SDN103: How Do You Build An Empire?

How Do You Build An Empire?

"All the great empires in the world are based on people taking and monetizing their knowledge and their wisdom." —Patrick Allmond(05:07-05-15)

I have a Facebook group called Empire Builders; the full name is Empire Builders: How to Build a Thought Leader Lifestyle. So what happened is we have a new group member today, and he posted this question, "How do I build an empire? I mean, where do I start?"

I've always liked the name of that Facebook group because it epitomizes what I want to do and what I like to teach people. But no one's ever asked me precisely what is an empire and how do I build one. So, I've put together a few notes that will be a good starting point for those of you who are curious to know what’s an empire, how you build an empire, and what it means to have an empire.

Part One of 'How Do You Build An Empire?'

Historically, when we think of empires, we think of Kings and Pharaohs that rule over vast lands and people. The empire stretches far and wide. There are pyramids, dunes, buildings, and castles. But guess what? We live in 2020. There are not going to be any castles or any pyramids. In 2020, an empire in this day and age, especially in thought leadership, is a sizable business capable of generating multiple income streams.

Essentially, the core part of what an empire means to me is when you have a business that just kind of runs on itself, is continuously growing, and is doing things you don't even know about. 

 

A business empire is something that allows you a certain amount of freedom. Somewhat autonomous, meaning that a lot of it runs on its own. And you are not involved day in and day out of it.

The reason you want to build an empire is to minimize your risk, maximize your income diversity, and also to give you freedom. Ultimately, if I were a list like the top three things I want out of an empire, it would be freedom. I want the freedom to come and go. I want the freedom to work whatever days and hours I want if I want to work. 

These are facets that go through my head when I think about what it takes to build an empire. Now, how do you start building one? 

First of all, you have to figure out either number one, what you're good at, or number two, what you're going to be good at. 

"You don't have to know everything about a topic. You just have to know a little bit more than someone else." -Patrick Allmond (13:43-14:12)

All the thought leaders and empires you see these days are based on either a software as a service offering a service, either offline or online. And so if you're someone who wants to build an empire, that's the way you need to be thinking is what can you offer or what value can you bring to some lives that you could charge people for?

I am a big fan of recurring income based businesses, and I believe that a recurring income-based business is not passive. But recurring income-based business allows you to scale a lot easier than a one-off business where someone pays you by the hour or pays you a lump sum. And then, you know, the money disappears. 

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