Let’s Talk Business!
A business can be defined as a way of earning a living by exchanging goods or services for monetary compensation. Earning a living is required to maintain a healthy household corporation and one of the first steps in building generational wealth. Earning a living is so much more than merely making money. Anyone can make money, and anyone can have a business. Hobbies and quick money investments are not businesses. If your mindset is only concerned with making money right now, you are NOT an entrepreneur; you are a hustler. Entrepreneurs build slowly to set a solid foundation for perpetual development. Determine the legacy you want for your family and take the steps to secure that vision.
The first step in starting a business is knowing what product or service you want to offer and to whom. The second step is determining the value and the cost of that product or service. Consider this step as your “Business Budget.” You must know the cost to ensure the value is set at a rate that will render a profit. Each of these elements are part of a wholistic document called the business plan. This plan details every aspect of your business from tax filing status (i.e. LLC, Partnership, S-Corp, Nonprofit) to five year sale projections. There are many free templates online that will help you get build your plan.
Get a mentor that is well established in the business you are starting to get proper guidance as you embark on this journey. As you build your business plan and dream of the abundance of clients and customers…don’t forget the paperwork! It is extremely important to have your business affairs in order at all times. You will need to file for a federal EIN (Employer Identification Number), a state Business License with the state, and an Occupation Permit (some stay at home businesses). You will also need a good bookkeeping software to track income, expenses, and travel mileage. There are several free to low-cost options however you must be diligent and research these products well before signing up.
Building and managing a business while maintaining a healthy household corporation is challenging. You must surround yourself with like minded people who are successful and will support your success as you support them. You can do this and there are people around you that will help you.
If you need assistance building your business strategy or reviewing your business plan please contact Dr. GNP.
DR. GNP
ADVISE | TEACH | GOVERN
jennoa.graham@gmail.com | www.drgnp.com
