"All the great empires in the world are based on people taking and monetizing their knowledge and their wisdom." - Patrick Allmond(05:07-05-15)
I have a Facebook group called Empire Builders; the full name is Empire Builders: How to Build a Thought Leader Lifestyle. So what happened is we have a new group member today, and he posted this question, "How do I build an empire? I mean, where do I start?"
I've always liked the name of that Facebook group because it epitomizes what I want to do and what I like to teach people. But no one's ever asked me precisely what is an empire and how do I build one. So, I've put together a few notes that will be a good starting point for those of you who are curious to know what’s an empire, how you build an empire, and what it means to have an empire.
Part One of 'How Do You Build An Empire?'
Historically, when we think of empires, we think of Kings and Pharaohs that rule over vast lands and people. The empire stretches far and wide. There are pyramids, dunes, buildings, and castles. But guess what? We live in 2020. There are not going to be any castles or any pyramids. In 2020, an empire in this day and age, especially in thought leadership, is a sizable business capable of generating multiple income streams.
Essentially, the core part of what an empire means to me is when you have a business that just kind of runs on itself, is continuously growing, and is doing things you don't even know about.
A business empire is something that allows you a certain amount of freedom. Somewhat autonomous, meaning that a lot of it runs on its own. And you are not involved day in and day out of it.
The reason you want to build an empire is to minimize your risk, maximize your income diversity, and also to give you freedom. Ultimately, if I were a list like the top three things I want out of an empire, it would be freedom. I want the freedom to come and go. I want the freedom to work whatever days and hours I want if I want to work.
These are facets that go through my head when I think about what it takes to build an empire.
Now, how do you start building one?
First of all, you have to figure out either number one, what you're good at or number two, what you're going to be good at.
"You don't have to know everything about a topic. You just have to know a little bit more than someone else." - Patrick Allmond (13:43-14:12)
All the thought leaders and empires you see these days are based on either a software as a service offering a service, either offline or online. And so if you're someone who wants to build an empire, that's the way you need to be thinking is what can you offer or what value can you bring to some lives that you could charge people for?
I am a big fan of recurring income based businesses, and I believe that a recurring income-based business is not passive. But recurring income-based business allows you to scale a lot easier than a one-off business where someone pays you by the hour or pays you a lump sum. And then, you know, the money disappears.
The beauty of recurring income base business is once you optimize how to get money in the door, it becomes just a matter of scaling, which is pumping money in the front end and continuing to optimize that thing.
When you optimize that formula, then life becomes easy. Turning that one dollar into five dollars or one dollar into ten dollars. it's relatively easy.
Part Two of 'How Do You Build An Empire?'
If you're going to be building an empire, learn how to take a marketing dollar and multiply it by five to ten times by selling what you are good at or what you want to get good at.
Now, one problem I see in the entrepreneurial world and questions I get publicly and privately are I don't know what to sell. I don't know what I'm good at. I'm not good at anything. How do I develop a product or service? Well, that's a mindset issue.
However, I would say that if you don't know what you're good at, then you shouldn't even be thinking about starting a business. And if you shouldn't be thinking and if that sounds somewhat depressing, It's meant to reset your mindset.
Maybe you want to think about what you can get good at and what do you want to do or what would you find fun? What would you get joy out? What kind of skills do you have that maybe you don't know you have?
There's some self-analysis on, but don't jump into this entrepreneur pool if you don't have something that jazzes you, makes you happy, and puts a smile on your face.
"You want to bring these people into your empire and convince them that you have the same energy, and you speak to them, and you talk to them the way they like to be talked to." - Patrick Allmond (16:14-16:24)
So, if you don't know what business you want to start or what service you want to offer, pick one. Your business can involve the same skill, and all you have to do is think about different ways of selling it. You may have just the one-off course, and you sell it for four hundred dollars. Then you may have the high-end consulting side that you sell for fifty thousand dollars. And you may have the books and the T-shirts and the bracelets and the stickers and all that stuff. But it's all the same; it's all teaching the same thing in the same practices. It's just a matter of how you monetize that path over and over.
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