Successful financial strategies keep it simple. Last week we discussed creating multiple streams of income with wisdom.
Most business owners begin working with multiple strategies that are distractions in their business. Multiple streams of income are birth from your current processes. What stream of income can you create that will not cause a financial hardship? What can you create that will allow you to use current resources?
Although there are times in a business that feel as if you need money now we have to be aware of how we earn the money. If you are spending more than you are earning you will create a greater shortfall.
I have watched many business owners who started a new business because someone else made fast money. The business owner they were trying to mimic was focused on 1-2 business ideas that stemmed from one business. He had money from business #1 to start business #2 and he had the marketing down. The other business owners were still trying to build business #1.
If business #1 is not off the ground you have to focus on that business. Unless you are in a business you did not feel called to be in for the long term. There are businesses that are meant to fund the business that God has purposed for us.
I wasted a lot of time by being distracted in my business. This Sunday in church the pastor taught about regrets. I regret I put people before God. I have learned the hard way to listen to God first and not what everyone else or the world is doing. I imagine how much further I would have been if I would have focused on God first.
But since I can’t go back I must go forward and make sure I focus on God this time. I trust he will turn this around for his good!
Romans 8:28 New International Version (NIV)
28 And we know that in all things God works for the good of those who love him, who[a] have been called according to his purpose.
Keep it simple.
- Why are you starting a new business?
- Is a completely new business better than a new stream of income?
- What will it cost you to start the new business?
- What processes do you have planned to earn income in the new business?
- How will you maintain and build your current business while building the new business?
- How much more will this cost you?
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