Share this article!

Published on 23 Feb, 2024
If you’re like me a few years ago you’re looking for a ticket to escape the traditional path of 9-5 life.
You want independence.
You want to be your own boss.
You want to be able to create your own schedule.
Coaching was my ticket to escape my old life and do something I enjoyed.
Learning how to coach, how to market myself and how to sell were the skills that allowed me to quit my engineering career when I was 29.
I’m now 33 and I’ve never looked back.
Has it been easy?
Hell no!
But it sure beats working in a job I didn’t like until I was 65…
Entrepreneurship is the only true path to take if you want independence
The idea of being an entrepreneur or starting a business used to scare the sh*t out of me.
But I learned business is simply solving problems for people and getting paid for it.
People pay you because the problem you help solve is worth more in ‘use value’ than it is in ‘monetary value’.
For example, my 21 Day ‘Fix your Finances’ Challenge costs $47 to buy.
But the ‘use value’ of this product is FAR more than $47.
This screenshot below is from a member who got a 100x return on their investment!
Image item
Whether you are aware of it or not, you are solving problems for people everyday.
You already have some of the skills required to forge your own path.
Have you been thinking about taking the entrepreneurial path?
If you have, here is something important to consider.
There are two types of businesses you can start: 
  1. Service Based Businesses
  2. Product Based Businesses
If your goal is to build wealth and have more time then the second option is FAR superior.
I wish I knew this when I started my journey back in 2019.
A coaching business is a service based business.
Service based businesses aren’t as effective for building wealth and having more time because once someone has purchased your service – you then need to fulfil the service.
Fulfilling the service takes TIME.
And our time is limited.
So what does this mean?
It means your earning potential in a service based business is capped – because there are only so many hours in the day to fulfil the service.
If you look at a traditional service based business like a physio or chiropractor – they can (and do) earn a lot of money – but they need to be there delivering the service. They are working all the time!
That used to be Andrew Logan who I interviewed in Episode #19 of the podcast.
This problem can be relieved by hiring staff or using virtual assistants – but that adds a new layer of complexity.
Personally, that’s not the type of business I want to build.
I value having lots of free time in my schedule to do what I enjoy.
Product based businesses are superior for building wealth  
Why?
Because once a product has been created it can be sold again and again and again.
And there is nothing to fulfil other than the delivery of a product – which is instant and automated for a digital product.
The challenge is building a product people want.
After working with 100’s of clients in my coaching business I’ve been able to identify common problems and patterns.
This has allowed me to start building my own digital products to help solve these problems (for a significantly reduced cost), impact more people, and get back my time.
Now don’t get me wrong, I still love serving clients on a 1:1 basis.
But I know relying on 1:1 clients is a terrible strategy to build wealth and own my time.
And that’s why my business model has evolved and will continue to do so.
If I was starting again from ground zero here’s what I’d do
I wouldn’t try to reinvent the wheel.
Rather than spending tens of thousands of dollars learning a new service based skill and going through 100’s of hours of trying to develop my own thing, I would align myself with a proven product someone else has already created that works and people want.
Then I would focus on developing these three skills:
  1. How to build an audience
  2. How to market the product
  3. How to sell the product
These three skills are core to becoming successful in any type of business you pursue.
If you can master these you will never worry about money again.
Happy Friday,
Marshy

Share this article!

WHO IS DANIEL MARSHALL?

I help conscious business owners fix the leaks in their personal and business finances.

21 DAY 'FIX YOUR FINANCES' CHALLENGE

  • Build 5 Core Habits that will set you up for long-term financial success
  • Track your income and expenses by hand everyday to gain conscious awareness of your spending habits 
  • This is the DIY version - the next group cohort is not yet available 

'Money Mastery with Marshy' Membership

  • Instant Access to an Online Portal Of Content so you can start improving your financial skills right away
  • ‘Money Management with Marshy’ -  a 9-Step process to help you manage your money with ease & grow your Net Worth to $1 million +
  • Live Fortnightly Q&A  Calls to unpack modules and get support 

1:1 Coaching 

  • For Conscious Business Owners who are doing $100k - $500k Revenue Per Year
  • Fix the leaks in your business & personal finances so you can save more and make more profits!
  • Limited availability - book a call with me to see if I can help you win