DIFFERENT STAGES OF YOUR LIFE
Your money management rules are different in the situation when you are single. Once you get into a relationship your needs and wants change and perhaps you will want to have your own family. The budget setting up rules however stay the same. Simple money management rules are having more income than expenses and building up that extra emergency cash fund. No matter whether you are single or in a relationship.
The question here is whether you will join the incomes together and build up your financial budget or keep them separately.
This is a pure question for you and your partner to decide. Nowadays there are even married couples having their finances kept on separate accounts. Perhaps another option to consider is to set up a joint account and sent there only a small portion of your incomes and still keep the majority on separate accounts. Different partnerships or marriages, different rules.
STAGE OF HAVING YOUR FAMILY
Whether you want to admit it or not having a family and raising children costs money and these costs of raising them may surprise you. It’s very difficult to say no to your children. You want them to be happy, and happiness usually means that they get “stuff.”
When you add up the cost of raising kids, the obvious expenditures come to mind: education, childcare, healthcare, food, and clothing. However, don’t forget to include things like a larger house, larger car, higher utility bills, entertainment, sports, and other activities they will participate in during their childhood.
STAGE OF STARING YOUR BUSINESS
Once you decided that you wish to start your business, this will be also another stage of your life. Consider that there are costs to your decision as you will not be having your fixed salary on a monthly basis. so this is a cost of giving up one source of income for another one, supposedly a higher income.
The way as people go through different stages of life, also your business and investment have various stages. Each stage has specific requirements and you need to maintain these requirements and ensure that your financial independence will remain ongoing.
There are different actions to be taken when you are in the start-up point, and generate cash which you want to use for future development and increase the stage of production.
During the initial stage, there will be a lot of trial and error, but the main point is to use these towards the inspiration and taking further steps, even amending the strategy if needed.
Depends whether you will proceed with the business online, which is currently widely available or you will get into the physical production.
The preference is mostly for the online business and this is what going to be discussed further. even if you are doing business online, build a serious business for life, offer your clients value for improving their lives. The best ideas for online business in 2021 are
DROPSHIPPING BUSINESS OWNER
FACEBOOK AD SPECIALIST
SOCIAL MEDIA CONSULTANT
ONLINE COURSE INSTRUCTOR
REMOTE TECH SUPPORT
SUBSCRIPTION BOX CURATOR
As you can see, these are mainly technical or creation of content related. If you have already read some of my previous blogs, I am stressing out the importance of education and even attendance of seminars. Constant learning is the key if you want to create content.
Don’t try to chase too many projects at the same time. The initial principle we started this book with, the principle of sufficiency, needs to be applied together with your motivation and ambitions. It’s like in the car. You have an accelerator, but you also need your breaks so you will be able to slow down the car going down the hill or even perhaps stop it for a while if needed and then continue in your journey.
CONTENT CREATION RELATED BUSINESS
So let’s see that you have the knowledge and you can create a blog, or you are going to write e-books, or resumes, or any other content which will bring value to peoples lives and there is a need for it. Since I have already had a lot of content due to my 10+years of previous working experience and attendance of many seminars, I have already had an advantage for this start-up.
The next step was to create a website. Trust me, I am not an IT expert but I can read instructions and have a certain level of computer literacy, emails, use of word and powerpoint and I managed to create my own website.
TOOLS USED FOR WEBSITE CREATION AND PROMOTION
The website creation platform, which I have used to create this website is Bluehost, hosted on WordPress. You can create your own website and when you really needed some assistance the customer service of Bluehost is great and ready to help.
I can highly recommend Bluehost as a great platform where you can manage to create your own website. The fees are acceptable for a low budget startup. You can even choose your paid theme and make your website look more professional and these are at the additional costs of approx. $50. But even with the free theme, you can have a great website to start your business. If you feel like you need more guidelines, there is a great seminar on the WordPress and Bluehost on the website Fiverr.
If you want to improve your website or use other freelancers to help you with particular tasks, such as a book cover creation for example, which I used for my book. Using Fiveer is great and various services are available such as design and graphics, digital marketing, writing and translation, video and animation, music and audio and programming.
Fiverr also offers great seminars.
Video is a great way of market your product and even provide an explanation, which you would otherwise probably leave untold.
If you don’t want to become a celebrity and put your face on the camera, you have other various nowadays such as the creation of doodly types of videos or even avatar videos. The video creation platforms which I can recommend as some of them I use personally, are:
- DoodleMaker, for doodly quality videos
- VideoBuilder, which is a programe of avatar creation videos
- VideoCreator where you can produce your full HD quality videos for your websites, e-com stores, social media, product promos
CONTINUATION OF THE BUSINESS AND DEVELOPMENT
Especially when you are not in the position to leave your job yet before and during the start-up phase since your business may not be bringing in as much money or no money at all at the beginning during the first few months. And you need to keep your cash coming into the budget since as I say often in this blog, the cash is a reality check. Because let’s be honest, you need financial resources for the beginning. There is a whole transition process and don’t rush into it but also don’t sleep out of it.
Time is a valuable asset you have and the money can be generated. The transition is also about admitting that once you are a businessperson you are in it alone, for yourself. There is beauty in this process since you will get the chance in your life to add value and create rather than just work for others. The timing is important and so the better time management you set up at the outset easier it will be on the way down the path. As said, you need initial investment and money to start your next chapter, so see your current job as a blessing and way through and be thankful while continue creating your path towards financial independence and success.
You need to take certain risks if you want to create a better future, but also keep in mind the importance of liability of your content, your credibility and so rationally evaluate whether what you are doing is creating value for others and also keep you increase and maintain your financial independence and stability.
Keeping financial planning and journal is important and this will keep you grounded, while the creative part of your business will be giving you the motivation to continue. I am sure you are great and you have these awesome skills you need to go to the next level. Entrepreneurial level.
P.S.: The above-mentioned stages do not need to be in this very same order.