Black Entrepreneur Blueprint 463 – Jay Jones – How To Build A Business That Creates Wealth And Freedom Using This Simple Formula

Most entrepreneurs start their businesses to make money and take control of their lives. Unfortunately, that doesn’t always happen, and many entrepreneurs become slaves to a struggling business that isn’t even making a profit.

Join Jay on his latest Black Entrepreneur Blueprint podcast episode # 463 as he gives you a simple formula and framework, and examples of how to build a business that provides you with wealth and freedom and teaches you how to control time and money.

Black Entrepreneur Blueprint # 463

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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 463

What do we do when the business we started doesn’t look anything like the business we envisioned? And Business is failing to spin off the money you need to live comfortably, and you find yourself working to the bone just to survive.

Most entrepreneurs want wealth and freedom but don’t know how to create it. Today, I’m going to break down a simple formula I use to help you achieve that wealth and freedom you desire from your business and give you some real-life examples.

I’M GOING TO TEACH YOU HOW TO CONTROL TIME & MONEY

I call the formula the “Freedom Equation” (see episode # 264 I did on August 5, 2019)

The Freedom Equation – Cash Flow + Passive Income = Freedom

Now let’s break down each component of this formula and help you create your “Freedom Equation.”

LET’S BREAK DOWN THE FORMULA

Cash Flow + Passive Income = Freedom– THIS IS HOW WE CONTROL TIME AND MONEY: Cashflow controls “money” and passive income controls “time”

Cash Flow (is the lifeblood of any business and it controls money) – Cash flow is a measure of how much cash a business brought in or spent in total over a period of time. Cash flow is typically broken down into cash flow from operating activities, investing activities, and financing activities on the statement of cash flows, a common financial statement.

How Do We Get Cash Flow? We have to sell your products or services on a consistent basis, or you have to have investment income to create cash flow like real estate, stocks, bonds, intellectual property, etc.

Sales are the most common source of cash flow for smaller businesses. So how do we increase sales to ensure a consistent cash flow? You need a SALES SYSTEM that is comprised of three things

  • A lead generation system
  • A fulfillment system
  • A referral system

Passive Income (controls time) – Passive income is income earned with little or no effort.

How Do We Get Passive Income? You must create a sales and fulfillment system that automatically generates and fulfills sales with little or no effort on your part. You are creating a machine to replace your involvement in the system.

Determine what products and or services you can sell that will allow you to create passive income. Remember you can only sell 6- types of things.

Your physical productsSomeone else’s physical products
Your digital productsSomeone else’
Your servicesSomeone else’s services

Once you have figured that out you must have a sales and fulfillment system that will sell and deliver your product or services with little or no effort on your part.

Examples:

Physical products: If you sold a weight loss supplement, you would drive traffic to a sales page or a funnel and the sales are fulfilled through a fulfillment house like shipbob.com, or Fulfillment By Amazon (Amazon FBA).

Digital products: online courses, eBooks, software, and other digital downloads that can be sold via a sales page, webinar, sales funnel, or video.

Services: If you were in the credit repair business you could drive people to your sales funnel, website, or sales page, and have them sign up for your services. You can then outsource the actual credit repair to a back-office company that does all the work and communicates with your customers acting on your behalf using your company name.

BUT PASSIVE INCOME IS ALL PREDICATED UPON HAVING SYSTEMS IN PLACE THAT REPLACE YOU

Cash Flow + Passive Income = Freedom– THIS IS HOW WE CONTROL TIME AND MONEY: Cashflow controls “money” and passive income controls “time”

You need to start thinking about what problem you can solve that will allow you to create systems that will allow you to create a consistent positive cash flow and passive income.

NOTE: Selling Leads if You Can’t Perform the Services

Some business models don’t have that ability especially if it’s a service that you can’t source out like if you’re a one-person CPA shop and you have to do the work. But the solution to that is to sell the leads to other service providers. A lead generation business using the right software is a great way to market services that you don’t even provide.

CONTROLLING TIME & MONEY IS THE KEY TO A PROSPEROUS LIFE

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