@MESLANE

“If you think the land is barren and useless then you are thinking like the rest of the world but if you focus on the solution and find alternatives then you are an entrepreneur” Problems remain “problems” only when we think they are bigger than human abilities. But the moment you accept them as small […]

Diet of an entrepreneur — Jyotichamp

If you are considering launching a new business, then here are a few tips to help you set it up. Let’s do this, female entrepreneurs!

Female Entrepreneurs: Launching a New Business Guide — When Women Inspire

In 2019, it no longer makes sense why anyone would rather plan their entire future focusing on being an loyal employee of a company instead of building their financial independence. With so many opportunities available out there to help you make money instantly, from online freelancing to website affiliate marketing to social media influencing and the list is endless.

One of the most important things when starting out as an entrepreneur, is to first adjust your mindset from being an employee to an entrepreneur, understanding the fact that you are now the captain of your own ship. It is important to understand the risks that you will undergo as the captain and also not to forget the challenges that you will encounter on your new journey. I know many will discourage you from taking even an inch of that journey to your financial freedom to try to persuade you to ditch this crazy idea of becoming an entrepreneur. If you have to take advise from anyone, take advise from someone who has walked the same journey. Now let’s get back to the steps that you will need to follow on becoming an successful entrepreneur:

1. Change your mindset to that of an entrepreneur immediately.
2. Do not quit your day job “yet”.
3. Assess your current skills, experience, knowledge and determine if anyone would pay you enough money for your current skills. If not, find a trending niche that you have a passion for and explore its market demand.
4. Then read at least three books about starting a business, becoming financial independence etc. (I recommend you start reading – Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T.Harv Eker, followed by Rich Dad Poor Dad by Robert Kiyosaki, then FU Money by Don Lok)
5. Once you have identified your niche, do some research about any existing businesses in the same niche market – find out if they are making money, who’s their customer base, their operational pro’s and con’s. Also highlight things they could improve on or failing on in their business which you could immediately capitalize on.
6. Your next step is to gather all your research into a simple, clear, concise business plan and include sections on how you are going to make money from your niche. There are a number of free business plan templates available out there, you can visit this site : https://www.bplans.com/downloads/business-plan-template/
7. Once you have done your business plan, then implement the exact processes you have indicated in your plan – the formal stuff such as registering the company, creating a company logo (brand), opening a bank account, business stationery (laptop, phone etc), acquiring work space (start with home office), download a free CRM system to manage your clients base (checkout https://www.bitrix24.com ), then initiate marketing your business through creating a free website, social media accounts, pamphlets etc.
8. Remember you are doing all the above after hours and during weekends. It helps if your chosen business model is purely online as it is will be easier to manage your business from anywhere.
9. Make sure you secure subscription customers in order to create recurring income.
10. In the first 3 months of your entrepreneurial journey, you will be focusing more on administration and marketing. Thereafter, you must be customer-centric because you need “happy” customers to make lots payment into your business.
11. You can only quit your current job to focus on your new business once you accumulated a business net income equivalent to 6 months of you current salary. and you have a solid recurring customer base.
12. I can’t stress this enough, manage your business cash-flow “religiously” plus only hire employees when there is enough budget and also if it is necessary.
13. Do not consume all your profits, re-invest them into your business and at least save 5% of those profits into a investment account for “rainy days”.
14. Continue to invest in your skills and knowledge in order to elevate your business to the next levels.

All the above steps are not applicable to all types of business but generally accepted as “foundation steps” of many businesses. You will only start seeing real profits after 2 to 3 years of trading. You will then need to diversify your new income after 5 years into other business models in order to build other new passive income revenue streams. That is now Financial Freedom.

So, being an Entrepreneur in 2019 is much much better because of all the readily available resources online.

Article: Written by @Meslane 2019

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Good company in a journey makes the way seem shorter. — Izaak Walton