Are you planning to open up a business? Well, these tips from a financial adviser might be able to help you succeed in business. If you want to have a successful business, you might want to consider doing these things.
1.Keep your lifestyle simple.
I met multi-millionaire businesswomen. But they don’t have the latest gadgets, they don’t wear fancy jewelries, and they don’t have a grand mansion. Not the usual millionaire you see in the movies. They are both simple and extremely humble. When their income increased, their lifestyle did not. They used their money to buy “real” assets – things that generate more income. They don’t spend on things that depreciate quickly. What have you been buying lately?
2.Learn how to record.
Both businesswomen emphasized the importance of religiously tracking all their transactions. Like what they say, you can’t improve what you don’t measure. Records help us understand how your business is earning, if it is earning at all. It helps us make the right decisions. It helps us identify the areas we can improve. So if you want to really be serious in starting your business, learn the science of record keeping. You don’t have to be a certified public accountant to do that. Attend seminars and trainings to know the basic principles and start from there.
3.Value relationships.
In doing any kind of business, you will be dealing with a lot of people – your partners, your employees, your suppliers and your customers. It is extremely important to value your relationship with all of them. Business processes will be a lot easier when you are in good terms with the people you work with. So always choose people over things. Your people are your most important asset. Love them and they will love your business back.
4.Find your market.
It took me a while before I started my own business because I thought the market is saturated already. There are many competitors out there. Who needs my products and services? Well, someone does. Somehow, there are people who need us. There are people who need what you have to offer. You just have to open your eyes and find them. One of the businesswomen even moved to a different island when she found out that the market for their business is in that area. Where is your market? Who do you think needs what you have to offer?
5.Use your time wisely.
As mentioned earlier, one of the businesswomen is just 26 years old. She started 8 years ago when she was still in college. When girls her age were partying, watching movies, and shopping, she was already starting her own business. And it paid off. You reap what you sow. What have you been up to lately? Are you doing something that your older self will thank you for?
6.Reinvest what you earn.
When you spend your money on material things, your money is gone. When you invest your money, your money grows. So when your business earns, you should reinvest most of it to improve your business and not to improve your lifestyle. Remember lesson number 1? And you have to reinvest in your business to make it better and more efficient. You wouldn’t want to keep your business stagnant in this fast-paced world.
7.Take on good debts.
I was raised with the mindset that all debts are bad. My parents always pay in cash, never in credit terms. So I never considered ever getting a loan. But not all loans are bad. These businesswomen applied for loans so they can purchase their raw materials in cash and avail of bigger discounts. It is okay to take a loan when the discount and profit margin is bigger than the loan interest.
8.Love what you do.
Businesses, like any other things, go through tough times. If you don’t love what you do, you’ll have a hard time getting through those. Doing what you love is one thing, loving what you do is another. Not everyone is blessed to have the opportunity to do what they love right away. But while you are not at it yet, love what you are doing right now. The 26-year old businesswoman’s business involves gravestones. Yes, it’s kind of peculiar for a young girl to have a business like that. But that’s the opportunity at that time. She took it and she loved it. Now that she has grown the gravestone business, she now has the funds and time to start what she really loves to do – cooking.
9.Give back.
Both businesswomen are active in their communities and they are engaged in various activities that help their neighbors. They acknowledge that everything they have and all that they have accomplished are from God so they give back to Him by helping those in need. No wonder God is blessing them even more.
10.Have faith.
Starting a business is risky. According to Forbes, 9 out of 10 startups fail. When asked what made their businesses thrive, both businesswomen said it’s because of God. When the circumstances were unfavorable, they just relied on Him. Their faith in Him is admirable. God is really the best business partner you can ever have. If God is for us, who can be against us? (Romans 8:31).