Category: business tips Page 1 of 6

Six Top Ways Artificial Inteligence Can Grow Your Small Business Enterprise 

Six Top Ways AI Can Grow Your Small Business Enterprise  cover title

Small and medium-sized businesses face many challenges as they strive to grow and stay relevant in today’s ever-changing business world. One key strategy for remaining competitive is adopting advanced technologies, with artificial intelligence (AI) standing out as a particularly important tool.

AI has become a top priority for businesses of all sizes. More than 50% of small and medium-sized businesses have already started using AI, and this number is expected to grow even more in the future. Even major companies like Amazon and Google are using AI to drive innovation and strengthen their positions in the market. We previously wrote a blog post on “Artificial Intelligence: history, impact and future expectations.

In this blog post, we’ll explore why AI has become so important and how it has the potential to completely change the way small and medium-sized businesses operate. We’ll look at real-life examples and the benefits of AI, showing why it’s not just a trendy term but a crucial tool for businesses that want to succeed in today’s digital world. 

The Ultimate Financial Literacy Guide: Six Places to Acquire Knowledge.

Financial Literacy: Key  Image

Do you want to acquire an intricate knowledge of finances and get ahead financially? There is always an opportunity to improve financially, ranging from free courses to programs costing thousands of dollars. 

Financial literacy is essential for managing money well, making wise choices, and becoming financially stable in the long run. Proper financial knowledge has a good impact on individual and corporate saving habits. The Financial Industry Regulatory Authority (FINRA) did a study that showed people who know more about money are more likely to save for emergencies and handle their day-to-day finances better.

In this blog post, we will consider six channels through which anyone can acquire financial knowledge.

1. University degree (Finance-related courses) 

Are you looking to get financial education inside the walls of a school (either in person or online)? So, the word “finance” could be used for any course that teaches how to spend and handle money.

If you get a degree in Finance, you will know a lot about corporate Finance, which is business finance. Accounting, Valuation, Risk Management, International Finance, and Economics are all courses connected to Finance and will help you learn a lot about them.

A bachelor’s programme typically lasts three to four years, with some four-year programmes requiring students to intern at local businesses as a condition of graduation. Finance is often taught as part of a Bachelor of Business Administration or Bachelor of Economics. 

Here are a few prominent institutions that offer finance-related courses: 

Another academic option to consider if you want to spend less is going for a short-term financial course. 

2. Short-term Finance courses

A short-term finance course is ideal for those seeking affordable education without the commitment of a multi-year college degree. It’s also great for workers who want to move up in their jobs by getting a certificate in finance from a well-known school.

The great thing about a short-term course is that any novice or professional can enrol and improve their personal or organisational financial life. While some short-term finance courses require experience, many are open to people without a background in finance.

A short-term finance certificate programme teaches you how to make the most of your chances in the financial markets and make smart choices about money and investments. 

From Polo to Profit: 6 strategic business lessons You can Learn from Ralph Lauren’s story and success of building a Luxury Custom Clothing Brand

Ralph Lauren is a popular fashion brand that has gained worldwide recognition for its classic designs, excellent craftsmanship, and commitment to luxury. He founded his brand in 1967 and has since grown into a global powerhouse. It offers various products, including clothing, accessories, fragrances, and home furnishings, and operates over 500 directly owned stores internationally. Recent annual revenue exceeds $6 billion.

Five (5)  Crucial Mistakes to Avoid as Your Business Grows in 2024

Medium shot of a business owner trying to grow his business 

Picture from freepik 

Entrepreneurs face challenges and opportunities every year, and it’s always good to be ready with the right strategies. This blog post discusses five (5) business growth mistakes business owners should try to avoid in 2024, drawing on the experiences of successful entrepreneurs and current trends. By following these strategies, you as a business owner are ready to experience business progress.

Read more: Five (5)  Crucial Mistakes to Avoid as Your Business Grows in 2024

How well does YouTube pay?

Youtube can make you rich

How to start a YouTube channel

YouTube is a brand that Google owns; hence, to operate a YouTube account, you will need to use your current Gmail account or create a Gmail account to do that.  

  • Go straight to youtube.com and sign in at the right-hand corner on the top of the page. This will request that you input your gmail account or create one.
How to sign in on YOUTUBE
  • After you have logged in to your gmail account into YouTube, the next step is to create a channel. Do this by clicking the Icon on the top right-hand corner. 
  • The next interphase allows you to create a personal or business channel. 
  • Choose a channel name, follow the relevant processes, save, and you are now a member of the YouTube creator family. 

