The Entrepreneur's Blueprint To Achieving Financial Independence
If you’ve ever wanted to build a business that allows you to become financially independent and give back to the world in a big way, this is where it's at.
The FIREpreneur Framework is the road map to fulfilling your life’s purpose, living out your dream life, and leaving a legacy that continues beyond yourself.
It is designed to serve not only you and yours, but also the people who love your business and the people or projects that you support through your social mission. Powerful stuff.
This framework consists of eight steps, and it is the only blueprint you will need to create a successful business, find meaning in your work, and become completely financially independent.
These are some big things, and they’re the topics I tackle here on the blog. Every post I make will come back to one of these steps to help you on your journey.
Here’s the framework.
Related Content- The Financial Independence Road Map for Online Entrepreneurs
1. Determine Your Social Mission
Here’s what happens after you build a wildly successful business:
You start looking around wondering, what’s next?
Plenty of entrepreneurs before you have been there. The reason?
People need a sense of purpose and meaning in life.
Achievement isn’t enough. Status and accolades aren’t enough.
We are hardwired to give and to solve problems, and without those things we struggle to feel happy and fulfilled.
So the first step in the Powerhouse Business Framework is to take on a social mission.
If this sounds beyond you, stay with me. Taking on a social mission doesn’t mean you have to start a non-profit.
It doesn’t mean you have to be the next Jacqueline Novogratz.
When you’re just getting started, taking on a social mission can be as simple as donating some of your profits, services, or products to a charity you believe in.
That being said, I encourage you to go beyond simple donations. These things do help quite a bit and they are an important part of changing the world.
However, you will get the greatest sense of purpose and meaning out of a project you are deeply invested in. The more you put in, the more you’ll get out.
As you grow in your business, you’ll find that really investing in a social issue that is close to your heart will bring you a level of happiness and contentment that you simply can’t get from chasing money and achievements.
Determining your social mission is the first step in the Powerhouse Business Framework because you’ll bake it into the mission of your new business from day 1. If you already run a business, don’t worry! Now is as good a time as any to start daydreaming about the legacy you’d like to leave.
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2. Start And Build A Business That Can Scale
The second step in the framework is to actually get started on your business building journey. Make no mistake, taking action is what separates the winners from the losers.
Anyone can read and research endlessly, make lists and plans, and then never do anything. No matter what your business is, you must commit to working hard, working smart, and finding a way past every obstacle that will inevitably arise.
When you’re first starting out, it’s easy to get overwhelmed with all the tiny details of starting up.
Don’t.
The only thing you need to worry about is earning your first dollar.
If you can figure that out, you can figure out how to make $100, and then $1,000, and then $100,000 and so on.
Be honest, thoughtful, and generous in everything you do, and your business will expand in no time.
3. Become Debt Free
Step three in the FIREpreneur Framework is to pay off your debt. This may seem unrelated to running a business, but it isn’t. The truth is that your business, your sanity, your financial freedom, and your social mission will suffer if you hang onto debt.
Successful people are the ones who transition from being a consumer to being a creator.
Everyone in our society is a consumer. And while there is nothing inherently wrong with this, it is also the lowest common denominator for a person hoping to achieve anything in our world.
When you start creating, you put work out into the world for other people to consume. Thus you become the one who is paid rather than the one who is paying.
Constant consumption is neither a source of true happiness nor necessary for life. If you can focus your attention towards creating and giving, you’ll find that debt is no longer a part of your world and your life is much richer.
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4. Build An Emergency Fund
Step four is a simple insurance tactic to keep everything sailing smoothly, and that is to build an emergency fund. Honestly, I don’t recommend building enormous emergency funds of six, nine, or twelve months of expenses.
Start with a 3 month emergency fund. Don’t spend a ton of time on this step- the point is to give you a small buffer so you can move towards investing in your future.
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5. Invest Heavily In Index Funds
Now you’ve graduated towards the real point of following this framework.
Financial independence. The freedom to do whatever you want, whenever you want.
According to this article, only one in three millennials are investing in the stock market, and the generation itself is more intimidated by investing overall than are Baby Boomers or Gen X’ers.
I hate seeing stats like that. The truth is that we millennials are in hot water.
Many of us graduated right into the start of the Great Recession, and many cities in the United States are seeing wages stagnate compared to soaring housing costs. We all know social insecurity will be long gone by the time we are ready to retire.
So what do we do?
For the love of all that is holy, we invest on our own terms!
I know that investing sounds a little terrifying- I’ve been there too. But what if I told you that there was a very straightforward path to financial independence? No finance degree needed.
That answer is index funds.
Index funds are super low cost, not actively managed (read: no fraud, no excessive fees), and historically always rise in value over the long term.
Investing in index funds is the closest thing we have to planting a money tree that keeps growing for us year after year. So don’t be scared.
Financial freedom is around the corner, but you have to get started.
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6. Leverage Your Business & Resources
Sooner or later in your business, you’ll hit a plateau. Right about the time that you have no more hours left in the day or energy in your brain to work more on your business, you’ll realize something has to change. In order to keep the business growing, you’ll need to leverage yourself.
One of the best ways to continue expanding beyond the plateau is to outsource some of your work.
Imagine if you could get someone else to handle your email, social media updates, editing, proofreading, creating graphics, or whatever else you spend way too much time on.
What $1,000 per hour work could you focus on if you weren’t spending your time on $10 per hour tasks?
The truth is that the most successful entrepreneurs in the world do not work alone.
Nope.
The world’s most successful entrepreneurs create winning teams that manage different segments of their business. This allows them to be the leader who pushes the vision of the organization.
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7. Expand Your Influence
If you’ve made it to this point in your business, congrats! You’ve accomplished a lot. With a business that is chugging along nicely and a team of assistants taking care of smaller tasks, you now have the opportunity to scale and expand your influence.
Expanding your influence is the point when you take creation to the next level. If you have an online business, you probably started by creating blog content, guest posting, and making social media updates.
When you’re ready to expand your influence, it’s a whole other ballgame. You join mastermind groups, you host a virtual summit, you create live events, and you get the media to help you reach new people.
This is the point when you take your business revenue from small potatoes to the kind of money that completes your journey to financial freedom and makes a permanent ripple in the social mission you committed to.
8. Increase Money Streams To Investments & Your Social Mission
An entrepreneur’s journey never ends, and here is where the getting gets really good! As you’ve expanded your influence, you’ve created a tribe of people who love your brand.
They gladly spread the message of your work, and new customers find you in droves. Your income grows to an ungodly amount, and you get to spend the rest of your life taking vacations and working towards your social mission.
With such an astronomical success under your belt, you have so many doors open to you. You can continue to divert revenue towards your investments and causes that you care about. You can leave a legacy.
Question: Which part of this framework are you struggling with the most? What would you need to achieve your goals in that area?
How to Never Have to Work Again (Yes, Really)
The Financial Independence Road Map will show you how to use your business to drive simple investments and never have to work again.
Join the FIRE Hotlist and receive the road map as a perk of becoming a subscriber.
