Investing in equities can help you build wealth, but creating a business and finding other streams of income can help accelerate building your net worth.
Johnny Gabriele knows this all too well. He thought it would be fun to find a cat-shaped cake mold for his girlfriend. After looking everywhere and finding nothing, he took the opportunity to create his own. Then he started selling them online, and Charlie Cat was born.
Steps to creating a business
Johnny shares the steps to creating a business, and emphasizes that they should be followed in a precise order:
The first step is to explore the industry and know what is already out there.
Step 2 is “Do not jump to Step 5 or 6”. Before incorporating the business or hiring contractors or employees, do some research to see if there is actually a need for it.
Other steps to start a business:
Speak with your future customers. Is your product or service something strangers would pay for. Johnnie says the best place to test this is Facebook groups and Reddit.
Tweak your product based on the feedback from strangers. Create a “minimum viable product” and tweak some more. Sometimes you are one change away from success.
And finally, Johnnie talks about A/B testing Facebook ads or landing pages, customer acquisition costs, and ways to pay for it all.
Read 8 Steps to Properly Start a Business
Looking for a better way to invest? Consider Betterment.
It doesn’t cost much to start, and you get access to a portfolio built around your risk tolerance and your goals. Using Modern Portfolio Theory, pioneered by a Nobel laureate, Betterment can help you build wealth without getting caught up in the noise of the market.
Today’s guest, Johnny Gabriele:
Johnny Gabriele invented Charlie Cat, a dessert mold for making cat-shaped cakes, ice sculptures, jello or even soap.
He co-founded HZQ Consulting to help others craft personalized digital strategies to grow into mighty organizations.
Book: Charlie Cat cake molds o
For a quick bio of each of our show participants, head on over to our panelists’ page.