Why start a YouTube channel?

If you are thinking of starting a YouTube channel in 2024, you are making the right decision and it is not too late for you to get on the ride. YouTube not only lets you show off your talent, but it also lets you get paid for making videos.

Renowned creator MrBeast has made news for himself after he amassed a subscriber number of over one hundred million. This is a big reason his YouTube payment is so high—millions of dollars. You can also get on the YouTube payment plan by meeting the requirements for the YouTube musician partnership. 

Channels of earning from YouTube

The YouTube Partner Programme is a comprehensive partner program that provides creators with income opportunities and assistance. In the past, the primary way YouTubers could earn was through AdSense. 

This has always been a significant discussion among people paid by YouTube. Recently, upon acceptance into the partnership program, creators can earn revenue from YouTube adverts, Super Thanks, Super Stickers, Super Chat, channel subscriptions and by selling goods to their audience. 

Once registered to the Partnership programme, you get an automated copyright flag when someone else reuploads your work and access to Creator Support staff for one-on-one assistance. By continually innovating, YouTube aims to make the Partner Programme continually beneficial and worth it for creators. 

Types of videos creators can create

YouTube was majorly known for long-form- landscape videos until the concept of shorts became popular among creators on social media sensation networks like Snapchat, TikTok, and Instagram. This made YouTube introduce YouTube shorts, and this became significant on YouTube. Today, YouTube has introduced YouTube shorts into what qualifies a creator to be a partnership programme. 

Youtube Shorts Daily Views - Start a Youtube channel

Source: Business Insider

The YouTube Partner Programme provides access to tools such as one-on-one help and the Copyright Match Tool, and it enables content creators who meet specific criteria to participate in various revenue-generating opportunities. 

Creators are developing prosperous firms that have staff members and fully functional operations. They represent a significant portion of the more than $80 billion distributed to inventors, artists, and media firms over the previous three years.YouTube Revenue and Usage Statistics (2024) – Business of Apps

How to become eligible

YouTube isn’t just handing out dollars to people for creating videos; the multibillion-dollar corporation requires that whoever gets into the partnership programme meets specific criteria to benefit from this tremendous opportunity. The requirements are called ‘Monetisation policies.’ such a creator must live in the region where the YouTube partner program is available. 

Now, content creators in the United States, the UK, Taiwan, South Korea and Canada have a faster path to being eligible for the YouTube Partner Programme. Apply to participate in the programme and unlock perks such as financing from fans and select features for YouTube Shopping if you meet the eligibility requirements listed below:

  • To qualify for this payment, creators need to have 500 subscribers, three public uploads in the last ninety days, 3,000 valid public watch hours in the previous twelve months, or 3 million public Shorts views in the previous ninety days.

Creators in other parts of the world can enjoy the benefit of the YouTube partners program when they meet the requirements below: 

  • One thousand subscribers and four thousand valid public viewing times in the preceding 12 months OR 10,000,000 valid public views of Shorts in the preceding 90 days.

Final take

All creators will go through a standard review process upon applying to ensure their channel meets our policies and guidelines. Some features may have additional eligibility criteria. In all, choosing to start a YouTube channel is not a bad decision.

Common Challenges You Will Face as a First-Time Entrepreneur

Common Hurdles You Will Face as a First-Time Entrepreneur

Greetings! I’m excited to share some insights on starting a new venture. As a first-timer in any business, it’s very impossible to not encounter some discomfort but don’t worry. I’m here to help you identify the First-Time Entrepreneur Challenges you might face and how to navigate them successfully.  

This blog is a valuable resource that you should check out if you’re looking to start a new venture soon. So, let’s work together to build a solid foundation for your future endeavours!

Record Label offer? Know this before signing a deal!

What is A Record Label

Are you interested in using your love for good music to make a fortune while working with a record label? This is the right blog post you need to help you take your vision to the next level without getting into any problems with your record label. 

Who is a recording artist and performer?

Recording artists are professional musicians who make a living by recording music, most of which is that of others but can also be their own, selling it, and performing at live events. This can be an individual, a band or group of friends, or a large orchestra.

In the past, it was pretty difficult to venture into the business of song recording because of the limitations of technology. New technology like multitrack recordings and stereophonic recordings makes it easier for record labels to sign more deals with people to produce their recordings. With the very vast softwares available for recording, even a teenager can start a career in music and begin to rake in several thousand dollars after a while. 

Recording Artist in a Record Label

Image by prostooleh, Freepik

There are two ways to take your song recording and performance to a professional level: either sign with a record label or work as an independent artist. Each has its own pros and cons. 

