Ask any business owner, and they will tell you that financial freedom is one of the top reasons
why they got into the entrepreneurial path. It is no secret–many people are just tired of their
nine to five jobs and would want to pursue another way to earn money.
Sadly, although many business ideas are easy to start, it is a challenge to maintain them and to
earn a profit even more so. The statistics regarding small businesses are against the
entrepreneur’s favor:
● Only 50% of small businesses survive the first five years.
● After the first five years, only 25% make it in the next fifteen years.
● Small business owners, especially startup owners work for over 60 hours a week.
This shows us that although owning a business can be rewarding, it has its own set of
challenges that need to be tackled in order to experience success. Corey Advisors, a well-known financial company outlines some of the best strategies for young business owners to
thrive in their own entrepreneurial journey.
Corey Advisors Shares 4 Ways to Set Yourself Up For Financial Freedom as a Young Business Owner
Focus on a market with high demand and low supply.
Many business owners dive right into starting something that’s related to their passion. Whether it’s food, fashion, or arts, one of the top reasons why people get into a business is to follow their dream. However, it is wise to also think about market demand when picking a business specialty.
The basic questions to be answered are: What are people looking for? If your product or service is out in the market, will a lot of people avail it? How is your competition?
To start with having a well-researched market demand, you can do the following:
● Online surveys: You can commission a company that takes surveys from consumers at
a specific price. You can get insight into how your product or service will most likely be
accepted by your target audience.
● Social media: Crowdsourcing is another way to get to know your potential market. You
can ask followers about their opinion if a certain product would be released.
● Trends and competitors research: This is done by gleaning online sources,
community boards, or surveying your area. Understanding the current trends and
analyzing your current competitors will help define a more precise market demand.
Set a profit goal.
Having a business plan at the initial part of creating your startup seems commonsensical, but
many forget that having a thriving business means that your earning are not just breaking even with your expenses. This is why you need to set a profit goal per each time period.
For example, you must be specific with your profit goal per given month. This will ensure that
you have certain steps that will help you meet that goal. There are several ways to increase
your business profit:
● Follow the 80/20 rule: Think of the activities you do within the business that generate
the most income, and focus more on those.
● Increase your profit margins: If you believe that you can deliver exceptional quality for
your products or services, you can increase your pricing. Loyal customers who believe in
your business will stick despite your decision.
● Focus on digital marketing: Many business owners start to see more profit once they
set up their website and create engagement in their social media pages. Customer
acquisition is easier when done digitally.
Profit goals are essential if you really want to be serious about financial freedom rather than
viewing your business as a hobby.
Network accordingly.
Networking is a golden skill that many young entrepreneurs should master early in the game.
According to Corey Advisors, networking helps business owners find high-quality suppliers,
partnerships that result in a mutual profit, and other opportunities that can help make their
company grow.
Below are some examples of places where you can start networking:
● Small business conventions and seminars
● Online groups
● Community events
● Volunteer organizations
Be ready to have your business card and an open mindset when you start networking to other
business owners.
Focus on automation.
Experiencing financial freedom due to your efforts may sometimes feel like a pipe dream, but it is entirely possible when you understand the key to leveraging your time and other resources. In the modern world of business, it is essential to find means to automate your business as much as possible.
What does automation mean? This is the process of decreasing the work that you do and
employing various technologies to save time and money. For example, setting up an online
store saves you the effort of accepting phone calls, having a physical place for inventory,
inputting payment details, and many other tasks.
As much as possible, discover various means to automate processes within your business. This
will allow you to have more flexibility while maximizing the profits you can earn.
Having the right strategy is very important when you want to experience financial freedom as an entrepreneur. With these tips, your business will not only survive but rather thrive in the modern market place.