These will be rapid fire responses.
HelpYourSelfGetLucky.com asks: I was wondering if you can shed some light or give some advice on how to break free when you have a family to support. I have a wife and 2 kids.
I don’t have direct experience with this myself, but I can tell you that many entrepreneurs have still done it.
The only difference is that you can take a little less risk if you are the sole breadwinner. As a bachelor you can quit and live off ramen noodles for a while if you are really dedicated, but as a father/husband you don’t want to mess things up at home. That will just make it even harder to get a business started.
My suggestion is to stay at your current job while getting your business started on the side. Wait to quit until you can match (or at least get close) to your current salary. Set yourself a goal of how much you need each month coming in from your business before you can quit. That will make it a real number to work toward.
This will not be easy, and you’ll be exhausted. Stick with it, its worth it!
Would you suggest using a straight forward domain name such as universitytutor.com as you used for your recent business or would you suggest using something a little more on the humorous side to get people’s attention and them to remember the name such as yahoo.com?
For small sites I like using domains that contain your primary keywords. This helps it rank in search engines and is a good trick. For example this site ranked #1 in Google for my primary keyword phrase “houston finance tutor” or “finance tutor houston” within 30 days just because of the domain name (did no other SEO). Granted, its not a very competitive keyword.
But if you’re going to stick with a site for a long time and are willing to invest in making a real “brand” out of it then go for a more memorable name, even if it doesn’t directly suggest the product.
Quick tip on picking a brand name: the human brain likes names that have repetitive sounds (this is called alliteration). Think about how memorable these phrases are, how they’ve spread, and how if you hear it once its impossible to forget: Coca Cola, Marilyn Monroe, Dunkin Donuts, Rolls Royce, King Kong, Bed Bath and Beyond. Even pop culture phrases like “player hater” or “junk in the trunk” (note it doesn’t have to be the first letter that repeats, just the sound). Anyway, if you can use alliteration it helps an idea spread.
Caroline of Lotto Lifestyle asks:
When working for yourself, what can you do that really works and what we should stay away from?
First of all nice use of alliteration in your domain name! To build financial freedom I like real estate, I like new websites or pieces of software that solve everyday problems, I like subscription products or services, I like advice/information products a lot, I like blogging.
Stay away from any kind of network marketing or mlm type stuff (sorry I know some people on this site do that but I think they are generally a huge waste of time and have nothing to do with starting a real business), stay away from day trading or any stock stuff in general, stay away from trading time for money or labor intensive stuff (like opening a restaurant/franchise, etc), stay away from selling instant weight loss pills or anything you don’t genuinely believe in.
I heard Eben Pagen say one time that poor people have the mentality that “if I can just get a million people to give me one dollar each I’ll be rich”. They have the mentality of getting.
Rich people have the mentality that “if I can GIVE AWAY $100 dollars of value to a million people, maybe some of them will give back $10 in return”. They have the mentality of contributing a MASSIVE amount of value to a MASSIVE amount of people.
All those things I just mentioned to stay away from are (in my mind) more about getting something than contributing value.
Got a question for Brian? Send it to me, or post a comment below.