One of the biggest challenges with the development of a good business plan and a solid accounting system is knowing where to start. You want to create and manage the right kind of financial resources that will have you well on the road to financial freedom.
The key is to do two things:
Make sure you get a business plan in place, by doing your research and doing some budgeting.
If it works out that you can take on more customers than you can handle in the short term. you’ll figure out how much capital you need to develop a long term profitable plan.
As you can expect, once you have the finances in place you will use them to grow. Start asking yourself these questions:
How many customers will we have in the long term?
Do I have the financial wherewithal to maintain an inventory that the customers can trust?
Is this plan going to be as secure as it should be?
So far, many of us have chosen to ignore these questions and the result will be the same as putting the financial security of the world over the well being of yourself and your family.
That may be, but it will not be easy.
So make sure you have all the financial resources to start, that you can take on more money than you can handle, and know you are going to keep it.
Remember, financial security comes not only from the money you make, it comes from the time you spend making your money and then spending it.
By taking care of your finances with financial planning you can actually achieve the things you set out to.
If you would like to find out more about the business side of real estate and planning to start your own business, take a look at our blog post here.
Here’s another helpful post on setting up your own financial planning site from our friends at the University of the South, the University of Cape Town.
For more information check out the blog posts on real estate here; managing your own financial wealth; budgeting; and investing in property.
What would you do without financial planning?
Please do share this post with your friends. We’d love to get your views of this article, and what would you do if you had it to do all over again?
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