What is a Record Label

A record label is a company that manages brands and trademarks and coordinates the production, distribution, marketing, promotion, and intellectual property rights compliance for musical recordings and music videos. Record labels also recruit and grow new musicians and maintain agreements with recording artists and respective managers.

Signing with a record label can be a huge step forward for any recording artist or anyone looking to make a career out of music. In fact, artists flaunt their record deals and celebrate when they get a deal with a record label. 

While some artists will never get a record deal with a record label and hit it big, Getting a deal with a record label can make a difference in an artist’s music career. In most cases, artists think that landing a record deal is the key to success, and while it can be a major part of one, it is not the only step to a successful career, and the journey could get demanding after some time. 

There are two major types of record labels:

  • Major labels: The music business is dominated by three well-known record labels known as ‘The Big 3’: Sony, Universal, and Warner. These labels are usually associated with well-known musicians. 

Major labels are well-funded and have a wide range of divisions that cover every aspect of music production. Furthermore, they manage a number of smaller independent labels that specialise in specific genres and specialisations.

  • Independent labels (indie labels): Independent (indie) record labels and music publishers are those that are not under the ownership or control of the big three. The term “indie label” may refer to those who fit specified criteria for organisation and scale, or it may refer to any non-mainstream music releaser, regardless of structure.

Indie labels are frequently more artist-friendly. Despite lower sales, they frequently give higher artist royalties, which is usual in 50/50 arrangements. These labels are usually artist-owned, with the goal of controlling output quality. 

Despite the fact that independent labels lack the “big three” resources and market shares, indie artists might earn more because of cheaper production costs. Smaller revenues might sometimes help them repay their original investments.

What is a Recording Contracts 

A recording contract is a legally binding agreement that dictates the terms of the professional engagement between a recording artist and a record label. Usually, the label has a contractual responsibility to support and collaborate with the artist, and the artist accepts the label’s offer to record music.

The specifics and commitments in a recording contract are not really standardised. To interpret the contract, the artist must be prepared to speak with a legal expert who is very familiar with music and copyright laws

The artist will agree to produce songs for the record label for the number of years stated in the contract. This contract can be extended based on mutual agreement between the artist and the label. However, the label is most likely to terminate the contract if the artist is not profitable for the label. 

Signing a Record Label Deal

Image by pch.vector, Freepik

According to the IFPI standard, the typical investment a major record label makes in new artists is between $500,000 and $2,000,000. This money covers many things, most of which is spent on advance, production (sound and video), promotion, and tours. This investment is usually pivotal to the huge success of many artists signed by major labels, as it provides sufficient budget to take an artist from obscurity to fame. 

In a case where the recording artist has a track record of success as an independent artist, the artist will have more bargaining rights than an artist with no track record. In fact, during negotiation, you must present your best foot before the record label and prove that you have what it takes to be a successful artist. 

Termination of contract

Typically, contracts include provisions for cancellation, with artists agreeing to pay back any advances in order to exit the contract. The label maintains ownership of the music recordings and could also force the artist to give over every track they produce until the advance fund is repaid.

Related Blogpost: 5 Reasons to Start Your Career as an Independent Artist

Pros and Cons of signing a record deal

Pros.

  • Exposure: Signing with a major label makes it simple to get more exposure because they have a good reputation, a bigger budget, and a global presence. 
  • Paid for and prepaid: After signing with a record label, an artist has access to financial support for studio time, production, marketing, promotion, tours, and other expenses, making it easier for them to complete the process without worrying about money.

Cons. 

  • Reduced creative freedom: Most record labels are all about the business, which results in a situation where the creativity of the artist is highly prioritised. Record firms, especially large labels, focus on nurturing musicians into “sellable” products. Artists interested in financial gain may find this deal beneficial.
  • Profit is distributed on a percentage basis: labels typically give artists 20% of their earnings from large record deals, with the remaining 80% going to the label. However, these arrangements frequently include the previously stated advance payments as well as a lot of exposure, so it’s not all terrible and may change with a subsequent review of the contract. 

Earning money as a signed recording artist

If an artist lands a record deal, he or she must be intimately acquainted with a few things. This is because a record deal might not be the end of an artist’s personal financial problems; it can even be the reason why the artist goes broke later in life. Just like in any other field, a sound knowledge of how the business of that realm works will be the difference between a successful and unsuccessful artist.

