What would you do if you had to start over with nothing? For most of us, that’s a scary thought — but for millionaires, it’s a challenge they’d probably take in stride.
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GOBankingRates spoke with millionaires Chris Kirksey, founder and CEO of Direction, and Armin Klepsch, CEO of Maxnext.io, to discuss how they’d make their money back if they had to start over from scratch.
Here’s how the wealthy say they’d rebuild their bank accounts (and maybe get rich even faster the second time around).
Build Something Online That Solves a Real World Problem
“If I had to go back to square one, I’d jump right into building something online that solves a real world problem,” said Kirksey.
He explained he wouldn’t waste any time chasing trends or products that might work.
“I’d hit the ground running with SEO and digital marketing services, because they’re something everyone will always need no matter what the economy is like,” according to Kirksey.
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Find Businesses Hemorrhaging Money in Advertising
Additionally, Kirksey said he’d find local businesses that were hemorrhaging money in advertising that didn’t give them any results.
“And I’d offer to rebuild their online visibility so they could attract customers,” he stated. “I’d charge less at first, not because I’d undervalue my services, but rather to create a situation where I could prove results quickly.”
Then, Kirksey said he’d take that proof of consistent success and use that to attract higher paying clients.
“I’d spend my time figuring out how to reach business owners and send them personalized pitches and create content that properly educates them in the value of what I do,” he explained. “Then, instead of the end goal being perfection, it would be cash flow and credibility.”
Wealth Starts With Stability, Then Compounds
Klepsch noted his entire success has been built from manufacturing and industrial innovation, and he’s learned how to leverage technical skills toward long-term financial freedom.
“Now, if I had to start over today, I would do exactly what I did many years ago, find a problem that people are willing to pay for when solved on a continuous basis,” Klepsch said.
Step one, he explained, would be monetizing skills in manufacturing process optimization, even in a small way.
“True wealth does not begin with investors or ideas; it starts with solving practical problems for real clients and then reinvesting every dollar earned,” Klepsch added.
Klepsch said he would put the focus on cash flow, not assets, observing that consistent revenue builds credibility, and this credibility opens doors for partnerships, investors and leverage.
“Wealth building is not about risk-taking but risk management, patience and compounding disciplined actions over the years,” he concluded.
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This article originally appeared on GOBankingRates.com: I Asked a Millionaire How They’d Make Their Money Back If They Had To Start Over From Scratch
