Money #Investment: You should seriously consider investing in an online business. Investing money in online business is quit easy task but become successful is not really what you think. Invest your money by knowing every single thing you need to be success.
Set Personal Goals
The first and most important step to succeeding in your onlinebusiness is knowing what you mean by success and how you know when youget there. If you don’t have clarity of purpose and written goals,you’re going to wander and flounder, but never reach the heights you’recapable of. Many people are afraid of setting goals or avoidgoal-setting because they don’t know how. But it’s really very simple.You need to set goals on three levels – Big Picture Goals, Medium – Term Goals and Short – Term Goals.
Obviously, you should start with big picture clarity. Who do you want to be, what do you want to have, and what do you want to do? You mightsimply sit down and make life goals in these areas: career, finances,family, education, creativity, attitude, physical, personal, andcommunity contribution. Think about how you want your life to look ineach of these areas in five years, ten years or twenty years.
- Then create milestones for the next six months and one year in each of these areas; those are your Medium – Term goals.
- Then look at what needs to happen now and over the next thirty daysto meet those Medium – Term goals. Those are your Short – Term goals.
- Write all of your goals as positive statements in the present tense: “I am earning $5,000 per month by December 31, 2012.”
- Make sure your goals are very specific and measurable, that they have a deadline, and that they are meaningful to you.
And with goals in place you can do anything if you take the action to reach those goals.
Find the Money Resources
If you intend to start a business, you’re going to need some money.You may be able to get by on less money than you have been used tohaving, but you have to live. And that may mean taking a day job or apart-time job, or working as a freelancer.
While it would be great if you could immediately start turning aprofit in your business; that is probably not going to happen, so youneed to be prepared to do whatever it takes to reach your dream. Nothing in life is for free. There are a lot of things to consider but when you know exactly what you want, you will definitely find the resources.
It’s not the resources that most people think that the problem is.The real problem that people can’t understand and realize is the lack of resourcefulness! “Ask and you shall receive”.
Eliminate Your Liabilities
Many people think their car or home is an asset, but in reality these are liabilities. An asset is anything that creates cash flow, and aliability is anything that costs money. It’s quite simple.
So what you need to do is create assets that bring in passive income. These could be information products, rental properties, or otherproducts that you’ve created such as apps or software programs. The keyis that they should bring in money without costing you money or muchtime.
And you should eliminate as many of your liabilities as possible.
Pay Yourself First
Divide your income into three buckets, or sections. Decide how muchmoney you absolutely have to have to pay expenses, and put that in onebucket. Another bucket should be savings or a safety net in case thebusiness doesn’t do as well as you hope or you have an emergency. Andthe third bucket should be money to run your business.
When you set up a system like this, you will have money foremergencies and you will know exactly how much you can spend on yourbusiness.
Cut your expenses to the bone and put as much money as you possiblycan into the business bucket. The more money you can create for yourbusiness, the better.
Don’t Work for Money—Let Money Work for You
At first your business will have very little money and you’ll have to work very hard and basically do everything yourself. But as you createmoney in your business, let that money work for you. Hire people to dothings. Spend money on systems. Get yourself out of the business and let money create money for you. This is the key to a financially successful business.
As long as you are working for money, you are limiting yourbusiness’s growth, because you are a limited resource. But when youallow money to do the work, you are creating perpetual growth machine.
You may have heard that it takes money to make money, and felt thatwas an overstatement or exaggeration. But the fact is, if you manageyour money wisely and work with it, you can make more money in youronline business and build your initial investment into an even biggercompany.