How royalties work for record labels 

In general, the earnings of a recording artist under a record label come from the label. The record label releases the track or album through distributors. The earnings from the product are paid to the distributor, which then pays the label. The label pays the artist in the form of royalties. 

An artist also gets a performance royalty every time his or her recording is played on the radio or performed by others at a live event, even if it’s the artist’s own event, as long as the set list is submitted to the performing rights organisation.  

However, this is dependent on the kind of contract the artist has with the record label. This type of contract will determine whether a portion of the performance royalty will go to the record label or not. 

Record Label Advances 

On signing a record deal, a record label usually pays the artist a sum of money to help the artist-run their day-to-day activities during the whole production process, just before the royalties begin to flow in. This is called an advance. This is to help the artist focus on creating the best that they can because they have undisturbed time to explore their creativity. An advance is not usually considered a loan; however, this money is usually recouped immediately when the record label begins to make money from the releases. In the case where the record deal yields no profit, the record label is not obligated to demand any repayment from the artist. A typical advance amount will usually range from anything between $50,000 and $350,000, depending on the size of the record label and the track record of the artist. 

How much, on average, can a record label artist make?

Royalties from music streams can be so small for every individual stream that you almost think no artist can make a fortune from royalties. However, when you consider that over one million times in a year someone streams a song released in the United States, you will realise that streaming royalties can amount to a fortune for the several parties involved in the whole production of the sound and video. Billboard estimates that in the year 2021, Dua Lipa raked in a whopping sum of over four million dollars on a single track, which happened to be the most streamed song in 2021. Being a record label signee has many advantages. The most important thing, however, is to make sure that you read the contract’s terms and that you consult with a professional in the area of legal issues to help you fully investigate all of the terms of the contract before signing any agreement. 

Tips to Help You Master SMART Goal Setting in 2024

As we step into the new month full of hope and positivity, wanting to tick off the goals we set for the year and the ones we haven’t been able to achieve, it is important to turn our good intentions into practical and achievable goals, that’s the major reason why we wrote the SMART Goal Setting blog.

“Success does not consist in never making mistakes but in never making the same one a second time.” – George Bernard Shaw.

This quote serves as a reminder that encountering obstacles or failures should prompt us to reevaluate our paths, learn from our mistakes, and adjust our strategies to achieve our goals more effectively. With time flying by so quickly this year, it’s easy to get caught up in high expectations without making any progress. That’s why it’s important to consistently conduct monthly reviews, which can help us track our progress and make any necessary changes.

Now, let’s explore the art of setting smarter goals for 2024 and strategising to accomplish them.

How to Set Goals in 2024: 

1. Reflect and Define and Refine:

Before setting your goals for the year ahead or even the new month, take some time to reflect on what you want to achieve. You will have to define all of your short-term and long-term objectives to ensure they align with your vision.

For example, if you’re going to progress in your career, think about specific milestones like learning a new skill or completing a certification. As you work towards your goals every month, regularly check your progress and assess what you have achieved, what you haven’t achieved, and how you can move forward. This will help you stay on track and make the most of your time.

2. Understand the SMART framework:

Goal setting is one way to both personal and professional growth. To ensure that your goals are practical and achievable, it is important to understand the SMART framework. The SMART framework consists of five key elements that work together to create a roadmap for success. 

The SMART framework for goal setting can never go wrong in goal setting:

Specific: The first element of the SMART framework is “Specific.” This means that your goals should be clear, concise, and well-defined. Instead of setting a generic goal like “get in shape,” it is important to specify your goal in detail. For example, you could set a goal to “run a 5k in under 30 minutes each day or weekly.” This will help you to focus your efforts and track your progress more effectively.

Measurable: The second part of the SMART framework is “Measurable.” This means that you should establish tangible criteria to track your progress. You could track your progress with quantifiable metrics, such as weekly workout sessions or dietary changes. 

Achievable: The third part of the SMART framework is “Achievable.” It recommends that your goals be challenging but doable. This means that they should be ambitious yet take into account your current situation and resources. If your goals are too easy or unrealistic, you may become frustrated and disappointed. On the other hand, goals that are too easy may need to provide more motivation or satisfaction. So, make sure to set goals that are both challenging and achievable.

Relevant: The fourth element of the SMART framework is “Relevant.” This means that your goals should align with your overall vision and aspirations. It is important to ensure that your goals are meaningful and relevant to your long-term vision. For example, if professional growth is a priority for you, you may want to set a career-focused goal that aligns with your long-term aspirations.

