06 Oct

Building An Income

Since the day I’d become Self Employed, I’d always just flown by the seat of my pants. It’s taken me nearly 10 years… 10 long hard years to realize the importance of organization and planning. More often than not, I’ve been my own worst enemy… Nearly every years accounts have been submitted to the Inland Revenue late since I started. I just paid the fines and got them in eventually. Looking back, all I think is, what a fool I’ve been. Not a Fool as in the wise Motley Fool sence, but Fool as in total idiot.

Planning is key when it comes to building a solid income base. In this day and age, Job Security is non-existant, despite what they teach you at school and what your parents say. Security just ain’t there, unless you build that secure base for yourself. If you’re staring your own business, it’s all down to you and you alone to start and put the building blocks of the business, the system that will give you your income for years to come.

That’s not to say you need to do all the work yourself, that’s not what I mean… but it’s down to YOU the owner of the business to make sure the system works and to iron out any creases that can completely turn your business upside down. Looking back at the mistakes I’ve made over the past 10 years, I’ve made some corkers… but do I wish I’d not made them? No!

I’m still in debt, by a substantial amount, but I now know where I went wrong and I’m trying my hardest to put things right now. I know where I went wrong, I know what I did wrong and now understand what I should have done to avoid the massive pile of debt I’ve ended up in.

Building an income takes time, it takes patience, and dedication. It also takes a lot of discipline and determination. Discipline in getting up early in the morning to get stuck in. Discipline to not strip your business of all its profits just so you can have all the things you “think” you need as a business owner, like the nice watch, the nice car, the fancy clothes… Looking back, yeah it’s important to feel good, but for god sake don’t do it at the expense of building solid foundations for your business and ultimately building a long-term income for yourself and your family.

Things I’ve learned, and feel free to laugh cos they’re all so obvious now, looking back…

  • Live within your means
  • Don’t pay yourself more than your business can afford
  • Know your figures… know what your business expenses are at every step of the way and do everything you can to keep them low.
  • Get organized.

Building a business, building an income takes some serious determination, so if you want to make a go of it… be prepared for some hard times. I’ve never had a problem with getting up early, getting the work done, but I’ve never been any good at the organizational side of things… Accounts? What are they? Planning? What? … no idea what you’re talking about.

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