Find a business you love, an industry you love, a niche you love, a business you have a passion for, and then develop a network all of which have a vested interest in making it as big and successful as possible. Get your business registered, have a bank account, become a tax advisor and a business advisor (a consultant) or a business writer. When you can afford the right business (or business people) to get your product/services (the best way to learn about this is to ask for referrals/deals), then you will really discover what it takes to build a business that will be profitable in the long run.
The first step is to find a business you love that you want to succeed in. Don’t have one? Why not start one? Be sure to learn how the industry works and to get your foot in the door to the best opportunities. There is never a ‘one size fits all’ solution that works for every market. Make sure you understand the needs of your current business and then build a plan for your future.
When can I make money with my new business?
You may ask, why should I start at the beginning? Don’t be in any doubt whatsoever as this part is crucial.
When you set out to learn how to start a business, you are essentially setting yourself up to become a millionaire. Don’t be fooled into thinking that what you are doing will be easy. If you know how to start a business then, chances are if you stay at it, you will become a millionaire.
When you first start you generally need money to pay the rent (assuming your business is not your sole income), set up the books, pay employees/partnerships, start advertising, sign the contracts with all the contractors and start building the brand.
The first year it may be possible to get a business licence quickly but by year two it is almost impossible to find enough clients to pay the costs of running your business and maintain it. Once your business has a large enough volume, it will be almost impossible to turn a profit so in order to stay a millionaire, there will be a major investment in your business and by extension your personal life.
By taking a step back and considering the long term picture, it is clear that it’s going to take a serious income stream to keep the lights on. This means keeping up in the market (marketing, advertising, marketing, customer care, finance) – this is where you’ll start to see