Time-bound: The fifth and final element of the SMART framework is “Time-bound.” This means that you assign a realistic timeframe to each goal. For example, you could set a goal to complete a specific project by the end of the second quarter. This will help you stay focused and motivated and provide a sense of urgency that can help you achieve your goals more quickly and effectively.

3. Understand what makes a Successful Goal:

When setting goals, it’s essential to keep in mind some key features that contribute to their success. 

Specific: When setting goals, it’s important to be “specific”. Instead of setting a vague goal like “lose weight,” it’s better to specify the exact amount of weight you want to lose and by when, a statement like “lose 10 pounds by January.” This level of specificity helps provide clarity and focus on the outcome you want to achieve. 

Scheduled: Another key feature of successful goal setting is scheduling. It’s good to attach a deadline to each goal to prevent procrastination and motivate you to take action. For instance, if you want to complete a language course, set a deadline like “finish the course by March 31.” This way, you’ll be more likely to take action to achieve the goal.

Systematic: Planning your approach in advance and breaking down tasks into smaller steps can help reduce friction and improve your chances of success. By planning the steps required to achieve your goal, you can identify potential obstacles and develop strategies to overcome them, making it easier to take action and make progress towards your goal.

4. Break Down Complex Goals:

When you have a complex goal to achieve, it can often feel overwhelming and daunting. One way to make it more manageable is to break it down into smaller, achievable tasks. For instance, if you’re planning to launch a business, you can divide it into stages such as conducting market research, developing a business plan, and creating a marketing strategy. 

5. Create Accountability:

One effective way to boost your chances of achieving your goals is to create accountability. Sharing your goals with someone you trust, be it a friend, family member, or mentor, can greatly give you motivation and help you stay on track. Regular check-ins and discussions with your accountability partner can provide valuable feedback and support, as well as help you identify any obstacles or challenges that may be holding you back.

To learn more about the benefits of accountability, you might want to check out “The Power of Habit” by Charles Duhigg. This insightful book shares a lot about the science of habit formation and explores the role of accountability in achieving lasting change.

6. Celebrate Milestones:

It’s important to take time to acknowledge and celebrate the small victories you experience. Doing so can keep us motivated and energised and give us the boost we need to keep making progress. For instance, when we complete a significant project milestone or achieve a fitness goal, we can take a moment to reflect on our hard work and dedication and feel proud of what we have accomplished. By celebrating these milestones, we can build momentum and keep moving forward towards our larger goals.

7. Visualize Goal Success:

One powerful technique for achieving your goals is visualising success in your mind’s eye. This means creating a vivid mental image of yourself accomplishing your desired outcome. By imagining yourself achieving your goals, you can motivate yourself and take actionable steps. For instance, if your goal is to present a project, try to visualise yourself delivering an engaging presentation and receiving positive feedback from your audience.    

8. Utilise Technology:

Technology can help you achieve your goals more easily. Some apps and tools can help you keep track of your progress and stay accountable. Some useful apps for this purpose are Todoist and HabitBull. You can also find helpful information about other productive tools on our blog.

9. Reflect and Recalibrate:

It will help you consistently reflect and recalibrate from time to time. This means reassessing your goals and adjusting them based on evolving priorities and circumstances. Take some time to celebrate your achievements, learn from your setbacks, and recalibrate as needed. By doing so, you’ll be better equipped to stay on track and achieve your goals. Remember, life is unpredictable, and okay to adjust your goals to align with your changing circumstances.

Resources:

Mindset: The New Psychology of Success by Carol S. Dweck, which explores the power of mindset in achieving success. 

Also, we have a blog post on What Experts Say about “Your Morning Routine” and How You Can Establish A Healthy One”. 

Achieving Financial Success: Five Habits of Self-Made Millionaires

Title Image - Self-made millionaires

Wealthy people are popularly known for one thing: money. However, only a few people discuss the challenges they face daily to attain the success we celebrate today or the lessons we can learn from their journey through thick and thin. It’s important to remember that ‘When it comes to making big money, it’s not always about luck or inheritance.’ You need to understand that many self-made millionaires share common habits that help them achieve financial success.

Who are self-made millionaires?

These are individuals who have achieved remarkable success through their expertise and hard work without relying on substantial inheritances or trust funds. They made it on their own, earning applause because they truly worked tirelessly for it. Approximately 70% of millionaires worldwide are self-made. Notable examples include Jeff Bezos, the owner of Amazon; Bill Gates, the founder of Microsoft; Warren Buffett, the owner of Berkshire Hathaway; Oprah Winfrey; and Bernard Arnault, the founder of Louis Vuitton. You can learn more about the world’s top self-made millionaires and Billionaires through this link.

