Key to achieving Success

 Key to achieving success

 

2021 is the year for you to become an entrepreneur. You have nothing to stop you, except time and dedication to your endeavor. There’s only one thing that might be holding you back and that’s financing to survive on. Well, it shouldn’t prevent you reaching for success, instead you should spend your free time planning for the future. Your dream could be to satisfied in what you do for a living. Whether it means going back to school to earn a degree in something, or putting money away to help support you once you’ve taken the leap into being your own boss.

While everyone was on lock down you should have been thinking about the type of company you wanted to start so you could have more time for yourself, your family and build a future worthy of making money from. But first you have to think about what it will take to build that future. First things first. You need to have a minimum of six months living expenses put away, and that means the essentials to survive beside a roof over your head. What do I mean by that you ask, well its simple food is the main essential, the second is toilet paper and non-food essentials? Six months living expenses means rent/mortgage, utilities, phone expenses. Television is a luxury while internet is a business expense. Food is a living expense so you need to figure out how much you need to spend each month to survive and times it by six months.  This should be about $25,000 in the bank to cover you while you start your business. Second is a plan of action to make money every week. You need to figure out how much you need to make each week to stay in business. If you use the $25,000 figure and divide it by 26 weeks means you need to make a minimum of $1000.00 per week in your business. If you make 2 or 3 times that in one week means you take half that and bank it for a rainy-day fund. Or use a portion of it to hire staff or invest in equipment you might need in your office.

So the keys to your achieving success is as follows:

1)      Don’t so quick to quit your day job. Make sure you have the above 6 months of savings to cover you while you build your business. This will ensure you are not stressed out while you build your business.

2)      Make sure you have a clear plan to make money each week with your skills or product. Remember websites cost money, social media takes time away from your making money. Your concept idea must be able to produce funding each week, or it’s just a hobby. Decide which its going to be before you quit your day job.

3)      Last but not least is the best advice I can give you – Never give up on your dream of being your own boss. Learn every lesson you can from those who have made the mistakes you are going to make in your side job. Get a mentor and don’t be afraid to pay them for their knowledge, it’s well worth it. Have faith in yourself and you ideas.