How To Be financially Literate and Build a Business

Money is essential in today's world, everything you do in life as a price tag. People look for job security because they want to have the ability to buy what they want. No matter the pay at my jobs I never thought I was secure in my position or income. I realize the best way to ensure my money was to control it myself. Remember in the previous chapter we talk a little about starting your own business? It was not easy thinking that way, but I decided to create another stream of income for myself. The key is to focus on the end results, having a vision fuels your passion and keep your soul on fire. I push down that scared little voice inside my head to fight the person I longer wanted to be and work on the person I want to become. Now it was time to get smart about looking at money from a scientific point of view, not on my emotions to be financially free.

Financial studies take long hours to master, hard work through trial and error of implementing what you have learned. If you do not know what an asset is and what are liabilities now is the time to find out. First, learn about your liabilities, cars, home, and yes even the people in your life can be a liability. They all cost you money, money you work for and usually have no returns. My favorites are of course assets; these guys make your money every time you invest in them. A rental property could be an asset, investing in new technology for your business is an asset to your company. Assets can be part of a good debt to build your business. Don't worry about the cost for now, because it is an investment you looked at the numbers and already check the facts, so you are solid on the returns. Do what the rich do, stop following the crowd, get the facts and make your decisions. There is no big secret to wealth, it all lies in your financial intelligence.

Managing money is one of the hardest skills I ever had the pleasure of learning. Do you know how much of your paycheck you keep after ALL your expenses for the month?

Take your passion and make it a career choice

The first step to starting your business is planning, write a business plan that is particular to the business venture you choose. Once you have something that makes you heart sing every day build a future around that passion. Most of us have the potential to be great, it all depends on the individual's determination to be successful. Your career options in today's world are unlimited, take yourself out of the box and start looking at those options.

What are You Passionate about achieving in Your Life?

How To Sell Your Knowledge For Profit

Your knowledge is not just a piece of information that you were known; it is something you have the opportunity to make an income from. You can sell your knowledge by teaching a class with a group of students or have a client that you are working with. Teaching, however, requires some serious planning and attention to detail on your part. You can pick any area that you are good at from teaching a yoga class to tutoring, or even a private consultant. Your knowledge is your business so take what you known and turn it into a profit.

Before you start to take a moment to go through a few steps to prepare your home business. Starting a business receive serious consideration: Starting with your Idea

It's not enough that you have an idea to teach someone to cook if you are offering cooking lessons. The people considering your cooking experiences will want to know exactly what you are going to teach them for the money they will be paying you. Your lessons are where you need to sell yourself and business idea to your potential clients, be as consistent and efficient as you can through this process. Your first five minutes is your sales pitch to a potential client to your lessons, narrow your topic and stay pure.

Planning Your Schedule

Deciding in advance how often you would like to teach your classes are important. You need to schedule a time that will work for you, make sure you are comfortable and available. Working as a fitness instructor you will want to keep your classes structure to achieve the results your clients want. Teaching a cooking class can be more flexible, you can schedule your classes a little different and have to option to mix up the schedule on various time and days. Your students and clients expect you to keep your commitment to your time and days. Your Lessons are not a few days project; it is for at least six to eight months in some cases. Pick a schedule that you will be able to keep. Catering to your audience is important, set schedules that will attract them and make accommodations if necessary for them to be able to come to your classes. Most people go to the gym in the afternoon after work or school, if you are going to teach a yoga class or be a trainer offer your time slots during mornings and evening. Your cooking class can be later in the day also when moms that would like to sign up will have help with the kids. Scheduling to clients convenience can give your prospect the option to make it to class when the schedule is to their favor. Remember that your plan needs to work for you and your clients, find a balance that will fit both of your schedules.

Setting Your Price

Starting a new business comes with many steps, in the beginning, pricing is one of those first ones you take. One of your best resources is checking out existing business with similar products and service. You can compare talents, service, experience, and anything extra that your clients will receive from working with you. Coming in with a slightly lower price than the commercial establishments can be a great selling point for your business. The clients will receive expert opinion at a lower cost; this will attract quite a few people.

