Some regular employees dream in becoming an entrepreneur to retire early.
At present, many in corporate jobs shift into freelancers because of suffocating traffic, can take care of their children, and political working issues.
Another reason that working in a stressful environment gets sick and results from being unhappy with your job.
It does not mean you have to resign today because of your reasons and start a business without a business plan.
That is why I created my blog site because it is not easy. And you are losing more and earning less because of indecisiveness.
What’s inside my content?
- Understanding that becoming an entrepreneur is not getting rich
- Difference between financial stability and financial independence
Take a deep breath for a while and give space for learning.
Becoming an Entrepreneur and achieving Financial Independence.
Getting rich is not your dream but having a comfortable life is your achievement. And that is a simple living together with your loved ones.
To conclude, being financially independent is your dream goal. You did not know it because even if you live a simple life, you need to have enough cash to pay your daily expenses. So you have to get up early in the morning to work and go home late.
Start a business today and becoming an entrepreneur is not the result of getting rich. Because you can achieve your financial stability quickly and be financially independent in a few years. A financially independent you can live a simple life without worrying about your expenses and forcing you to work hard.
For active earners who wanted to live beyond a comfortable life, create a long-term goal to monitor your progress.
Creating a Financial Goal is like you know of where you are right now.
Just like 20 years ago, a minimum wage is enough to sustain your daily expenses. You do not believe in retirement because you have a pension (SSS) you receive. Fast forward, with the high rise innovation due to advanced technology, you’re on the list of termination. You have few remains to retire, and the sad part is you get more than ¼ of your retirement salary because your company declares bankruptcy. With no goals for yourself and finances, your savings in the bank becomes thin.
Looking for another side gig is impossible, and if you set a positive mindset, you can achieve it.
Financial Stable versus Financial Independent?
A regular job gives you financial stability but becoming an entrepreneur gives you both security and independence.
The ability to pay your bills, basic needs, wants, and everyday expenses are proof you are financially stable. Your regular job alone that stays for years is the guarantee to become financially stable.
To be financially secure, you have to work hard and everyday go to work. If you miss it, your finances will get affected.
Pay the bills coming from your freelancing, small business, and investment are now financially independent.
You still have a regular job, but you do not have to worry if your company is in bankruptcy because you have other income that will replace your fixed salary.
Pros of Becoming an Entrepreneur
Entrepreneurship is important in the country’s economy.
The entrepreneurs pay taxes, give employment to the unemployed, and help enthusiastic people to build their own business.
When your small business keeps growing and turns into a big corporation, you can build a foundation to help the community. You help from the individual going to your country.
Becoming an entrepreneur gives you confidence, boosts self-reliance and pride for yourself and your family. You have a name or brand to tell everyone that makes your own and on top.
Becoming an entrepreneur keeps your financial security. Closed to give enough cash leads to paying debts, insurances, and emergency funds.
You receive your fixed salary every 15th and 30th of the month. If you wanted to buy basic needs but your salary enough for your everyday expenses, a credit card is your savior. You wait every 15th and 30th month to pay with interest charges.
While if you have a small business, you have an alternative solution, to borrow money from your business. The advantage you will not get additional charges but be sure to keep recording to track your cash flow.
And lastly, becoming an entrepreneur is “Your empire, Your rules”.
Cons of Becoming an Entrepreneur
If there is an advantage to venture into business, definitely expect the worst.
The greatest fear is losing money. Fear hinders you tin becoming your desired goal achieve it.
Another con of becoming an entrepreneur is it is all your responsibility. Yes, you can distribute the workload by hiring a suitable employee with the benefits and salary. But it is your responsibility when everything goes wrong. So to avoid this, you must prepare the rules and regulations for your business. It will protect everyone, especially your business keeps going and growing.
Tips for enthusiastic Entrepreneur.
Today, more small businesses could no longer operate. Of course, some stay afloat and maintain sales despite the challenges.
If you want to succeed in business, the following are helpful tips and becoming an entrepreneur successful.
>>Embrace changes, and that is digital transformation.
Customers are always changing their preference of taste. Every generation has its distinctive characteristics that you cannot push the same with you. Learn to accept it, innovate, find ways of how to satisfy customers.
The reason why the business fails today because of cannot accept to change into digitization.
Even as new startups, always update your business skills. As your customers change, you have to update the latest trend by improving personality developments, and attend courses.
Becoming an entrepreneur does not mean focusing on your business. Always read a blog, news, and anything opinions that might help in your businesses.
>>TRAITS OF AN ENTREPRENEUR
This is very important for becoming an entrepreneur. If you are in a side business, be like a real entrepreneur. And that is to follow the traits of a true entrepreneur.
The traits of an entrepreneur are the characters that molded you into a real businessman. See my traits of an entrepreneur blog site.
READ MORE : TRAITS OF AN ENTREPRENEUR
>> ENTREPRENEURS MINDSET
Becoming an entrepreneur is more than your skill and your knowledge. Engaging in business takes a lot to do with your mindset. A practical. Research more on entrepreneur mindset
Start with a Side Business
Becoming an entrepreneur is challenging, and it takes long years to achieve your desired profit.
If you have a regular job, you can start a side business.
Way back in years, people look for extra income after work. They are in buy and sell (trading), join the direct selling, and freelancing.
The professionals like CPA, accountant, lawyer, licensed financial planner, consultant, and doctor, do the freelancing. They can choose whatever they want, or it depends on the availability of their clients.
Today, a lot of side business ideas you can start at home. It is because of digital, and the reason more small business owners choose to hire employees online.
If not yet established your finances, like saving money for emergencies and protection, look for additional income. Engage in a side business.
Be Financially Independent by Starting a Business.
The content above is about becoming an entrepreneur and differentiate between financially stable and financially independent.
Below are your guidelines to achieve financial independence while doing business.
Separate your cash from a business cash
Even still working a regular job, are confident to borrow money from your business. That is the side of having a business.
You may get a loan from a credit company. A good record in your business results in being capable of approving it.
Always put on your mind to separate your cash from the business. I have content the importance you need to separate the two.
In my content, I write that it is good to borrow money from your business especially when your active income is enough for minimum wage. Be sure to always track it by recording the transactions. This way, it is easy for you to find out about cash shortages.
Cash flow statement.
It is very important for doing business. Cash is king, and for this, you need to track and monitor the cash flow.
You can do the budgeting plan first, and the result, prepare a Cash Flow Statement.
To understand better cash, read my contents, and absolutely, this will give you clear insight and start creating now.
READ MORE : Basic cash Flow
Marketing: your target market
More sales mean more cash. If you know how to budget in business, it will surely a positive cash deposit in your bank.
If you have more cash from sales, a big chance to grow. So you have the confidence to buy insurance, invest in a mutual fund, or purchase a building and lot and turn it into another passive income.
So how to increase your sales? Know your market. You will write a marketing plan which includes your target market and it’s preference. On becoming an entrepreneur, knows how to sell and technique to achieve your marketing plan.
Goals: Business goal and Personal Goal
To achieve your financial independence fast, you have to create your goals, for yourself and your business.
It is different from one another because, in your business goals, you must include your exit strategy especially when your plans did not work out.
Find your mentor for your business and personal.
Hire a business consultant to help achieve your business goals. To manage your personal finance, look for a licensed financial planner to help you to start financial planning.