Personal Development - I Believe I Am Therefore I Can

December 13, 2010

Ten Practical Steps to Starting Your Own Business – Part One

If you have some capital and you are wondering about what to do with the money in order to a) make more money, and b) not lose the money, and c) work in a business that will consistently give you more money, then here are ten practical steps.

1.    Do not be in a hurry to start anything simply on the recommendation of a friend or family member. Most of them will be more interested in the money than in you, and most do not have a successful business themselves so they are only selling you theory.

2.    Understand the rules of the business. To succeed in ANY business takes a fair amount of learning to flow in the way that industry works. All businesses are tailored along specific rules; the less you know of the rules of a business, the more money you lose. 

3.    Give yourself time to do research and enter into the industry that you can understand with the least effort. If you have an accounting background, go into the area of business that will utilize those skills naturally, but be open to learn other areas such as marketing and human behavior. The best you can do for yourself is to invest a year in targeted business research. Meanwhile…

4.    Turn the money you have into an asset as you are doing your research.

Sounds silly, but here is the fact. As the cash holder, an asset is anything that brings you money. If you have cash on you and it is not bringing you money, it is not an asset to you, but it is probably an asset to your banker who will charge you a fee to store the cash in their bank.

Therefore how do you turn your cash into an asset? Give it to someone who is in the money market, who makes money daily in the money market, and charge them with the work of making you money.
Ten Practical Steps in Summary
1.    Do not be in a hurry to start
2.    Understand the rules of the business.
3.    Give yourself time to do research
4.    Turn the money you have into an asset
5.    Enter a miniscule percentage to a low risk, high training enterprise
6.    Find what you are passionate about
7.    Find the unique aspect of the problem you will solve
8.    Develop a business and marketing plan with a professional
9.    Start your business small
10.   Keep learning, keep revising your plans, keep growing.
Who are in the money market?
i)    A professional stock broker is in the business of stocks and shares, and can make you money can do that for you. That way, your banker is not making money while you lose money.
ii)    A professional in the Forex markets can do that too (basically they are in the money market of selling currencies). Always make sure you research their background, and read their agreement. If you lose money when they make money – run! Meaning, if they always earn a commission whether or not they make you money, run!

5.    Enter a miniscule percentage of your money into a low risk, high intensive training enterprise where you can learn a profound amount of things about the business world. If you can do this part time, the better. In my experience, there is no better 'almost free' training ground for business than in the world of Multi-tier marketing.

6.    Meanwhile… as you are learning the world of business part time, look around you keenly to find what you are passionate about.

Successful business is who you are; a business follows the character of the individual. That is a difficult concept but a true one nonetheless.

A successful business, besides understanding its rules, grows better when you work in your area of passion. How do you find your area of passion? Watch the things that annoy or irritate you.

The reason things irritate you is because you have an answer within you. The reason a man can develop a business around mobile toilets and succeed is because within him is a genuine distaste for filth. It then becomes easy for him to see solutions to the problem. In short – all successful and long lasting businesses are those that give an answer to an existing human problem.

To start a kiosk simply because it is the in-thing will not make you money – it will lose you money.

7.    Work out the unique aspect of the problem you wish to solve and reason out the best way to get that message to your possible consumers.

8.    Get a professional to map out a business plan complete with a marketing proposal and the potential consumer base. Note, by this time, you have already made more than what you had at the start; you are earning money in Stocks or Forex, and in multi-tier marketing; and you have gathered loads of very targeted knowledge and information. Based on that plan…

9.    Start your business small. Avoid large expenses on anything that does not make you money such as office space, furniture, vehicles, and staff. If you can start in your bedroom, the better.

10.    Keep learning, keep revising your plans, keep growing. You will have given your business a sound footing and you are guaranteed to win because you have the twin power keys to successful business; passion and knowledge.

I wish you success.

About Paula Thayrow;
I am a Personal Growth Consultant helping people find the place where they can bring out their best potential. The one multi-tier opportunity that I know will give you an all round feel of marketing, both online and offline, is the SFI Business Opportunity. It is one place that is extremely low risk (you start free and can start earning without ever spending a cent) yet has a strong focus on training. That is why while starting absolutely free, you can easily be earning up to 100,000$ a year by the close of next year.

I will be happy to be your mentor there to help you make money in the SFI business opportunity. To read more about the free to start SFI business opportunity click on the title: SFI Business Opportunity

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