Home Biz Makes You Happy Or...?

Just a random thought I had today...I see lots of offers for people to join a MLM and some are the same ones over and over. It doesn't matter whether or not you are a serial joiner in different businesses as long as you are successful (very important) at one of them!

Most times, success is never achieved because you run out of money or just get too frustrated. I can't help with the frustration only direct you to visit the personal development section of the nearest bookstore or library.

Actually, I recommend the library over the buying the book until you read it once; it'll save some money you might need for more important things. If you truly like it and find great value, then, by all means, purchase it! The library usually has audio books as well you can take advantage of.

For help with the running-out-of-money challenge which can affect any business owner in a new venture, my solution is relatively simple. It may be difficult at first to make the decision, but it will pay off big time later!

You see a great opportunity to make a great income, potentially six figures, and you get involved. Your first step at this point, and it's the most important part of your future success, is sitting down with your partner, life or business, and take time to map out your financial goals. Also, check with your mentor after you sign on and get a clear idea of what you will need to spend to make your business effective and efficient. Then, PUT AWAY a little bit of everything you earn from your business. A good rule is 25% to 50% into a separate account.

After you know your goal and the time frame, you should have a clear idea of what your finances are now. You need to sit down with a financial adviser who can assess your income, debt, assets, savings, insurance and your budget to help you put together a sound game plan to achieve your family's goals. This game plan is going to help you to stay on track with your business targets and keep you aware of what you are spending and on what.

Income you start to earn for your business should be placed into an account that you access only for business spending! Take the remaining 50% to 75% and put into a good interest-bearing account so your money starts working for you. You went into business to earn money not to spend your current income on your business. Most folks try to keep making it up from their salary only to find they are worse off, hence, a state of frustration.

Let yourself be guided by someone whose business it is to handle your finances while you build and develop your business and coach others to develop and grow.

To recap:

1)Meet with your coach/mentor to get a clear idea of what you will need to spend money on to get your business growing and profitable.

2) Have a meeting with the people who are most affected by your income - life partners or business partners.

3) Get a good financial coach to help you design a financial program that will help you stay focused on your business targets and income expectations of your new business and update this with them on a periodic basis. You need to make sure all areas of your life are properly taken care of in the event something happens to change your income either up or down.

4) Don't try to handle it all on your own. If you outsource those things which you don't do well, you give yourself more time to concentrate in those in which you excel.


As a financial coach and someone whose mother was a serial MLM'er, I am aware of the pitfalls of not having a sound financial game plan to make sure your business is a business and not a hobby. I love the entrepreneurial personality and believe everyone should have at least a part-time business. Besides the obvious, my ability to grow my business, it makes the Home Business opportunity you choose much more attractive to the people you want on your team since you will be more successful and everybody wants to be in a successful business!

Next time - What do you need to know to choose the right financial adviser?

See you at the TOP!

TTFN

Jax