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1. PROFITABILITY OVER PASSION
Sometimes we allow our passion and what we like to supersede what the customer wants! I could love fur coats, but I would not make a decision to open a fur coat boutique in Los Angeles. We have to be analytical about what and where to launch a business. A need-based business like tax or credit repair can be profitable and fund your passion, but also remember you need a solid foundation first that will pay the bills and get you out of your 9-to-5.
2. KNOW YOUR NUMBERS
Business is the transfer of money. Your business talks to you every single day with numbers. It’s important to study your numbers. Be your business’ best friend and learn everything about it, like which of your advertisements perform best, when and what your customer is buying, and what is required to reach your quota each day.
Even if it’s just you, plan a daily finance meeting to review your revenue. Without a deep understanding of your numbers, you may feel like you’re making a lot of money yet have made no profit because you did not take into account expenditures like the cost of shipping product. Trust me; it happens. Don’t waste time, resources and cash flow dumping money into what’s not bringing in a return. Become an expert on where your money is coming from.
3. THERE IS A MILLION DOLLARS IN YOUR FAMILY
A lot of us lack financial freedom because we’re not willing to sacrifice to build something for our families to win.
Think about it everyone in your family is paying rent or a mortgage. If just three brothers, sisters, cousins or parents made a decision to live with each other for just 5 years, together you could save enough money to afford a million-dollar property. How would it work? Easy! Build equity in a property, refinance, take the money out of the property to buy a building and rent it out. Most wouldn’t even fathom this.
I strongly believe that if you’re willing to give college four years of your life without a promised job at graduation, then you can give your future four years with this family strategy. Work together to build millions with your family. Stop being afraid of family unity because of division. Change it and work together.
Black and Positively Golden is a new movement to uplift communities and empower excellence. It highlights all things positive in the culture and focuses on stories of truth, power, and pride. It celebrates Black excellence, supports education, empowerment, and entrepreneurship, and shares cherished moments. Join the conversation @wearegolden on Instagram.