Tag: blogging

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Setting Boundaries: It’s Not Selfish to Go After What You Want

As you work on designing your life and business to match your version of a fulfilling and happy life, it’s imperative to realize that it’s not selfish to go after what you want. While it’s not selfish to make yourself happy as long as making yourself happy doesn’t include criminal or unethical activity, there are times when being so-called—selfish is good for you and good for business.

 

Stick to Your Budget

 

When most people think of sticking to a budget, they think of only money. While yes, you need to create and stick to your well-thought-out budget so that you keep your bank account healthy and can go after other things you want, remember that you have other non-money resources like your health, time, and so forth.

 

Follow Your Schedule

 

When you set up a schedule with real planning and thought about fitting in the things you want to do in life, it’s important to mostly follow your schedule. If you are having a hard time sticking to the schedule, maybe you’re not putting your plans first, or maybe you need a new schedule that is more realistic. When you develop a schedule that includes everything, including lunch with your four-year-old, data entry, exercise, and so forth, you’ll have a much more balanced life.

Scheduling

Say No (or Yes) with True Thought and Consideration

 

Don’t say yes or no to any request without thinking about it first. You need first to ask yourself if you even want to do it, figure out why you want to do it, what the benefits are, and then check to see if you even have time to do it. If you don’t want to do it, you can say no without guilt.

 

If you do want to and can’t, due to time or other constraints, state so and do not feel bad. If you can do it and want to do it, then you’re in the clear. But it’s imperative that you really think about it and study each question well.

 

Take Care of You First

 

This is probably the hardest for females. Women tend to put everyone else first but feel bad when they put themselves first. When it comes to your needs, always put needs before wants. Your needs come before your wants. Your needs come before someone else’s wants. This is how it should be. If you aren’t happy, healthy, and living the life you really want to live, what’s the point?

 

Prioritize Tasks, Especially Money-Making Tasks

 

As you create your schedules for your business activities, remember to prioritize any money-making tasks. The main reason is that without money you can’t do all the things you want to do that make your life worth living.

Why Every Business Needs a Business Plan

However, this doesn’t mean that you work 20 hours a day on money-making tasks. Instead, you’ll simply spend some of your time each day hard at work making money. When you designed your life, you discovered how much time you have left to make money. Use that time wisely. There is no point in spending time, for example, chatting with people on social media before you send offers to your customers.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

https://flawlessfreedom.com

 

 

 

 

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Guess Who Is In Control of Their Life?

Life has a way of moving really fast when we are not paying attention. One day you’re walking across your High School auditorium stage accepting your high school diploma, and the next, you’re sitting at your kitchen table freaking out about the bills, your own kid’s graduation, and your parents’ move to assisted living. You may wonder who is really in charge.

If you know your Goal

But guess what, it’s you. You are in charge of your own life, and you can make choices that rock the world if you want to.

 

If you want to make a change, or start a new venture, or even improve the path you’re already on, the fact that you are the one in control is an important factor to accept. It does not mean that you haven’t had struggles, or you’re overly privileged, or even that you’re not.

 

It just means that you can make choices and take action that leads you to the lifestyle you desire or take you away from it. To help change your mindset to accept your control, let’s think about a few ideas to help you move forward.

 

  • You’re a Work in Progress – Whomever you think you are today, and whomever you want to be tomorrow, is not really finished. You can decide to be different when you learn new things about yourself and the world. Maybe you never heard of the career or business you want to start until you were 40, that doesn’t mean you can’t do it. You may not be able to, but you should research it and figure out if it’s feasible or not before you give up.

 

  • Try New Things – You cannot know for sure what you want from life if you have no idea what is out there. Most of us never travel much further than our state’s capital and rarely leave our hometown unless it’s for a job, and then we stick around there too. Even if you can’t travel, read a wide variety of books, try new things, and dip your toe into new ideas so that you can figure out what you want to do. Take some risks and let yourself be uncomfortable.

 

  • You Can Create Positive Habits – Most people think of habits as bad, but you can develop positive habits that lead to your desired results. Figure out what you want to accomplish and study what others have done before you to succeed. For example, if you want to become a baker and open a bakery, you need to learn how to bake first, which means you need to add baking to your daily routine.

 

  • You Can Learn Goal Setting – Honestly, one of the best things you can learn for yourself is goal setting. There is a specific method of goal setting that works for most situations. Look up and study SMART goal setting and then implement it in every area of your life, including your business.

 

  • Learn to Self-Reflect – Self-reflecting means that you are careful, honest about who you are, what’s happening around you in and out of your control, and how you affect what’s happening. Everything you do going forward should be judged by what you can do differently or better or even what you did right and not what others are doing, have done, or could do. All you can do is control yourself. That’s it.

 

  • Practice Makes Perfect –You don’t need to be perfect, but this is a saying that most people relate to. If you want to accomplish something, you need to keep doing it until you accomplish it. If you want to become a fantastic painter, even if you’ve never picked up a paintbrush, you can. You just have to start practicing now and keep practicing as often as possible.

