Build Your Own Business Empire or BYOBE is a philosophy, collection of tools, methods, tactics, and other resources to help you start, own, build and grow your own businesses sequentially and systematically.
The idea is to have more than one source of income.
For a lot of people, one source of income is having a job.
Unlike many people, I do NOT poo poo or disparage the idea of having a job. In fact, most people DO have jobs and most people will continue to have jobs for years to come, and there is nothing wrong with having a job either – so long as it meets a few conditions.
The first is that you are doing work that you CHOOSE to do and enjoy, and the second is that it pays you enough to live on comfortably. The third thing is the most important of the three – and that is you do NOT ever rely solely on that job (or any job) for your income to live on.
You NEED more than one source of income from separate sources. That is extremely important today.
Ideally, you will have at least three separate sources of income, any one of which alone can fully support you and your family at your current income level and lifestyle.
When you have that – and when you follow BYOBE Philosophy – then you really start to get ahead in life instead of just getting by!
The other two income streams you will have built need to be used wisely – and that means at first most of it will go into two places. First, some needs to go into your own savings/emergency reserves. This gives you peace of mind and an emergency fund at the ready in the event something goes wrong – and life happens – so you will need to have this money available from time to time.
Next, some of it needs to go back into your current businesses/income production opportunities – so that you can make them more profitable, more efficient, and more enjoyable.
Next Phase BYOBE
Once you achieve all that and once each business is fully earning an equivalent amount needed to support you and your family (whatever amount you normally earn and live own) then it is time to begin considering adding another income production opportunity of some kind.
An income production opportunity is a way of making money.
In general, it can be a job, a part-time business (side hustle), a full-time business, an investment, etc. For our purposes in the early phases of your own efforts to BYOBE we are talking mainly about your job if you have one and additional businesses that you will start, own, and operate.
An online business is an excellent choice because of several things.
The first reason is that it is extremely low cost to start and almost anyone in any situation can afford to start an online business anywhere in the world.
Physical businesses have opportunities too – but they are much more expensive, complicated, and risky comparatively speaking. So strongly consider an online business.
Another benefit of most online businesses is that you will learn new skills and develop experience and abilities that will help you from now on with ANY business you decide to get involved with. For example – let’s say you decide to start your own Affiliate Marketing business. In the course of doing that you are going to learn about quite a few very beneficial things including;
- Affiliate Marketing as a Business
- How to Build Your Own Websites
- SEO ( search engine optimization)
- Marketing
- Sales
- Various Social Media and Other Platforms
- How to Create Content
- How to Communicate Better
- What Tools, Resources, Technology Available and How to Use It All
- Communities/Groups of Other Like-Minded People
There are many other things you will learn as you build an affiliate marketing business too. For example, you will learn all about NICHES or as some people say NITCHES – regardless of the word used – what it means is a very specific group of PEOPLE who are interested in specific things.
That allows you to target your marketing efforts specifically to and for them so you can reach them and be heard.
You will learn all about their problems, challenges, and pain points.
This is what you need to know in order to help find SOLUTIONS that help them. When you can do that you can be far more successful as an affiliate marker, digital marketer, eCommerce business owner, and business owner/entrepreneur in all respects.
The BYOBE Philosophy Continues
We will not stop there. But even if we did – you would already be far better off than most people ever will be alone.
As we continue the BYOBE way of doing things, you will continue to learn about business, entrepreneurship, and all aspects of life that can be used to help you continuously build a better life.
One key thing to learn about is the differences between a Business Owner Mindset and an Entrepreneurs Mindset.
At a glance, they appear to be one and the same.
At a deeper level, they are NOT.
You can start a business as a micro-business, small business, side hustle, or whatever other titles you choose to use – where YOU are the business owner and the business’s primary – or only worker (employee). Regardless of the title you give yourself – or others choose to call you – in this case, you have created a J O B for yourself.
That in and of itself is not a bad thing either – so long as you are fully aware of what you are doing and you are doing it INTENTIONALLY.
As long as you are in this situation you have to personally show up and do the work (make the donuts ; ) yourself or it won’t get done. If you don’t you will not be making any money and if you keep that up long enough you will go out of business.
In this case, you remain the WORKER.
You either show up and do the work – or you don’t. Respectively you will either make money or you won’t.
There are a few challenges/problems that can happen when you operate your business or businesses (or job) this way. They include;
- No personal work no pay
- Inability to take time off without financial penalties
- Must work when sick or tired or lose money
- In the event you become disabled or unable for any reason to work for too long your business will fail
- You are forever limited by hours available and personal production ability
The Entrepreneurial Mindset Difference
A business built with an entrepreneurial mindset is a whole other thing entirely.
The idea is to work from day one to design a business where you can eventually replace yourself with other people and systems who will do ALL of the work for you and you no longer need to do any personal production work at all.
That frees up your time to THINK and to do whatever you CHOOSE to do in life. Time is life. So that is a very important distinction.
Of course, in most cases, you will start out wearing many hats and doing many things – but as soon as possible you begin using other people to help you and as they take on more and more responsibilities you begin to shift to less and less personal work.
The first thing you get from this is LEVERAGE.
The power of many will always be far greater than the power of one. Period.
So you can dramatically scale production – and profits.
Another key is that once you have people and systems in place – your businesses no longer need you there at all on a daily basis!
They will run on their own indefinitely. This is very very close to passive income (though I prefer the term Semi-Passive Income) yet you still have certain specific duties and obligations to keep it working and keep it all on the course you have chosen for it.
Specifically, you will need to review weekly and at least monthly reports and keep an eye on overall performance. You will also have to monitor and manage your top key personnel and make changes when necessary. These are critical things to the ongoing success of your businesses and your efforts to BYOBE using the Entrepreneurs Mindset Philosophy and approach.
Your Vision of Your Business Empire is Your Own
We are all the same in some respects.
Yet we are also very different in other respects – and we do not all want or need the same things.
That is a good thing too!
So it is important to realize that going in – you get to design and work to BYOBE in accordance with your own dreams, goals, and plans.
That means you may have a very modest dream – just to make a little more money from a few businesses and build a better life with a little more security. That’s it. It won’t take too much to get to that goal if you do the work consistently – and that is a fine goal too – one that will lead to a far better life for you and yours than most will ever have!
Other people want to push the limits and take it much further than that.
They want to become WEALTHY.
It can be done – and many have already achieved it. There is also nothing at all wrong with that either.
Yet it is a much bigger, much bolder, and much more ambitious vision of how to BYOBE – and will take far more effort in the initial phases and more organizational and leadership skills in all phases.
Whatever your dreams – whatever your goals BYOBE can help you build that vision and get to where you want to be in life.
Interested?
Then come and find and then join our BYOBE Facebook group and keep reading posts there and here. Soon I will be offering the very first ever actual course on Udemy for BYOBE and it will lay all of this out in much more detail.
Until next time, stay safe and make your time count!
Best regards,
L.D. Sewell