Achieve financial freedom by following these simple principles.
All the answers to your unique business lifestage questions
Entrepreneurs want to start up their own business because they are passionate about their business idea and are seeking the financial freedom that a corporate job isn’t offering. But a new business is a costly affair.
How do you grow your business and your bank balance?
According to best-selling author and public speaker, Dr John DeMartini, there are three things every entrepreneur seeking financial freedom needs to get serious about:
1. Serve people
“If you care about humanity you will care about what the needs of humanity are and how you can directly or indirectly serve those needs, says DeMartini. “ By serving those needs you will have a direct source of income.”
When you bring your business idea to the market, your idea must service the needs of the target market. If it is not a product or service that they want then your business idea won’t make you money.
According to DeMartini, serving people means investing in them. “When you invest in the people in your organisation you automatically raise the standard of your business.”
Shift your view of money. Don’t attach an emotional label to it; rather see money as a medium of fair exchange. You receive money when you serve people’s needs.
2. Long-term vision pays you your wealth
“As a society we are all about instant gratification – the quick fix,” says DeMartini. “This will only keep you poor.”
Research has shown that people and businesses that achieve wealth very quickly tend to lose that wealth just as quickly.
Develop a work ethic around growing your wealth. Instead of chasing the next buck get to a place when you go to work because you love to work.
”Do you think Donald Trump goes to work because he has to? No,” says DeMartini. “Donald Trump goes to work because he loves what he does.”
3. Prioritise your money
“Wealthy people prioritise their money – what they will spend it on and what they will invest it on,” says DeMartini.
Don’t buy things that are depreciable but rather choose assets that will go up in the value the longer you have them for.
Often entrepreneurs want to adjust their lifestyle either back to where it once was when they were earning a steady salary or take it to the next level because they are finally earning. This is a mistake that a lot of new business owners make and it eventually sinks the whole boat.
“Never raise your lifestyle unless you raise your savings and cost of taxes as well,” warns DeMartini.