If you are expecting to read a blog that talks about the 4 W’s of starting up a business, sorry to mislead you. I am just like you wondering where I could invest my money. I know that most of us dreams of that day when we no longer work as an employee. We save as much as we can so that one day we can be our own boss. Unfortunately, our impression of having a business is almost always beyond reality. We equate business to success, which is not the case. A successful business does not only mean earning a couple of bucks. Earning, for instance, 30k a month is good but can it make you sustain the cost of living for you to finally say goodbye to your employer? I think not.
Our online business now Search Opt Media Inc is something else, it’s 99% knowledge and expertise and 1% admin and support (I do the 1%, haha!). I want to invest on another business. Something I’m really good at or have passion for.
So where am I leading you? Well, since I haven’t found yet the business that I am looking for, I just want to share what we’ve learned over the years about coming up with a business. We lost time and money, but well, we gained experience. But then again, what will you do with experience if you’re struggling to provide your family with a decent meal thrice a day?
Let me start;
1. Business requires transparency. You should not be too trusting even if you work with family, close friends and relatives. Small to medium sized businesses are not excused from good governance.
2. Know your business. You don’t just invest your money on businesses that you don’t have knowledge about. Why start a restaurant business if you can’t even cook? Or at least learn the craft.
3. Understand how business works. At least learn that business has it’s market, technical and financial aspects.
4. Don’t jump on the bandwagon. Don’t invest on something because it’s popular, because most of the people you know invested on it or because some people you know became successful. Again, go back to #3.
5. Don’t depend your future with only one business. Invest. Pull-out your earnings. Invest again.