If you have been desiring a change in your financial status for good, this is the perfect blog post for you. Let’s explore five simple yet powerful habits that can put you on the path to becoming a self-made millionaire.

1. Budget Like a Pro

Don’t tell me what you value; show me your budget, and I’ll tell you what you value.” Joe Biden

The skill of budgeting holds immense importance in an individual’s day-to-day decision-making. It involves financial projections, which means the ability to evaluate one’s current financial situation and plan for improvement. Self-made millionaires excel at task and project planning, particularly when it comes to prioritising finances on tasks and projects that will yield maximum results. This is the essence of smart planning and budgeting. They are also deeply aware of their various income streams—their daily, monthly, and yearly earnings—and know where every dollar goes. It’s this discipline that earns them the title of millionaires. They budget and save wisely, ensuring that they don’t spend more than their income. 

Self-made millionaires Budget Like A pro

As an individual looking to learn this art, you need to “make a budget that works for you and stick to it. This way, you can save more and invest in opportunities that can grow your wealth over time.

2. Invest in Yourself

Formal education will make you a living; self-education will make you a fortune.”

 Jim Rohn

Self-made millionaires make critical decisions, and their commitment to continuous self-investment is a key reason why they keep moving forward. They understand the potential costs of stopping, which can include failed projects, business ventures, and even a decrease in wealth. 

When you invest in yourself (mentally, physically, financially, and emotionally), you not only appear more knowledgeable and smart in the room but also build meaningful connections with people, clients, prospects, and customers.

As an individual looking to imbibe the habits of a millionaire, Investing in your mind will help you set “SMART GOALS ”, understand the mechanics of money, and grasp the intricacies of building a business. Self-made millionaires excel at spotting opportunities when others do not and navigating failures, bad investments, poor stocks, and debt while staying ahead. They achieve this because they’ve enriched their minds with books and learned from those who’ve travelled similar paths before them. 

  • Investing in yourself can take many forms, such as acquiring new skills, gaining financial knowledge, exploring investment opportunities, connecting with customers, and pursuing side hustles, among other strategies.

Reading books is a vital way to invest in yourself. It allows you to understand the importance of goal setting, the value of gathering knowledge before embarking on a business or idea, and the ability to learn from both the successes and mistakes of others who’ve walked the same path. This enriches your capacity for growth and success.

Reading is a key habit for financial success

Books I will recommend that can help you on your journey:

1. Rich Dad, Poor Dad” by Robert Kiyosaki

This book simplifies financial concepts and highlights the importance of investing and asset-building.

2. The Millionaire Next Door, by Thomas J. Stanley and William D. Danko

It provides insights into the habits and behaviours of self-made millionaires, making it relatable and actionable.

3. The Total Money Makeover by Dave Ramsey

A practical guide to managing money, getting out of debt, and building wealth step-by-step

4. The Richest Man in Babylon, by George S. Clason

This book offers financial wisdom through parables set in ancient Babylon, making it easy to grasp important money lessons.

5. Your Money or Your Life, by Vicki Robin and Joe Dominguez

It helps you understand the relationship between money and life choices, encouraging a more mindful approach to finances.

6. Automatic Millionaire by David Bach

This book simplifies the path to wealth-building, emphasising the importance of automation and consistency.

Happy reading and learning! 

3. Set Clear Financial Goals

How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” 

Robert G. Allen

Robert G. Allen’s quote emphasises the importance of having well-defined financial goals. Self-made Millionaires set both short-term and long-term financial goals, which help maintain motivation and focus on what truly matters. Whether it’s debt repayment, saving for a home, or starting a business, having a specific target can drive you forward.

Establishing Precise Goals:

Wondering how these self-made millionaires craft precise goals and how you, too, can?

  • Articulate Your Desires: Begin by clearly articulating your desires. Define your long-term goals, and then break them down into achievable short-term milestones. For instance, if your ultimate ambition is to attain millionaire status, it’s crucial to identify your passions, define your business objectives, and diligently acquire the necessary knowledge and skills.
  • Identify Key Tasks: Identify core activities that support your goals and can bring you maximum results. For instance, launching a business idea and generating an income exceeding $100,000 within a specific time frame can be among your essential tasks.
  • Outline the “HOW“: Identify the strategies and steps required to achieve your business goals. While doing so, consider your current financial situation, ensuring that your objectives remain realistic and attainable.
  • Monitor Progress: Continuously track your progress and actively seek opportunities for improvement. Regularly assessing your journey helps you refine your approach and achieve better results.

