Rule 1: No matter what you do it’s going to take start up money, so you need to leave some to the side. If you’re in a situation where your money is going in as fast as it’s going out, then you need to look into a different living situation. Some things that can help, and I know some are going to sound trite or obvious but they work.
- Look into your transportation. If you’re spending 50.00 a week on gas where it would cost 10.00 to use public transportation, switch. Remember this doesn’t have to be permanent just long enough to get you what you need.
- Living situation. If you’re living by yourself in an apartment, either consider finding a roommate or try to down grade to renting a room instead. Just be careful about it and don’t let yourself end up in a dangerous situation.
- Food. If you’re buying out a lot, and everyone has fallen into this trap at one point or another, try to buy more groceries and eat at home more. And if you eat lunch at work, try taking a bagged lunch. It sounds simple but you really have to motive yourself, and I think you’ll be amazed at how much money you save.
- Especially if you get into using protein drink mixes. And I’m not talking the 50.00 stuff you get at GMC. Go to a whole foods store and pick up a bag for about 25.00. That usually equals up to 20 meals in one bag and you’ll be healthier at the same time.
- Communication. If you’re paying a 150.00 a month cell phone bill, down grade to a cheaper plan or switch services all together. If you not a big phone user there are tons of monthly plans that range anywhere from 100.00 a year Tracfones, to 35.00 – 50.00 no contract plans from different providers.
- Now this one depends on your situation. If you have friends or family that are willing to go into it with you, the more the merrier, as long as you can realistically work together. I have plenty of relatives I would never work with. You can pool your resources and that way there’s not a lot of strain on one person.
Rule 2: Have a plan and do your research. Make sure you know what you want to do and how much it’s going to cost in expenses verse potential profits. And remember that any business (since that is what you are creating) always costs more then it makes in the beginning before it actually starts to make money. Most professionals don’t consider a business established until it has been active for at least two years and has begun to turn even a meager profit. So don’t be impatient.
Rule 3: Don’t box yourself in. I have found that having multiple revenue streams creates stability because if one market dries up you can pull from another. Make a list of skills and talents that you can use to offer services or products to others that they would be realistically willing to pay for.
Rule 4: this is very important so make sure you do this.
1. Check your state law and make sure what the regulations are for running whatever business you decide on. There are often heavy fines and penalties for not following regulations. You want to either consult a corporate lawyer or do your research. Most counties have ordinances, and cities and states have Departments of Labor.
2. Keep track of the money. Make sure you have records for what is going out, what is coming in, and how much your making. Make sure you report it to the IRS on your yearly taxes. This government entity has the ability to completely destroy your life with little oversight if they think they are being cheated. DON’T DO IT.
Rule 5. Have a market. You won’t make any money if people don’t know what you offer or if you even exist. This is where social media is your friend. Yes it’s time consuming, yes it’s tedious, but unless you have hundreds if not thousands of dollars for marketing it’s what you have to do.
Most of all remember to be patient but put in the work. You more than anything will determine how successful you are. Good luck.
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