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Tag: money

service

Service is your secret to financial freedom

Service means you utilize every opportunity to give your talent, gift, and everything you have to the good of others. When you serve, you attract the best things in life. It’s not about money all the time. When you go through the biography of some successful men and women, one thing that stands out is the desire to serve. They didn’t put money at the front burner. When they served faithfully, other benefits began to flow in naturally.

When a business is set up primarily for profit-making, it becomes extremely difficult to achieve success. I love what Richard Branson the CEO of the Virgin Group said: “Never go into business purely to make money. If that’s the motive you’re better off doing nothing”

One of the primary reasons for going into any business is to fill a need. People have needs for different things. Whether its the need for food, the need for clothing or shelter, the need for education, or the need to have a hair cut.

These are specific needs, and they require specific services. If you see a need within your immediate environment that can be filled, all you can do is create a business out of it.

The intention may not necessarily be to make money but to provide value-added service for people. The money will flow in naturally as a product for services rendered. What we must understand about business is that without service, there can be no business. When you can serve people, they would be more than willing to pay you above what you would have charged.

The idea is to avoid greed for making quick money which oftentimes motivates certain individuals into specific businesses. Such businesses don’t last for long, as they soon fade away due to low patronage as a result of poor services been rendered to customers.

You may want to ask why virtually all companies have customer care service? The answer is simple. They value their customers and would be more than willing to satisfy them by providing a platform where they can channel all their complaints. This is a medium through which services can be improved and a relationship can be fostered.

Another vital reason why a business is created is for customers. Without customers, there can be no business. The secret of retaining customers is to provide them with service that would motivate them to keep coming back.

The market is becoming so competitive that businesses are looking for ways to improve their service delivery. Any single lapse by customer service may spell doom for any business that is aiming for the top.

Most businesses succeed via referrals from satisfied customers. The opposite is the case, as an embittered customer can tell a couple of friends about his or her experience in terms of service delivery. Those friends will end up telling their other friends and so the chain reaction continues.

Some amazing benefits of adopting value-added service to clients include: customer retention, increased productivity, increased profitability, and loyalty from customers. It may cost you a little to implement, but the benefits far outweigh the initial cost at the end of the day.

passion

Your passion will create unlimited income streams for you

Passion is the fuel that drives your dream in life. What keeps you going when others have given up is the passion you have for that idea or business. If you want to achieve financial success in life, do what you love to do.

This is one of the great secrets of financial success. This is also one of your primary responsibilities in life. It is to find out what you really enjoy doing, what you have a natural flair for, and then to throw your whole heart into doing it. There is a difference between doing something because you are paid to do it and doing something you have passion for.

A guy once shared the story about how his mum convinced him to become a doctor. He gained admission into the university and struggled all through. Medicine became a daunting challenge for him, as he had to change courses in between and eventually left the university without a degree.

Not too long after, he realized that he never had a passion for medicine. It was an idea that was suggested to him. Today, he is a millionaire living his dreams, making people happy. He later discovered his flair for comedy and studied successful comedians, before venturing out to set up his outfit. It’s all about doing what you have passion for and eventually, the money will come.

There is a difference between getting involved in something because of the financial benefits attached, and having a passion for something. The difference is that when you are involved in something purely for the money, it’s easy for you to become discouraged when the stream of income dries off. 

On the other hand, when passion is the prime mover, you keep striving even if you not getting any financial benefits from what you doing. Time is a beautiful rewarder for those who are diligent. After a while, that thing you are passionate about and you’ve become an authority in, people will pay you for it.

Patience is the key. When you patiently pursue what you are passionate about, the financial benefits will eventually follow with time. It may take a year or two, but be patient, and never get discouraged.

I am passionate about writing. I can be on my laptop for hours unending writing on different stuff that just comes to my memory. It is a passion. It is something that gives me joy. Years back, I was not getting a dime for writing. Fortunately, after a while, people got to see samples of my work online and they contacted me via email and mobile to help them with different writing projects.

I started making some extra income from writing. It was absolute fun doing what you love and getting paid for it. It’s like you enjoy yourself and you get additional incentives for just enjoying yourself. Passion is the key. Discover your passion, and other things will eventually fall in place.

