15 Business advice I wish I got when I began my financial freedom journey

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15 Business advices I wish I got when I began my financial freedom journey

Are you interested in starting a business? These are the best pieces of advice I wish I had before starting my financial freedom journey

All these business advices will help you to make your business a success

Without further ado, let’s get started

  1. Start now

The best time to start a business was yesterday and the best time is now, the moment you decide that you want to start a business start it

Delaying to start will lead you to misuse or direct the resources which you have into something that is not productive

When I was getting started, it took me over 2 years to start, every time I would post pone starting my business and I even reached at a point of losing hope in starting

As long as you have the necessary resources, start a business, don’t wait

There will not be any perfect time to start, start today and get perfect latter

Stop being perfect, launch you project now

  •  Learning how to sell

Most of all people who want to start a business don’t like selling but in business learning how to sell is mandatory

You need to convince people to purchase your product or service to potential clients

When I was get started, I never wanted to sell products to people, I forget in business, we are selling products or ideas

So if you’re interested in becoming successful business person learning how to sell is a “must”

You need to have money coming into your pocket; you should be willing to convince clients or customers to buy your product

  • Hire fast and fire fast

In business, you will need to hire people to help you; you cannot perform all the tasks alone,

So you need to hire employees who share the same vision as that of your business

You should be willing to fire employees who tend to divert away from your core values

The main aim of a business is to make money, if an employee cannot make money for the business fire that person

Don’t hire people because of friendship or relatives, hire people because of what they can bring to the company

If an employee cannot bring in more money than the one you pay that person, this means that his productivity is less than zero, fire that person

Hire according to the perceived value they are bring to the company

We expect every employee to perform his/her duties on time and failure to do this, we fire that person

  • Have one goal

In business, diverting all your resources at first will make you fail, you need to focus on one business

This will provide you with an opportunity to learn and experiment new ideas that are working

I was getting started I focused on too many things until I realized that multi-tasking is very bad

If you’re multi-tasking, you’re not good at anything

So by focusing on one thing you will get to learn and once the business becomes a success

You will learn the most efficiency and cost effective way of producing a product or doing something

You can apply what you learnt into another business

This is why Jeff Bezos is well known for Amazon while Jack Ma is known for Alibaaba

This was because of focus

You cannot become an expert on everything, choose one and become an expert in that

  • Set SMART Goals

When your getting started you need to know where you want to be in 5, 10 or 50 years

So you should set goals that are specific to your business, those goals should be measurable, Achievable, realistic and time bound

You need to know that in 5 years, I want my business to be at this level

Then you ask yourself how am I going to reach there?

This is where you note down all the tasks, that you should perform to enable your business reach at the level you want it to be

For example I was getting started my goal was to earn $1,000 by the end of one year and the only way I would reach there was at least producing one article per day consistently for over one year

So every day, I would make sure that I produce an article and by the end of one year I had over 365 articles already published on my site

In business, you need to set goals that are achievable

Once you have achieved your goal, it is not time to give up and relax, set other goals of where you want to take your business or company to the next level

  • Nobody cares

In business it is you the owner to make sure that it is running smoothly, you’re the one to spearhead where you want your business to go

No one known’s your business as you do so you should make sure the your business follows the core values it was founded to do

Failure to don that will lead to the collapse of your business,

Your relatives will, employees or friends will not know more about your business as you do

So you should be willing to do whatever it takes to make your business a success

Don’t complain that your employees or relatives don’t care

  • Comply with the law

As you start your business, you need to make sure that your business complies with the law, you should make sure that you don’t infringe with the rights of individuals

You should make sure that your business is not copyrighted,

Failure to comply will lead into your business being taken to court

Before starting a business, make sure that you follow all the legal requirements

This can be in form of registering your business and filling tax forms

  • Set money aside

Once you have started your business, you need to set aside some money to cater for other opportunities that will come in future

This can be in terms of taking more clients, contracts, purchasing office equipment and many others

Setting money aside will help solve all the money problems that your business will face in future

Remember you need money to cover the daily living expenses of your business

Create a business emergency plan

  • Delegate tasks

You cannot perform all the business tasks alone, as a business person there are some tasks which are crucial and takes most of your time,

So you need to delegate those tasks you feel they can be done by someone else

Hire a person to perform tasks that take most of your time like managing social media, outreaches.

As a business person, you need to concentrate on tasks that are geared towards making money for your business

Hire more people to reduce on the time it takes you to complete or produce a product

  1. Establish your online presence

As a business person, you need to make sure that you establish your brand online; this will help your business to tap into a wider audience of people without being limited by your geographical area

An online presence can be a website or a YouTube channel, or a social media account; these will help build trust from your audience

Most of the times when people want to buy a product; they first search for the brand online to see whether the brand is trustworthy

So if you have no presence online, you’re missing out

  1. Invest time and money into your business

Your business cannot become a success if you’re treating it as a hobby, you need to treat your business as a real business by putting your time, responding to your customers queries and comments

You need to build trust; this will help you get referral clients hence resulting into growth of your business

When you’re starting a business, putting in time is more valuable than your money

You just need money to help your business grow

  1. Be ready to make mistakes or fail

In business, failing is mandatory, but what differentiates success and failure is what you learn from your business

Failure is a feedback to what you invested in your business; it teaches you that there is more that is needed to put it into your business

You should be willing to fail forward,

When you fail, you learn to learn from your failures and change all the things that you have been doing wrong

All the successful people failed several times and they kept on doing

A single success is greater than 1,000 failures, once you learn the best way of doing something

You will never remember the number of times you failed

So know that even if you encounter failure success is almost near

  1. Don’t give up

It takes 5 years for a business to become successful if you’re clever and 10 years if you’re just trying and making errors

So the biggest mistake which people make is giving up too early, by giving up, you never know the date when your luck arrives, it might be tomorrow, next month or next year but you decide to give up

The #1 mistake majority of people who wish to start a business are they give up too soon

You never know the time your business will be successful      

  1. Business is a numbers game

We are in business to make profits, without profits businesses cannot survive

So as a business person, you should make sure that your business operates at a point where your revenue is greater than the expenses

The minimum you can operate your business is at the breakeven point where your variable cost is equal to the marginal revenue

You need to track you business numbers, you need to keep proper records

  1. Market research is important

In business you cannot figure out what your customer wants and the only way to do this is by doing market research

You need to know the interests and the problems which your audiences are interested in

In business, our main goal is to solve problems, the more the perceived value of the problem you solve, the more the money you will make

This marks the end of the 15 business advices I wish I got when I began my financial freedom journey

Is there anything you would like to learn from us? Which of the above business advice has been of value to you?

Share your opinion with us in the comments below

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