Sunday, 7 June 2020

The Dos And Don'ts Of Financial Success In A Business

     In the world of finance, there are rules to follow to keep one financially afloat. In the path to success, many have fainted, many gave up and just a few made it to the end. Even in this END that seems to some as the final stage, to others it the beginning of a greater height. From my understanding, education has a lot to play though, but it is definitely not the key to financial success. Having a college degree is an advantage, but there is more to this than it seems to you. Down here in Africa, there are many known top richest people that did not study in any college. They had no education. Oh yes, the same question hit my mind too. There must be a TRUTH one needs to know, understand and follow. In the absence of this truth, many business owners, in attempt to build or grow their businesses, took business loans, even with laid out plans, still got it all wrong. While other individuals, with little capital and with just few steps, hit the bull's eye. This left some thoughts ringing in my head, pondering and chewing over possible causes of these irregularities or differences in the journey to financial success. To the spiritual folks, it is believed that the spiritual controls the physical. When one is not spiritually connected, your finance is affected. I don't think this is true in all cases, as many business owners are not connected to any spiritual belief (atheist) or spiritually conscious, and are still financially buoyant. This brings me to the view point that a good college degree and spirituality are not all it takes to be financially successful.
 Business startup

     From my understanding, success is a LIFE and to exist in such a life, you must live its lifestyle. It is very much connected with the mindset. In most times, having the right mind towards your business can really hand your business a boost. It is a life for the educated and non educated, the spiritual and non spiritual. In this life, you are to watch what you buy and how you buy, how you spend and what you spend on, how you save and what you are saving for, what you invest on and how you invest, what you think and how you think it, etc. When you miss one of these steps, others can be shaken. All it takes is discipline for you to thrive in this lifestyle. This article is also for bloggers, as blogging can be a very lucrative business too. Don't forget that many are making at least $10k per month from blogging. I know of a blog that makes $100k per month blogging. This post is for everyone. Below are things you should and shouldn't do. 

=> Do not be too quick to live on your business profit
   This simple and righteous looking act has made many businesses stagnant, and also has caused the fall of many too. I called it righteous as it may seem right to many business owners to use their early stage business profits to pay workers, pay bills, and also cover other business expenses. Come on, isn't this too much for a new business to handle. I remember when I told my brother these same words, first, he got it mixed up. I had to explain it deeper. I will give you this business advice. With the exception of your business capital, you can also have money to cover your workers payments, bills and business expenses for at least 3 months and allow your profit to grow for these few months. These helps you measure your business growth and also control your spending too. It does a lot to your mindset towards your business.

=> Before you make the move, keep all the dots connected
   This is for the person who wants to kickstart a business. You must be careful with your approach and attitude too. You can ask those who have failed in their attempts to be financially independent. Some had focus but no determination. While some had focus and determination, but no energy to power their determination. There are many sources of energy. In this case, PASSION can also serve as your source of energy. If you can keep your focus, determination and passion connected, you will dine on the moon.

=> Don't risk a business you do not understand 
   Don't approach a business without making thorough research to know its rudiments and possible loss that can be incurred. In most cases, people venture into a business because they are following the crowd of successful folks. It is not a bad idea. But be careful. Did you try to find out the challenges they faced on their way to the top? Many fell into a pit, but fortunately, there was someone there to help them out. Do you think it will be the same with you? Why don't you ask that fellow to share his early experiences in his business journey. What if the person risked a 1000 dollars to start, but you can start that same business with half the price? And what if it is vice versa? And what if you choose to follow Mr A's way to do that business and it later turns out that there was a better, cheaper and easier way to have done that same business and be more successful? What if the old approach to the early stage of the business is no more favorable? What if....? This can continue. In a nutshell, don't risk a business you do not understand. And if you must risk it, then be sure to do a thorough research about the business. Everything is worth risking for, but risk wisely.

=> Save before you spend
   I want to talk to those who are running a savings account with a bank. It is a wise think to save. With online banking, it has become very simple handle transactions without going to the bank. You definitely will need this to raise capital for your dream business. In attempt to save for business, many failed because missed it. If you are a salary earner, I will advise you do not spend a dime from your salary before you save. Remember, your monthly savings should not be a remainder of your salary, after your spending. Human wants are endless, and needs are numerous too. If you settle your needs first before saving, there is every tendency that your savings will be affected negatively. First, remove the targeted amount for savings. After that, you can do all your spending. Some people have great business ideas but no capital to execute these ideas. Although there are loans companies that can help you with a business loan or business startup loan to help bring your dream to existence. But if you choose to do it your way through saving up to raise capital, then this tip is for you.

=> Success requires the right mindset
   If Mr B could make it big financially with his ice cream business, you can too. It is not always about how little a business is, but how well you can do that business. If you can know your business, have a focus, determination with passion and know your audience (targeted audience), you are bound to thrive. It does not matter how many people are in this line of business. Don't forget, no matter the number of stars in the sky, or how big and bright the sun and moon are, the sky can still accommodate more stars. You just need to know those who need your light. Don't be afraid to fail or else, you will be afraid to succeed. Approach success with the right mindset and you will overcome all obstacles with ease. 

What other business or financial tips do you know? I will welcome it. You can share your pieces of advice using below comment box.

=> Join our community of 50,000+ ecstatic readers.
Get latest weekly updates on health tips, seo, personal finance, blogging tips, how to make money online, etc.

Previous Post
Next Post

post written by:

0 REACTIONS: