Going into a new online business can be intimidating if you don't know how to take control of your financial destiny and if you are not willing to put in the effort to make things work. Let's see what you can do and how you take charge of your finances to maximize your revenue.
The first phase starts with making money so you can decrease your initial debt and maybe even break even. When choosing how you want to start an important question to think about is if it's better to get paid upfront or take a percent? Both can be risky. If you chose the first one you will not get paid for the residuals, and by waiting to be paid your percent you might end up with nothing because the project never saw the light of day.
Therefore, in these situations, you need to have a clear head and always chose logical thinking over the emotional.
How to Take Control of Your Financial Destiny
What you want to obtain is the ability to maintain a project, understand that it's more about controlling the downside than it is about maximizing the upside and start implementing “decision-making calculus” and “Runway”.
“Runway” is the balance between how many resources like time and money you have available.
- -Time- you do something yourself thus saving on money
- -Money-you pay someone to do it for you thus saving on time
If you are serious about becoming a successful online entrepreneur, you need to invest all of your time and all of your money, but in a smart way so your whole initial investment can pay itself off in the end.
Runway means fast money. It's money where you get paid fast. Ideally, it's where you get paid upfront or on delivery for projects like web design, ghostwriting, SEO work, etc.
In this phase, you want to find the asset you have with the greatest amount of leverage. A skill, a connection, or a resource that you can be exchanged for a large amount of revenue for the least amount of time.
Eventually, there comes a point where you don't need to fast money projects anymore because you have recurring revenues coming in and you may move away from that completely so you can focus on slow money projects.
Slow money project is building a blog or building a shop by store, launching a Kickstarter campaign, or writing a book series. It's something that keeps growing and keeps bringing you money.
How to take charge of your financial destiny
The ultimate goal is to learn how to balance the risk and the income stream and at the same time to have something going on at all times. This is how you can control your financial destiny.
So, now that you know the difference between fast money and slow money is up to you to take the risk and take your financial destiny in your own hands. There will be difficulties on your way, but if you are well prepared before you take the journey and remember that the key is balance you will be able to overcome almost anything.
- How to Take Control of Your Financial Destiny
- How to control your financial destiny
- Find ways to diversify that take advantage of your existing infrastructure