By setting and pursuing clear financial goals with determination and strategic planning, you’re on the path to financial success, just like self-made millionaires.

4. Work Hard and Smart

Oprah Winfrey once said, “The big secret in life is that there is no big secret. Whatever your goal, you can get there if you’re willing to work.” Dean Graziosi echoed this point of view by highlighting that countless self-made millionaires began with nothing but determination and self-discovery. These people are proof that success doesn’t come on a silver platter; it’s earned through hard work, risk-taking, and unwavering determination.

What sets Self-made millionaires apart is their unending commitment to their dreams. Even when faced with setbacks, they chase their goals relentlessly; for instance, Oprah Winfrey was fired from her first media job during her early media career but didn’t give up, still pursuing her dreams with strength. 

Moreover, many self-made millionaires share another common trait: their eagerness to give their own quota to the world. They show empathy for others and often become significant contributors to various foundations.

Here’s a closer look at the key characteristics that propel them to success:

  • Effort and Efficiency: They invest both hard work and smart strategies in their endeavours. It’s not just about working long hours; it’s about finding efficient ways to achieve their goals and seize opportunities to increase their income. 
  • Focused Mindset: Self-made millionaires possess the ability to concentrate their energy on specific goals. They outsource tasks they can’t handle themselves to well-experienced individuals or team members who are also open to learning. 
  • Determination: They identify their core strengths, eliminate unproductive distractions, and maintain a high level of concentration on their objectives.  They are able to identify their core strengths, eliminate distractions and tasks that are not very productive, and their concentration level is very high. 
  • Delayed Gratification: This involves forgoing immediate pleasures to achieve long-term success.
  • Saying No: Self-made millionaires learn to say “NO”, showing their strong critical thinking skills and ability to foresee possible future mistakes and results. 
  • No Procrastination: They take immediate action, understanding that laziness won’t yield great results. 

5. Diversify Your Income

Warren Buffett once said wisely, “Never depend on a single income.” Relying solely on one income source can expose you to significant financial risks. 

Self-made millionaires understand this principle well; they often cultivate multiple streams of income to safeguard their financial future. In addition to their primary business ventures, they explore side hustles and delve into stock investments, real estate, and other investment opportunities, thereby creating robust wealth from different sources.

Here are some fundamental rules they follow, and you, too can imbibe them:

  • Knowledge is key: They avoid investing in areas they don’t understand, ensuring that their investments are well-informed and calculated.
  • Balance Your Resources: While having other side hustles or investments, they avoid funding them from their major income, capital, and profits.
  • Seek Knowledge: They actively invest in their financial education by reading books and consulting financial advisors.
  • Build Your Core Business: Continual investment in their primary business is crucial. It ensures their wealth keeps increasing.  
  • Value Your Team: Treating team members and employees fairly and with respect fosters a loyal and productive workforce. It’s an important part of sustaining and expanding their income streams.

Conclusion

The path to financial success is achievable for anyone willing to adopt these habits. So, start today, and who knows, you might be on your way to becoming a self-made millionaire in the future!

How to Start Your Real Estate Business with What You Have

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Introduction to Starting Your Real Estate Business

Starting a real estate business can be very intimidating when you don’t have a lot of money to invest in it. In fact, the thought of starting a real estate business when you are broke can be so disheartening that you will dump your ambitions of becoming an entrepreneur or a business owner.

The real estate business sphere is an ever-booming sector that has made many rich and still does. It’s a very fruitful field with opportunities for many, ranging from buying properties to their full development, leasing, and selling. All these are viable streams in the sector, and the easiest way to be involved in this business is to have a huge amount of capital that you can invest in the sector. This, however, does not mean it’s the only way to invest in the real estate sector. 

Cash is not the only thing that you can bring to the table; your skill, time, and even professional expertise can help you acquire a portion of the wealth in this booming sector. Let’s look at a few ways to take advantage of this fruitful sector and earn an income without breaking the bank, even if all you have is your knowledge or a relevant certificate. 

How to secure a position in the Real Estate Business

  1. Discover your niche

In the real estate business, there are specific niches in the market you can choose to focus on, and the number you can carve out for yourself is endless. However, when choosing a niche for yourself, especially when you do not have huge capital or even anything to invest in the sector to begin with, your options might be limited. This does not mean that the remaining options are not still able to help you scale up until you can raise enough funds to enter the deeper part of the sector. Let’s look at a few niches in the sector:

  • Location-based real estate

This involves narrowing down on a particular neighbourhood, town, or county. This will help you provide deep knowledge of that area to customers who might be willing to purchase or lease a property there. 

