If you want to learn how to start a business from scratch? Or without money? Maybe you’re facing financial difficulty and need an action plan. Here’s my thoughts. Fair warning, this may be an EXTREME plan. But sometimes extremity is needed to get things going.
1 – Where there is no vision, the people perish. As difficult as it may be, face the facts of the current situation. Devise your own plan, with your family, that will get you in a clearer headspace.
2 – It’s time to get ruthless, yet balanced and as fair as you can be. Cut all unnecessary BIG expenses. The most expensive will most likely be your housing. If you live in an expensive area such as London, you may have to move out. An example, if you’re single, around £230/month bills included you could live in Liverpool, be near a cool city, and live a great life for maybe a quarter of the cost.
As an example: I believe I spend 1,090 here living on my own, I could do a house share in Liverpool and have the rent covered for over 2.5 years on what it would cost me here for 6 months.
I was based in Malaga, Valencia, Lisbon for a while, and other places to cut the cost and build the skills needed to build an online income.
RENTING may be your best option to be flexible, to be able to move far easier than if you have a mortgage. If you’re younger you can build up a ton of experience this way. But there’s a trade off obviously with not building the equity you could build with having a mortgage. People have their own opinion about that.
If you’re eating expensively, look at cutting the amount you’re spending at the store each time you go.
If you’re spending £30 a time or more on haircuts, consider shaving it yourself.
These will hopefully be temporary measures, I believe the right mindset to have is to cut back so you can move forward leaps and bounds. One step back to take (at least) two forward.
3 – A service based business may be the easiest to get started with, and be able to work remotely. You could do translating if you have the ability, building websites or web pages for other people or their communities, consulting, this helps your build up cash reserves.
4 – Build up 6 months of cash reserves if possible, then you can think about other investments you can make to make things more automated and passive, rather than always trading your time. Nothing wrong with that, but ideally you want machines doing the heavy lifting for you without you having to be there.
Especially at the start, cash flow is king, there’s no point in having big assets such a house that you live in, if its taking more money from your pocket each month than you’re making. They can go up and down in value, but they should be seen as safety and security for yourself and your family, especially if you have children, rather than seeing it as your primary wealth building vehicle.
It can definitely make you money over the long term, but you never truly realise the value until you sell, see that ideally as a bonus and think BIG!
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