Remember the Day You Started Your Own Business? Part 1

Dr. Annie L. August 20, 2012 0

I still remember the day I started my first business…

Somehow I knew being an employee wasn’t what I was looking for… I wanted something more.

I wasn’t enjoying my job and felt as if my growth was being controlled. I also realized that I couldn’t create the wealth I wanted to create while working for someone else.

I wanted the freedom to use my creativity to generate products and services that add value to people’s lives, while giving myself the ability to decide on my own earnings and wealth creation.

I was ready for the challenge.

My first business was rather by chance. An opportunity that popped up unexpectedly, and I decided to take the risk and start the company. It was also something I enjoyed doing – training!

I did very well with my first business. Within 3 months I had a turnover of $500k. And to date, I never looked back. I have now been an entrepreneur for over 10 years.

So…what are the reasons people start a business?

It could similar to mine – freedom and independence. Or it could be an opportunity to stretch creativity, be challenged, create wealth, or to even to leave a legacy.

What about you – if you’re a business owner, what inspired you to start your business?

Did you start with a DREAM?

Did you envision your business growing so big, that you could comfortably provide for a family with a lifestyle that you want?

Or maybe, you envisioned providing a product or service that people need, adding value to their daily lives.

The irony is, many of us think that starting a business will give us the freedom, fun, and the wealth we want, and yet some of us are not achieving that…

Robert Kiyosaki, author of the international best-selling book Rich Dad and Poor Dad and instructor for Money and You, talks about the cash-flow quadrant (if you haven’t read this book – please buy it- it will give you a different perspective of being an entrepreneur.)

Here is a quick recap of what Mr. Kiyosaki shares. He mentions that there are 4 quadrants…

  1. Employee: Employees earn income by working for other people.
  2. Self-employed worker: Self-employed people earn income by working for themselves – they own their jobs.
  3. Business owner: Business owners earn income from the businesses they own
  4. Investor: Investors earn income from their investments – from money generating more money.

Everyone is at least on one spot of the quadrant. Generally speaking, people in the Business owner and Investor quadrants reach their financial goals faster than people in the Employee and Self-employed worker quadrants. The good news for you, if you inhabit the left side of the quadrant, is that you don’t have to be stuck there. You can move to the right side. Indeed, if you want to be financially free you have to move to the right side. Moving quadrants is a matter of choice and financial education.

So my next question to you is which quadrant are you?

If you fall under Employee or Self-employed worker, it will likely take you some time to reach your financial goals.

If you fall under the Business owner or Investor quadrant, awesome!

And for those of you who own businesses, are you in the Self-employed worker quadrant or the Business owner quadrant?

If you are in the Self-employed worker quadrant, it is time for you to consider how you can create a system to leverage your resources, so that you can own your business and not have your business own you. One example is to utilize tools and of course having the right team. I.e.: hiring the right people for your business.

There are many tools available out there in the market. Tools that are created to support your business, so that you can minimize your time and resources.

However, there is ONE thing that remain the same for all businesses..

We all need CUSTOMERS!…

We all need CUSTOMERS so that our business will thrive.

If we don’t have sufficient customers to cover our expenses, basically we are running a business with a loss and it defeats the purpose of doing business in general.

Therefore, it is important for any business to have customers, and more important to retain your customers once you have acquired them…

What are the ways to acquire new customers?

Basically this can be done through sales and marketing efforts such as events, PR campaigns, advertising, word of mouth, and through using a customer loyalty program. It takes effort and money to acquire new customers, and even more to retain a happy loyal customer.

One way to retain your customers is through rewarding them.

This is where Ferret Card comes in…

Ferret Card takes care of all your technical needs, providing you with a global customizable platform that supports you to connect with your valuable customers and continuously create a long term relationship with them.

 

Part 2 To Be continued…

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