  • Demographic Real Estate 

This involves rendering your real estate business service to a particular group of people, such as first-time buyers, celebrities, military personnel, etc. This is an excellent opportunity to get a referral from those who have patronised you since you started your business.

  • Property rental real estate niche

According to the National Multifamily Housing Council, at least 44 million households in the United States rent their houses. This means that landlords who have properties will contact you if you decide to work hard and be prominent in this niche. You will also constantly get offers because it’s easier and more affordable to rent than to buy a property. 

Other real estate niches are Agriculture, New construction, Ageing and Historic properties. 

  1. Write a business plan for your real estate business.

Do not forget that even though you are starting with what you have right now, which could even be nothing, it doesn’t mean that you will remain like that forever. This means that you have to ‘plan to get big‘ and not ‘get big to start planning‘. 

Having a concrete business plan will help you go from where you are to where you plan to be. A business plan also helps you be able to confidently pitch your business goals to anyone who might be willing to put some dollars into the success of your business. A proper business plan will definitely provide answers to the vision, core values, uniqueness, and business model of the company you are willing to run. 

Have a BUSINESS PLAN FOR YOUR REAL ESTATE BUSINESS

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  1. Find a Mentor 

Learn from a professional around you, send your dream realtor a gift, and ask for a time in his or her schedule to grab a Coffee. It is true that the more you learn, the more you will earn. A mentor walks you through the process and can save you a tonne of losses or problems that can arise from making the wrong deal. 

If you plan to get to the top, you will need to build strategic relationships with people who have gone before you and have a track record of profiting from the business. Some mentors have built a brand that cannot take business deals below a profit margin. They might just recommend you to such clients, and a referral from one industry figure can be a breakthrough for you. 

Have a Mentor for your REAL ESTATE BUSINESS

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  1. Get on social media even if you cannot maintain a website.

One way to increase your potential for securing new customers is to meet new people. A social media account that is not only built around your business but also around your person puts a face to your business, especially in its infancy, and allows customers to trust you better. Don’t be a 21st-century businessperson who isn’t tech-savvy. Be bold and energetic, talk about your business, and land more customers. 

  1. Get into Partnership

If you have a big idea, you will need a lot of money. However, with a great business plan, convincing experience, and a good proposal, you can secure a partnership with someone or a group of people who are willing to invest in a real estate business. This will mean that the angel investor(s) will fund the business while you manage and operate it. 

A big mistake is to enter into a partnership without discussing how you will share profits with your investors. This will ruin the company’s future, and if it doesn’t, it will cause a lot of contention as the company grows. So talk about it before starting off, and if you have already started the business, it’s not bad to do that now. 

A partnership could also mean that you will work with different professionals who are your friends or business partners to develop a property. Then, after selling the property, you will pay them for their service and give them a share of the profit as compensation. 

  1. Be an affiliate

An affiliate is more like a middleman or woman who helps sellers locate buyers or the other way around. The amazing thing about affiliate marketing is that you don’t get to do anything so expensive other than reach the realtor or seller directly and agree on a percentage commission on any invited customer who buys leases or rents. There are other online affiliate realtors like Realtor.com, All Things Real Estate, Avail.co, and Foreclosure.com that pay you for any customer who patronises using your designated affiliate link. 

  1. Sell properties for desperate sellers.

There are many reasons why people choose to sell their properties urgently, such as bankruptcy, divorce, relocation, or diversification of funds into a very promising business deal. This, however, can be complex because a desperate seller might be selling a huge problem to you. The way to avoid this is by doing a diligent search on the reason the seller wants to sell so desperately and having done that, you can reach out to people who will be willing to buy or borrow some funds to buy the property and refurbish it so that you can give them back the capital and an interest after selling it. 

  1. Build relationships with your customers.

Don’t forget that the most effective referral is one that comes from someone who has patronised your business. They are your strongest advocates in the business world for your next customer, especially in a business field like real estate, where a false deal can lead to a loss of millions of dollars.

Follow up on your customers, constantly send them emails, and even if they haven’t patronised you, you already treat them as though they have. This will give you a long-term thinking faculty. A good way to follow up with customers is to employ a CRM tool

Also, Read – Understanding Customer Relationship Management 

Final Note on Real Estate Business

Achieving success in real estate is not merely a matter of getting rich quickly; rather, it is a long-term endeavour. In order to achieve success, you need to be willing to put in the effort and continue to develop by continuously acquiring new knowledge.

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