The first step to any venture in life is to create a plan of attack. You need to strategize and figure out your own path to go down. When getting started you must assess what you hope to accomplish. Are you looking for large checks every few months, or a more long term plan of small checks steadily? Are you good at managing property and people or are you wanting to hire someone and live the lifestyle without being involved. There are many different strategies to choose from it is always a matter of how much you are willing to hustle and commit to your dreams.
In all my years of experience in this industry, I have seen many come and go, many do well and many fail. I have learned from their mistakes every time as well as all of my own. You will make mistakes. You will fail at some things and win at others. You have got to be resilient in this business. I talk to this point because I want you to take stock in your personality first and foremost. Your mindset around failure and how you structure your life are important things to look at first. I want you to know how much time you are willing to commit to this business. Are you looking to be a hobbyist or is this going to be your livelihood? Take stock now on your values and your lifestyle currently.
You must know where you are now before you can make moves to where you want to be. Take inventory of your assets and create yourself a financial statement. Take the time to know what your monthly expenses are every month. Do you want to maintain your lifestyle or take a step back to move forward? It is so much easier to move forward when you know exactly where you are. Once you have this figured out, you know how much you will need to make each month to cover your monthly expenses. Then take stock in the things you like to do and spend money on. I personally love going out to eat at good restaurants. A great dining experience and a nice evening out are my luxury items and therefore, I have to account for them. I also spend money on personal grooming, and experiences with friends. I average out that spending monthly as some months are more expensive than others and I add that to the monthly nugget.
Once you have taken mental stock and financial stock of your life you are ready to take the next step. Selecting the type of business that suits your lifestyle and your goals.
Our next blog post will discuss options for investing. If you would like more information on what to do in the process, please let us know! We are happy to sit down with you and go through the steps on getting started in business and how to take stock in what you have currently, how to set up expenses and determine your risk tolerance.