 

When you fully accept that you are in control of your decision making, that means you’re in control of your life. This doesn’t mean that outside influences can’t mess up things for you, but it does mean that with good planning and thoughtful introspection, you can figure out what you want and how to get it, then take the steps to see it through.

 

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

https://flawlessfreedom.com

 

 

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Components of a Business Plan

A business plan is an important document that was traditionally designed so the business owner could apply for and receive financial help through loans, venture capital, and other investments.

Get better

 

However, the other reason for the business plan is that it will help you determine before you invest too much time and effort if your business idea is viable or not. Plus, it can be the beginning of a roadmap with daily operation tasks and activities that lead to building and growing a successful life-affirming business.

 

Executive Summary

 

This section includes the name, location, and the overall mission of your business that you want to start. You’ll want to include a full description of the product or service, how it’s situated within the market, and why yours is different. To write an excellent executive summary, you need all the information described in the other components below first. It should encapsulate everything you prove in the sections below.

 

Business Description

 

In just a few paragraphs, write an overview of your business operations and what you do. What you do, who you do it for, and why you’re different. You’ll need to research your industry and the competition, describe how the industry is right now in the current climate, and provide basic information about your business such as your name, the location, the type of structure you set up, and so forth. It should be clear to whoever needs it what you do. A good way to approach this is to describe the problem you solve for your ideal customer.

 

Market Analysis and Strategy

 

This is the section you will include your overall analysis about your industry, where you fit in, the target market, your competition, and how you will enter the market with your product or service based on what you know. Be very specific. Include the size of your audience, trending information, and info about your target customer. This is the info that you can create a customer avatar with.

 

Marketing and Sales Plan

 

This section may be one of the most important because it will define how you will do business. It will define your method for gaining customers and the like. You’ll want to discuss your product, the price of your product, the place you’ll sell it, how you’ll promote it, to whom, and mention what profit you want to achieve and how you will reach your target profit potential.

 

Competitive Analysis

 

To create this section, you’ll need to find out who your competition is, who exactly their target audience is, how they do their targeting and pricing, and marketing. You should understand how they differentiate themselves from the market so that you can find another entry point.

 

Management and Organization Description

 

In this section, you’ll want to describe and summarize your business structure, who is on your team, whether they’re employees or contractors, and so forth. This section is not actually needed unless you plan to talk to venture capitalists or seek grants. However, it is helpful for you personally to describe how your organization will work and who will do what, when, why, and how.

 

Products and Services Description

 

This area is very straight forward. Simply list and describe every product and service you will be selling. This is how you will earn money. Use all your descriptive words to describe your products and services fully. You’ll want to include cost, features (and always the benefit of that feature to your ideal customer), how you’ll distribute the product or service, and information about the target market and competition too.

Develop a Realistic Business Plan

 

Operating Plan

 

In this section, you need to be very detailed about how you’re going to run your business. What day to day tasks will be completed, and by whom, in order to be successful in this business? How much time will it take? What equipment will you use? What will change if times get hard or something happens, such as a natural disaster? Your operating plans consider possibilities so that you hopefully have a plan already in place when you need it.

 

Financial Projection and Needs

 

Not only do you need to know exactly what each part of your business costs you in terms of investment but also what it is going to earn you. This is an integral part of the plan because it will help you understand what it takes to achieve the goal you want: work-life balance and enough funds to accomplish the life you want to live.

 

Exhibits and Appendices

 

In this area, you’ll include all the documentation that goes with the summaries that you created for each section. This is the area you want to back up anything you said above with proof. Include copies of your ads, copies of your headlines, tagline, logo, and anything you use for marketing that helps support your words above.

 

It really does depend on the type of business you plan to start, whether you need to write a full business plan with the components mentioned above. If you are starting a home business, you may not need some of the financial projections that enable you to get a loan or venture capital, for example, but in general, you need at least to know what your goals are and how you’re going to reach them. When you put it in writing, it will provide a roadmap that will enable you to achieve the success you seek.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

https://flawlessfreedom.com

 

 

 

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You Really Can Design Your Life the Way You Want It

When most people grow up, they end up with about the same finances and lifestyle as the family they are raised with. Very few people do better than their parents or change that much about their lives compared with their folks.

Failure is

It’s not a bad thing, but if you want to do something different, it can seem daunting. However, you really can design your life the way you want it. It doesn’t matter who you are now or where you are from, or what situation you were born to. If you understand who is really in control of your life, (you) you can do amazing things.

 

  • Begin Where You Are – Some people are born with more resources than others due to their family or place in life. Others are born with more challenges. In the scheme of life, this only matters if you don’t believe you can improve your life based on your birth. If you believe you can, and take the steps necessary to do it based on the situation’s reality, you will be more successful. Maybe you have to work two part-time minimum wage jobs while working your side hustle to pull it off for five years – it doesn’t matter – whatever it takes to reach your goals is what’s important.

