, just like people used to sell trademarks for companies in the past. People love exclusivity, and they are willing to pay for these exclusivity provided they get it. If you have a skill but don't have the money to start a company, then it isn't bad because you can just create something and create a patent for it, after which you can sell to a company willing to pay either in royalty, in cash, or shares for it.
In our discussion we also talked about dropshipping but in other to do it successfully, you need to do it in your own label but if you cannot do this, then you just need to start a small business and keep it growing. This will be a long journey but trust me, if you can figure out how to get yourself paid, then you should be able to grow your finance.
Still under business creation, purchasing a franchise is another way to become big especially when you do not want to go through the stress of starting fresh. The company will get a franchise fee from you as well as a percentage of the company revenue but they will provide everything needed including the expertise. Some profitable franchise can start as low as $10,000 but they can also be higher.
This said, which do you think a person without lots of money can start to become a millionaire, well it will be investing in improving oneself. This is because the best investment is in oneself. Investing in knowledge, clothing, and skills is a start to financial success and becoming a
Posted Using InLeo Alpha