When I first went into business for myself, I thought all I needed was a good idea. Winning ideas are important, but you need more.
Then someone said you need money to make money. They said you have to get a big bank loan or tap your rich uncle before you can succeed. But that advice isn’t enough, either.
Later a friend tried valiantly to convince me that marching forward with loads of enthusiasm was the way to wealth. He felt if you had enough belief in yourself, you could climb any mountain. Yes, that’s good advice, but even the most enthusiastic business owners can find themselves in hot water and worse.
You need, must have, and can’t do without THREE things:
(1) You need good, solid, affordable business education.
Don’t let that word “education” fool you. I’m not talking about a university business degree or even a course at your local community school. You can GREATLY increase your chances of reaching your business dreams is if you come to the party with a giant pack of tips, tricks, and strategies tucked under your arm.
Knowing what has worked for businesses that have gone before you can greatly improve your chance while speeding up your path to wealth.
(2) You MUST have a way to keep your expenses down!
Most everyone talks about earning more money as the path to success. But just as important is REDUCING expenses. Consider any expense reduced as a pay raise — because that’s exactly what it is.
Often when a corporation wants to show bigger profits to their stockholders, they start slashing costs by cutting back on facilities, labor, materials, and anything else that isn’t absolutely necessary.
Corporations also use their often massive size to negotiate super low sweetheart rates from suppliers. Small businesses can do the same thing by joining cooperative programs that use their member numbers to get much lower rates on everything from road assistance to legal help.
As a business owner, you’ll want to save anywhere and everywhere you can. Taking advantage of co-op savings can put an extra several hundred dollars in your pocket.
(3) Look for additional sources of income.
Most businesses figure they’ll pay their expenses and take home a profit simply by selling their central product or service. It rarely works that way. You need multiple income sources to achieve success.
In the beginning, don’t pass up any chance to earn several extra hundred dollars per month. Add that additional income to what you save on expenses and you’ll find yourself on the fast track to profits.
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