If you’re wondering – can an online business make me rich?

I’m just going to take a punt and assume you want lots and lots of money! If that’s the case then – good! Because online business can give you that result. It’s one of 3 big asset classes that haven proven wealth generating qualities:

• Real Estate/Property
• Business (Including Online Business)
• Stocks and Shares

Now we’ve established that it’s a big fat yes. What do you need to know next?

Define what makes me rich means

It’s important to define what being rich means to you. What’s the magic number? What I mean by this will make sense shortly. But here’s a few common examples of what rich means to someone:

• Passive income covers all expenses
• Supplementary income in addition to your job income
• A million pound in the bank
• Never have to look at the prices on a menu
• Becoming a billionaire and giving away all your cash
• Mortgage paid off and passive income coming in from investments
• You just want to be rolling in cash

What you’ll notice in these examples is that being rich can be a quantifiable number or a feeling. Either is fine. And ultimately personal to you.

However, this definition is still not specific enough for us to do anything with.

Why do you want to be rich?

Hopefully, by now, you’ll know the answer to the question – can an online business make you rich? – Is yes.

But building an online business is no easy feat. So to be motivated enough to do the work required to make it a success (and be rolling in cash). We must understand why we want to be rich?

Is it money for money’s sake? Or is there something you’d love to do with that money?

Hint: It’s the latter.

If we dig deeper into the examples from the first section. We uncover the motivation behind the desire for riches:

• Worked too hard for too long. Want a long (well deserved) break
• Retire with peace of mind
• Time to travel the amazing planet and meet the amazing people
• Free up time to volunteer for causes you care about
• Spend quality time with your partner and kids
• Give money to charity

If any of these ring a bell, then good news. You’re getting closer to why you want to be rich. Before we move onto the next section. The best thing to do right now, whilst its fresh in your mind is to jot down the very specific reason why you will become rich.

For example:

I will become rich through online business because I’m passionate about wildlife photography and I want my income sorted so I can capture beautiful animals in Kenya. And I want to be able to do it completely carefree.

Your reason why should be a definition of the life you want to live if money was no object.

How much does your online business need to make?

What you’ll find is, when you get really specific. You can focus less on becoming rich. Which is an abstract thought.

And instead, focus on: How much money do you need to live the life you want.

This now becomes a practical exercise of working out what income you’d need to cover all your expenses.

Whatever that income number is. That’s the exact number you need to make through your online business (for starters anyway).

If you’ve worked this out in your head already you should be coming to the realisation that your abstract thought of becoming rich is now tangible. In fact, I bet its not as big a number as you though.

With this in mind, we can work backwards to work out how much we need to sell to become – rich! (The now better-defined version of rich is more personal to you).

So let’s say you need £5,000 a month to travel to Kenya and live there for a year to snap pictures of beautiful animals. (Sure £5,000 probably overkill but who am I to judge your spending habits).

We then apply this to selling a simple digital product as Kyle’s described in a recent post. To keep the numbers crudely simple. If you sell each digital product (say, a photographers starter guide to understanding animal photography) for £50. You’ll need to sell 100 of these a month, every month to hit your £5,000.

Bingo! Now you’re rich.

In summary: can online business make me rich

The short answer is, yes online business can make you rich. But this is still an abstract thought. So by first understanding:

• What being rich means to you?
• Why do you want to be rich?
• Working backwards to become rich

Not only does becoming rich become feel achievable. We’ve also got a target to aim for.