Where are you now? Firstly, are you trading your time for money? If so, you will learn a much better way of earning money in this book. Have you assessed your current financial situation recently? You must assess your current financial situation regardless of how tough that is. When things are not so successful it is the last thing you feel like doing. You would rather be or do anything else than to sit down and go through your income and expenses, determine your current net worth by listing your assets and liabilities. However, this is one of the most crucial parts of starting your online business. You can’t possibly get to where you want to be before you know and understand where you are right now.
Where do you want to be? Develop clear financial goals to reach your vision. Having very specific goals by starting small first with a clear pathway to your ultimate vision. Having a pathway is paramount to where you want to go and end up. As a coach I provide pathways to our clients so they are very clear about where they are now, where to they want to be, the goal they want to achieve and therefore they can identify the gap. What is needed to get you there? Is it financial education, coaching and mentoring? Is it capital to get you going? Is it confidence to know you are on the right path and guidance along the way?
Train your mind, more specifically, be aware of your current financial conditioning. Be aware of your daily thoughts and the ability to know what needs to change. The first place to start is in your language. Listening to what you are saying to yourself and others. This language not only impacts on yourself but the perception of who you are and what you believe in, to others. Also, the more you take action and have successes along the way, the more this changes your beliefs and expands your mindset. Trish is a big believer of taking action!
Develop a plan, which is important to help you get to where you want to be, your vision. We would recommend a 12 month plan broken down to 90 Day Action Plans which can be done on a spreadsheet. Very simply it is a ‘To Do List’ for the quarter. Things that need to get done and it works towards you getting you to your 12 month plan. Trish does a simple process of how many leads and how many sales and income does she need to achieve her goals, which is called ‘Revenue Modeling’. This is great way to keep you on track. This is similar to an income budget.
You must identify what options are available to you? This involves getting educated and Trish doesn’t mean back to school educated. You can take courses that do not lead to a qualification and they can give you the skills to invest in many different markets. Trish invests and she is an online business owner and it has taken many, many years of local and international seminars, workshops and coaching to get to the level she is currently at.
Managing your finances is where most people get stuck. Part of the process of managing your finances is analysing your lifestyle expenses. Another part of your finances is reviewing your debt. Good debt or bad debt? Good debt is debt being used to acquire revenue-producing assets. Bad debt which is consumer or lifestyle debt being used to buy everything else you desire. Debt or other people’s money can be the quickest way to accelerate your business, asset base or investment base. This debt is considered ‘good’ as you will have income coming in to cover the repayments. The interest on this debt also provides you with tax deductions, which can reduce your taxes. Have you looked at your current situation and identified ways of earning more income to help you create your online business? Or, have you looked at ways that you can reduce your spending in the short term in order to get your business of the ground?
To ensure your wealth plan works you must build and lead your team. A business is nothing without their team and this is the most important component. You can have mentors and coaches who give you guidance to continually move forward and grow your business and wealth. Building a team who you can mentor and coach to achieve your goals. You have to become good at communicating with people offline as well as online. When it comes to people, there is a whole other dynamic and influence that needs to be considered, as you cannot control what people do, you can only lead them.