Five Tips For Improving Your Business And Income

Five Tips For Improving Your Business And Wealth

Here are 5 business and investing tips that will help you earn more money!

Write A business plan

You probably already heard others say this, but don't underestimate the importance of a business plan. Especially when you just start your business, a business plan will help you make sure that the idea that you have can or cannot succeed. Therefore your plan should include a short term and long term plan. What will your business look like in 10 Years? Do you think you can still be operational, did you grow into a big enterprise? How? If you don't see a future, don't waste your time and money, and rewrite or rethink your idea.

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Get Clients ASAP:

Don`t wait till you have formally started your business to get customers or clients, due to the fact that your business can not survive without them, you need to find them ASAP. Do networking and make as many contacts as possible. Sell or maybe give away your merchandise or services early on. Go to exhibitions, meetings, join groups and clubs. You can not begin advertising and marketing too soon.

Start your business while you still have a job
For how long can most people stay without cash? Not very long I think. And it can be a long time before your new start-up will start to see profits. Being hired whilst you`re beginning a business means cash in your pocket whilst you are going through the start-up process.

Although it is not necessary, it is advised. This way you can focus on building your business and still have the safety of a regular income. For example, you could start working less, like 20 hours per week, this will give you more time for your own business.

Invest Early

Are you young? And are you earning money? Maybe you have a part time job at McDonald's, or you have a full time job. No matter, if you are making money you should consider part of your income. The golden rule is that between 10 and 20% of your monthly income should be invested. And if you are really serious about investing, then you have to understand that investing takes time and effort. You wont get rich right away, but you can expect a return from around 5 - 10 % (or more) per year. And if you keep reinvesting your money every month, you CAN get rich over time.

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Are you considering investing your money? And maybe you are wondering how much is needed to get started? Well, that depends on where you invest. I would suggest you invest in a stock that pays dividends, mostly quarterly. You can then use your dividend earnings to invest even more. We call this compounding.

Besides that, if you earn money from lets say your own business or job, you can also keep investing this each month. That way your total investment will slowly grow over time and you can earn passive income each month.

Be Passionate:

You do not need to love every aspect of your business, that is near impossible (*cough*.. taxes...), but you should be very passionate about what you do. If you are going to devote a lot of time and energy into starting a business and growing it, than it's really meaningful that you truly and deeply enjoy what you do, whether it be running a barber shop, creating software, or a lawyers firm. 

We wish you good luck with you journey and we hop these tips helped you!

About the author:
Hello, my name is Ron Hoekstra, founder of The Liberty OnDemand. I hope you like my content, if you want to know more about me, please read here or subscribe to my newsletter where I will keep you up to date with new posts and other useful content.