And along that vein, I know that a lot of business owners don’t want to just stay business owners, they want to eventually build an empire. Many, want to build those seven income streams and become millionaires. And there’s nothing wrong with that ambition! You just have to know how to go about reaching those goals.

That’s what today’s post is all about. I want to talk about what to do, and what not to do, if your goal is to build an empire starting from a coaching business. And because I’m a positive person, let’s get the negative out of the way first.

The Danger Of Trying To Build An Empire Too Fast

While there’s nothing wrong with having big goals, you have to make sure to pace yourself along the way. Otherwise, you could hurt yourself and your business more than you help it.

For instance, I’ve seen many people fall into the trap of trying to do too many things at once in their careers. They try to balance a variety of income streams all at once, so that they can build their empire “faster”. But they swiftly become discouraged when they’re not making any money, or seeing much growth.

And the issue is that, there’s a limit to how much humans can focus on at once and still do a good job. So if you try to start too strong, you’ll just end up failing.

Instead, you need to think things through strategically as I’m about to talk about…

How To Build An Empire The Right Way

Now that we’ve discussed what not to do, let’s jump straight into what you should be doing.

Firstly, you need a starting point.

In order to grow, you need somewhere to start. Roots if you will. So when we’re talking about a business empire, you’re going to want to a business to start with… that will give you what you need to expand in the future.

A coaching business makes for a fantastic starting point. If you focus on it, until it’s to a point of being almost self sufficient, then you’ll be provided with a strong foundation for your empire. It will give you the money you need to fund other projects and for you to feel free to do so without fear of losing everything. And once it’s at a certain point, you won’t even have to spend much time on it.

But the key to creating a successful starting point is to put enough time into it upfront, and only focus on it at first. Then, you can find ways to create passive income from it; for a coaching business this could be eBooks, courses, etc. Once you’ve done that, it’s no longer a time drain. It’s been transformed into your launching pad!

Then, you can start to diversify your income.

Now you can start to think about your next project. But you still need to be aware of your capabilities, so that you don’t expand too fast. Keep in mind how much money you have to work with, how much time, etc.

Then, once you’ve found an income stream that’s feasible for you at this time, you can start to build it up in much the same way as you did with your coaching business. Only focus on this project until it’s a healthy, and hopefully passive, income stream.

After that, rinse and repeat…

And that’s the process that you’ll approximately need to follow for each of your future income streams, until you’re satisfied with the empire you’ve built. For some people, that’s never and they just keep working and adding more to the mix. But for some, they’ll stop around seven and enjoy the fruits of their labors.

But in any case, the formula is a winning one. One project at a time, until you reach your goals. And the real secret sauce is in the passive income…

Why Passive Income Is So Important In Order To Build An Empire

One of the themes throughout this entire article has been passive income, and that’s because, it’s almost impossible to build an empire without it.

Because if you’re having to actively grind for each order and sale then it severely caps your earning potential. And it will also keep you glued to one project, because you don’t have time for anything else.

Whereas with passive income, there really is no limit to how much money you can make or how many projects you can start. So it’s the best option for those looking to build large businesses, with multiple facets of income.

The issue is that many coaches don’t know they can achieve this.

But the importance of passive income in building an empire, leads to many coaches feeling as though they can never achieve that goal. Because coaching and passive income haven’t always gone together.

Nowadays though, most people (even coaches) can build passive income streams. This is due to the fact that the internet is full of passive income opportunities. Plus the fact that so many things can be automated to be more efficient with today’s technology.

So what I’m trying to say is; no matter what your project or business idea is, you can make an empire out of it. Where there is a will, there’s a way!