How do we create more wealth? Should we focus on cutting out expenses? Do we save more? Do we increase our earning potential? There are different thoughts behind each method, but if you really want to focus on wealth creation, you really should be doing both – creating income and saving.
When we save money, what we’re really doing is holding on to money that was already ours in the first place. It is money that was already in our possession. However, when we are creating more money, we are creating more income or wealth for ourselves and this isn’t money that is coming from our regular salary or job. When we have additional money coming in, that’s what can go towards creating wealth.
So how can we create more income? Is there an idea or venture that you’ve been wanting to start for the longest time but had no idea where to start? Getting started usually seems to be the hardest part of the whole process. So let’s take a look at 5 Pro Tips that can help you develop your idea and launch your entrepreneurial enterprise.
1. Take complete inventory.
You definitely need to know where you’re starting from. How many times have you gone completely unprepared into a grocery store, with no list planned, only to arrive home to realize you forgot to buy paprika to complete the recipe? You either wasted time going back to the store or had to figure out what you could substitute or just compromised and said, “Ehhh I don’t need it.” In your business or trying to execute your new venture, you really don’t want to be wasting time because it could also cost you a lot of money. So planning things out thoroughly, in the beginning, is important.
Have you taken inventory of what you like to do and what you don’t like to do? What are you good at? What are your weaknesses? There are different strengths finder tests online that can help you identify what you’re really good at. It’s helpful to know what you would be naturally good at if you haven’t taken the time to discover that for yourself. Maybe you’re very technical or maybe you’re creative and love making shirts or greeting cards. Knowing who you are will help you make better decisions on how to execute your idea and what kind of help you will need in order to get things done.
2. Set a Master Goal
Once you know where you’re starting from, setting a master goal is the next move. A master goal is the one that all of the smaller and short-term goals lead up to. This goal sets the time frame that you want to accomplish your plan in. It also helps keep yourself and any team members focused on deadlines and outcomes.
Think about what drives you so much that it pulls you to do this very thing. Why do you do it? I’m sure you’ve heard of your “why”. What is your purpose? While figuring out your master goal and all the smaller ones that lead up to it, always revisit in your mind why you are doing this. It is what will help you stay focused when tough times come and you want to just stop and give up.
3. Create a Plan
Now that you know the what, you can lay out the how. Many people stop with the what. They know that want to start a small business selling online resale items but once they have a website or a few items, what should be next? How are you going to market it? Who do you need to talk to? Do you have a social media strategy to promote your business or message? Have you clearly defined who your target audience is and how you solve their problems? A plan to execute is the actual map to the red “X” where the treasure is buried. It will possibly lay out all the roadblocks, obstacles, and priorities.
4. Take Daily Action
Taking consistent action is the best method to accomplishing anything great. Daily action means that your focus is where it needs to be and progress can more easily be measured. Understand that what you focus on daily is what will grow in your business and life.
One of the biggest challenges in this area is how to take daily action. One thing I’ve noticed is that many people do not have a set schedule of when to work on their daily actions. Creating time blocks can be helpful. You may have a job, so how do you juggle fitting in time for this idea and venture? Take a weekly calendar and identify what hours of the day are free for you to work on your business idea. For example, maybe on Mondays you focus on marketing and laying out the week’s content. Wednesdays and Fridays you focus on making calls and setting appointments. You need to determine what works for you, but the key is to designate time for specific things that you need to do on a daily basis. How many times have we said that we needed to do something and it just never got done and time just kept on passing by? It’s because we don’t create an appointment for ourselves to handle that task. This will help you better organize the action steps that you need to take and make sure that it gets done.
5. Recalibrate and Reassess on a Monthly Basis
The world is moving fast and if you let too much time pass before you assess and reassess your success, you may end up dead in the water. Tracking your moves on a monthly basis is just enough time to measure if you are moving in the right direction. This timeframe also alerts you to the fact that you may have to change directions. However, keep in mind that there may be some things that you just have to give some time. Let’s say for example you launch a new t-shirt product, but sales aren’t where you expected them to be. After a month, don’t just give up and say it didn’t work, but rather reassess. Did you market it correctly? Was your messaging clear? Did you promote it enough? Did you reach out to the right people to help promote it? There are questions that you’ll need to ask yourself to see if you could have done things differently. Doing a spot check on where you’re at and what you need to adjust will help you understand where to course correct.
While saving money is important, finding ways to generate more income is even more critical in order to build wealth over time. Starting a business or venture is exciting and fun, but there is a lot of hard work, sweat, and equity involved and most of all, mental toughness is definitely required. However, when you can properly plan your idea out and remember these guidelines, your odds of making it happen increases. Carrying out your ideas and ventures not only will give you that chance of fulfilling that dream that you’ve always wanted to see come to life but will ultimately help you achieve the wealth that you deserve.
About the writer. Jen Fontanilla is a money coach and helps women solopreneurs get financially organized, create a money plan they feel good about and follow, so they can focus on their purpose and passion, and create a fabulous financial future. If you’d like to get a FREE download of “Money Management Tips for Entrepreneurs” you can go here and if you’d like to stay connected you can find her at www.jenfontanilla.com or on Instagram @jen.fontanilla.