Apply Leverage to Build Wealth

Apply Leverage to Build Wealth

Introduction

Leverage is the essential success principle that builds wealth. You won’t get wealthy by trading time for money, and you can’t do it all yourself. Building wealth requires you to work smarter rather than harder by applying the following principles of leverage:

Knowledge

Leverage other people’s talents, expertise, and experience so that you can utilize greater knowledge than you will ever possess. That is the secret most top billionaires use. They hire technocrats and experts in different fields and deploy them in bringing out innovative products and solutions for their businesses.

Network

Utilize other people’s resources and connections so that you can expand beyond your own. If you know someone and you can connect to that individual, that individual can connect you to someone he or she knows and so the chain continues.

Marketing

Take advantage of other people’s magazines, websites, blogs, newsletters, radio shows, and databases so that you can communicate to millions with no more effort than is required to communicate one-on-one. We live in a global world where things are as fast as the speed of light. Take twitter for example.

There are influencers on Twitter that have up to 2 million active followers. Let’s say you are connected to 8 of these influencers and they help you to promote one of your products using their twitter platforms. Just imagine the returns on such marketing leverage.

Time

Leverage other people’s time so that you’re not limited to 24 hours in a day. If you are connected to two persons who are willing to help you with your business, what it means is that rather than you have just 24 hours in a day, you now have 72 hours in a day, because those two other persons are working for you. You are making use of their time.

Finance

Utilize other people’s money so that you’re not limited by your finance. Entrepreneurs can access other people’s funds when starting their own business. These financiers have the funds, but you have the idea, so you leverage their finance to achieve your goals.

Leverage allows you to build more wealth than you could ever achieve alone by utilizing resources that extend beyond your own. It allows you to grow wealth without being restricted by your limitations. Leverage is the principle that separates those who successfully attain wealth from those who don’t. It’s just that simple.

If you aren’t using leverage, then you’re working harder than you should earn less than you deserve — and that isn’t going to make you wealthy.

Accessing Funds for small scale business

Accessing Funds for small scale business

Accessing funds for your business remains one of the biggest hurdles to cross when planning to launch your small or medium scale business. Some do say it takes courage to make your dreams come through. I agree to an extent, but let’s be honest. Without money, your courage will be stranded! Some dreams need not just courage, but money to become a reality! 

That’s why entrepreneurs lookout for initial start-up capital to kick start their dream business. To be honest, there are millions of people out there whose dreams of achieving financial freedom have become stagnant due to the lack of start-up capital. We all need the courage to pursue our dreams, but money is like a fuel to take our dreams to its place of destination!

One of the most difficult stages in turning your idea into a tangible business is that of funding. There are however several sources of funding one can explore and possibly utilize when starting up a business.

Your funds

It makes logical sense to start from home. If you are serious about starting up that business of yours, then you must have worked out a plan about saving up for the business. You can never rely on other sources of funding when you don’t have a dime saved up for the business.

The best bet is to open a savings account and start saving before launching your business. It takes a lot of guts and self-discipline to save up. Try to maintain a certain standard which will require you to save a minimum amount monthly.

Friends and Family

Friends and family are the nearest sources for funding your business. You must have saved a tangible amount of cash before approaching them with the proposal for funding. More than 80% of family and friends would want to know the type of business you plan to start and also how much you’ve been able to save up for the business.

Be ready to answer these and more of their questions. One major drawback with this option is the fact that family and friends may want to interfere with your running of the business when they eventually lend you some funds.

Angel Investors

Angel investors are more like business-minded individuals who look out for potential businesses they can plow their funds into. In return, they get a percentage of share in the business. They are usually involved in more than one business, so if you are looking for a huge capital to start up your business, angel investors may not be the best option for you.

Banks

Banks should be your last port of call. They are generally willing to give out loans as long as they can confirm your business has potential. Be ready to check up on the different banks to compare their loan conditions and the interest rate on the loan.

All banks have their conditions and rate when it comes to granting loan facilities to entrepreneurs. Remember, having a good idea is not enough. You must be able to come up with a workable business idea. These are the things that would be required from you when you approach any bank.

Print out a copy of your business plan and if possible have a slide ready for presentation. The business plan must be practicable because no bank will be willing to invest in any business that may not yield any return on investment.

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