Customer Deals

You already have great classes, multiple times they can attend, even different levels for the most part so why not package those items. Offer your students a package deal when they sign up. Give them a great product and make them feel like they are getting the most for their money. If they enjoy your classes, chances are they will be telling friends and family about it. You can offer a rewards program for referrals, even have a group discount if they bring more people with them. You always want to do something special for them because people work hard for their money, make them feel like it is worth it to hand it over to you.

Setting up Advertisement

As a small business you most likely will not have the budget for advertisement like a large establishment would. Warm marketing is where you need to use word-of-mouth with everyone that you are known. Getting the word out can be done through your social networks, family, and friends, your regular day job (if permitted), anywhere you have enough credit and someone that can tell others about your business. Marketing is just the beginning for your company, get out and post flyers anywhere that you are allowed to, and you think your potential clients may hang out. Online is a big part of what you do, create a website that has detail laid out of your business and about yourself for people to read. Create an appointment page where they can contact you online and set up meetings if they happen to miss you. Get familiar with people around you and never stop working in the beginning, the more people you can get talking about your business the more referrals you can build up.

Your knowledge is an asset and can be used to generate income for you if you plan it right and market yourself to the right audience.

Your Four Reason To Create Continued Income

Having a businesses is great, but sometimes the day to day struggle to get clients old or new can be tiring. The best thing you can do is run your business efficiently to enable you to predict your monthly income better.

As an entrepreneur, you start out by being a self-employed service professional, so you need to stabilize your income. The way to go about doing that is to create a monthly recurring source of income to support your expenses; most people know this as a continuity program. You need more than one income to support your life and maintain that lifestyle. Life happens to the best of us no matter how careful we live, your best line of defense is preparation. There is four strong reason you need to have continuity income, so let's get started.

A Passive Income

Now, what is passive income? Passive income is income you receive on a regular basis with minimal effort on you part to maintain that business. Creating multiple income streams that bring you an income that exceeds your expenses gives you control over your life.

What is the definition of wealth? Wealth is the number of days you can survive without physically working ( or another member of your household physically working) and still be able to maintain your current standard of living.

For example, if your monthly expenses are $4,00 and you have saved $40,000 your wealth is ten months long. You measure your wealth in time not in dollar amount.

Working like a cow every day at a job is not ideal if you are looking to be wealthy, you have to work smart. Who would not want to stay at home instead of commuting to work? Who doesn't want to be wealthy? Creating multiple income streams that bring in recurring income on a regular basis that exceeds your expenses is a smart idea.

You need a 'REAL' business

Doing business is not just selling one product or service, you need to build multiple products to support your business. Running a business that sells a product or service only once is not a real business. Now there is nothing wrong with have one product or service the ideal is for you to keep a steady flow of income coming in. If you do plan to create a one-time product it should be something you customers are paying for every month. Decide on the type of business you will be creating to know which business are good for reoccurring payments from customers.

Can Be Package and Sold Away

Now that you have a real business that produces a steady flow of income it becomes an asset. Now how is that possible? You have a business that can be sold away to investors for 4x to 10x the original amount of the annual profits. Investors will pay the price you are asking because they see future profit not only in the annual revenue reports, but they can always continue to grow that business.

Having True Freedom

Picture yourself waking up in the morning on the first of the month without ever stepping outside your home and being free to do as you like. You can do that by earning an income over your monthly expenses from your continued income. You get freedom by controlling your money, control your life, and in turn control the freedom you enjoy in this world. 'Money is Freedom' simple; you need money to live every part of your life, continue income keeps the daily stress away and allow you to live a full life.

Continue income is not just about having money, it is about learning to improve and become the best version of yourself. The best part is once you have everything in place, and you start receiving continue income all you have to do is sit back and watch the income come in minimal effort personally on your part.