Loral Langemeier — "The Millionaire Maker" — entrepreneur, speaker, author of seven wealth-building books, and host of the Real Money Talks podcast.
Carson City, Nevada
Joined June 2008
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You don't need a brilliant idea to get into business. Plenty of people partner their way in.
Whether you're employed or already own a company, partnering lets you combine what you're good at with what someone else is good at.
Here are a few ways it works:
You can even partner just to learn. I once worked for a bookkeeping company for four months, 13 hours a week, just to see how the company was run and to learn a new skill set.
It wasn't my favorite thing to do, but I got the knowledge and the team I needed.
Your first business shouldn't be your dream business. It should pass five tests.
Whether you're keeping your job while you build or already own something that isn't working, these tests keep you from wasting a year.
Here they are:
That's why a programmer starts an IT business, a school counselor starts a family therapy practice, and a babysitter starts a day care. They're using skills they already have.
You get to do what you love after you've learned to make money doing what you already know.
Some of the easiest money you'll ever make comes from something you're already doing for free.
Whether you're in a W-2 job or running a business, start by looking at what people already ask you for.
Here are two examples:
Something he already did as part of his job was worth $1,000 a month to someone else.
Sometimes it's shocking how available the new money can be.