Start a thriving business

Take a moment to imagine working for yourself on a daily basis, doing what you enjoy and love. You can take on projects that appeal to you the most and feel proud as you watch them grow and add value to the market.

Do you know what you would like to create with your business? Perhaps you've always dreamed of creating your own business doing what you love but haven’t chosen to start because you lack resources and money. Maybe you don't trust that any of your ideas are good enough. Perhaps you're afraid of setting out on your own because you don’t want to put yourself and your family at risk.

Because of this, many people ditch the idea of creating a business and turned to the idea of employment instead. And yes, it is true that many people do find success in working for others, doing what they love.

Indeed running your own business is a challenging and demanding game. You have to be sincere and determined if you want to be successful. However, the good news is that it has never been easier to create a business as it is today. The Internet has helped to reduce most of the barriers to building a business.

The only thing you need to be successful is a deep commitment to educating yourself about what it would take to manage a business and the willingness to put energy into achieving your targets.

The best part of it all is that you won’t be stuck in an inflexible environment all day long, or spend hours stuck in rush hour traffic. And most importantly, your salary won’t be limited to what an employer is willing to pay you.

There are unlimited possibilities for you to find your passion and make a successful business that provides you with generative revenue and that will fit your lifestyle.

Discover your priorities

While many people want to start a business and become their own boss, they are held back from taking action because they don't know what kind of business to start.

If you want to create a thriving business, it's important to start with a great business idea. Not knowing where to start, most people choose to remain where they are and not take the risk.

A thriving business can only be actualized if you know what you would like to have, where you are going, and be willing to do whatever it takes to create it. It all starts with an idea that has room to grow over time.

However, if you do want to take the leap and become a business owner, finding an idea for your business isn’t that difficult. A business idea usually is a result of knowing the following elements : A topic you're interested in + people you are able to help + a problem or issue they have + a different possibility you can provide to the problem, which you'll package into a product or service of your choosing.

If you haven’t found an idea yet, you’ll need to start questioning yourself. First, you need to reflect on your innate gift, your talent, your interests and the lifestyle that you would like to create, as well as reflecting on your natural strengths, what you love to do and the skillset you already possess.

You have to get to the point where you start to look at what you would like to create as your business. It is very difficult to create and actualize anything if you don’t know what you actually would like to create. It's time to start trusting your awareness and trusting that you are actually capable as you are.

• What do you want to create with your business?
• What do you want to get out of having a business?

Do you really know what you would like to have? If you are not willing to be totally clear in your own world of what you want to create, what would be fun for you, and what you want to accomplish then you will give up all your points of view for somebody else’s.

Ask yourself “What kind of business would I like to have?” Not “What would I like to own?” What do the elements of the business you would like to create look like? What difference would you like to make through your business?

If you start from being these questions you can start to generate what would be joyful to have as your business. But you have to get the parameters of what you would like to create as your business.

These questions are crucial to help you become aware of your priorities and what is actually true for you. When you know your priorities and know what difference you truly want to create, it is relatively easy to work out ‘what’ needs to be done and what you can be and do to bring that into reality.

Knowing your priorities and what you wish to achieve will ultimately inform your next steps in business and help you set the right strategy for you.

In order to know what you would like to create, you must not let yourself be limited by what you think is feasible. When you make your choice based on what seems feasible or reasonable to you, you're censoring your vision and constraining what could truly be possible.

Cultivate business acumen!

Successfully operating a revenue-generating business is a complex process. You need to set yourself up for success early to start earning a steady income. You need to educate yourself and build your knowledge, skills, and business acumen.

It is also important to work out whether you are indeed carrying on a business or a hobby for tax and legal implications.

Here are some of the most important first things you will need to educate yourself about when you start your own business.

• Educate yourself about your customers and what they want. The key to success is finding needs that you can fill. Find out what your market wants and build it for them.
• Educate yourself about the market, and never assume there is a market. Be sure there really is a market for what you want to sell. Find out if what you want to create is something people would be interested in buying.
• Educate yourself about business operational processes and systems. Learn about the systems and methods that allow you to run your business with ease. Increase your knowledge in key areas of your field.
• Educate yourself about the law that governs your type of business. The law has provisions on how you should run your business. Make sure that you are aware of these laws.
• Educate yourself about business finance and implement effective financial management practices. Establishing internal financial protocols, even if it's as simple as dedicating set time to review and update financial information. Keeping on top of your finances can make the difference between your business’ success or failure

Financial education is an area that many business owners tend to neglect. People hate learning about money or dealing with it.

Given how important financial skills are to navigating life and business, it’s disconcerting that most of us don't understand the most elementary basics of money and how money works.

How about you? Are you financially aware enough to succeed?

Do you find the subject of finances too complicated, confusing and overwhelming? Do you work hard every single day but still don't feel like your finances reflect your grind? You're not alone.

How much do you really understand about finance?

1. Can you distinguish profit from cash?
2. Do you know where every single dollar is coming from and where every single dollar is going?
3. Do you know the difference between an income statement (P&L) and a balance sheet?
4. Do you review a weekly cash flow forecast that provides you with visibility of your cash inflows and outflows for the next 12 weeks?
5. Do you have financial statements, do you understand the key relationships in the statements, and what to do with this information?
6. Do you know the key items that have the greatest impact on profitability?
7. Do you keep your personal finances separate from your business finances?

How much revenue would you like your business to create?

You need to comprehend the basics of your business finance. Your business will record numerous transactions over time. These transactions reflect your financial positions and need to be accurately represented.

It is vital to be aware of how much revenue you would like your business to create each year. What you want to know here is how much money your business must be able to generate so that you can live the lifestyle you desire while creating and operating your business.

The information that is crucial here is the amount of revenue your business would need to create annually in order to pay you, to maintain profitability, to cover your business expenditures, to pay taxes, to pay off any debts that you may have accrued, and most importantly, allow you to use the surplus to grow your wealth.

So, the first step is to determine how much annual income you would like your business to pay you to allow you to live the life you desire. You have to get the parameters of what you would like to create as your life.

The amount of business annual income can be summed up in four categories:

1. The money to pay your salary and staff wages
2. The money to cover your business expenditures and to pay off any debts
3. The money to allow your business to maintain profitability and to build wealth
4. The money to pay taxes

Once you know precisely how much money you need to create the life you desire, you will be able to move from just wishing or dreaming to the space of physically actualizing it with ease.

You don't need to be a financial expert to succeed as a business owner. What matters is that you work toward being as financially proficient as possible.

Learn to understand what metrics matter most for your business and how you can measure and improve these over time. If you don’t know how to read them, invest in some coaching or education so you can start taking control of your financial position.

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