 

  • Figure Out What Your Morals, Principles, and Values Are – No one can make good choices in life about anything if they have no idea what guides them. When you know who you are deep down, you don’t need any outside forces to guide you. Try writing a mission statement for your life and your business to help set up that guide.

 

  • Summarize What You Want – Take the time to go through the eight areas of life “The Areas of Life You Need to Design for Success” that you need to design and write a summary of the ultimate end goal that you want to achieve in each of the areas. As you develop your goals, you may need to get more in-depth with each area for the goal to be well thought out with steps set up for achievement.

 

  • Set Realistic Goals – Based on what you want from life, set goals using the SMART Goal setting technique. Each of your goals must be specific, measurable, attainable, realistic, and time-bound. Instead of something like “I want to get rich and retire,” you will explain what this means. “I will have 2.5 million saved by the time I am 45 years old. I will do this by saving a specific amount each month that I earn by doing a specific thing each day.” Write it out exactly as you will do it.

 

  • Figure Out What You Have – Develop a resource list of all the resources you have as they’re related to each of your goals. For example, if one of your goals is to be fit and healthy at 80, what steps are necessary to be more likely to experience success with that goal? Probably time for self-care, money for regular health care appointments, funds for dental work, gym membership – whatever it is that you have that will help you succeed, list it. It may be a person, place, or thing that is the resource, or it may just be a skill you possess.

 

  • Figure Out What You Need – As you determine what resources you need to achieve each goal, you’re going to realize that you already have some of the resources but that you don’t have some of the others. When you identify the resources you need that you don’t have, it’s time for you to search for them either by paying for them, outsourcing, or creating them.

 

  • Create a Resource List Associated with Your Goals – Now that you know what you have and what you need, make a resource list. Define what you have, what you need, and the budget for the things you need to pay for. For example, there is a budget associated with healthcare, groceries, and the like. There is also a monetary number associated with every single thing on your resource list. And remember, time is money.

 

  • Set Your Daily Schedule for Success – Once you know what you want to do and have identified the resources to get you there, it’s time to set up your daily schedule for achieving the goals you’ve set. If you have more time available due to more resources, you’ll experience success faster, but even if you take twice as long, you will make it if you set it up and follow your plan.

 

  • Evaluate Regularly – As you age, you’re going to change. Those changes will be more than physical they will be mental, emotional, and spiritual. You cannot even imagine the type of changes you’re going to experience in the next 20 to 30 years of your life. Due to this fact, take the time to evaluate your plan regularly to ensure you’re on the right path that makes you feel happy about your life.

 

Designing a life that works for you and gives you the balance you want in terms of work-life balance requires that you first accept the truth of where you are, what you have to work with, and where you want to go. It might take you longer than someone born on third base, but you can still accomplish whatever you set your mind to if you understand what it takes to achieve the results you desire.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

https://flawlessfreedom.com

 

 

 

 

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The Areas of Life You Need to Design for Success

Let’s start strong and talk about the areas of life you need to design to ensure your success. Often people never think about how each decision affects how their life will actually look and be in practice. If you want a particular lifestyle, you must think about how each choice impacts your desires.

the purpose

There are eight areas of life that you need to design purposefully for success:

 

  • Career and Business – What you do for money will have a massive impact on your life. It will inform every single choice you make. It will make the difference on whether you can afford the lifestyle you desire or not, and even whether you can maintain your health or not realistically.

 

  • Health and Fitness – Your health and fitness level are important because if you’re unhealthy and not fit in the right way for the life you want to experience, it’ll be hard to do. For example, if you want to spend the weekends camping and boating, you’ll want to maintain a healthy weight so you can keep doing it.

13 WAYS WALKING CAN BENEFIT YOU

  • Relationships and Social Life – What kind of social life do you envision, and can you afford to have that life? What about your significant relationships, such as your life partner, spouse, or your relationship with your children? These are all impacted by the rest of your life choices due to how it affects your health, finances, and so forth.

 

  • Finances – Did you choose the right career or business to fund the type of lifestyle you desire? What about time? Do you have enough time left after earning money to do the things that are important to you?

 

  • Personal and Spiritual Development – Do you have time to work on your personal life and spiritual and emotional development? Everyone needs time for self-care, including learning about themselves and taking care of themselves through eating right, exercise, going to the doctor regularly, and even doing things that are considered optional, like getting facials or massages.

 

  • Hobbies and Fun – What type of things do you want to do for fun, and what hobbies, if any, would you like to participate in? Does your business or career allow you to accomplish having fun and doing your hobbies too?

 

  • Home and Environment – What type of home do you want to live in? Do you want to live in the city in a condo, a house, or do you want to live in the country? Do you prefer to rent, or do you want to buy? What type of environment do you want?

 

  • Community Involvement – Where do you see yourself in terms of your community? Do you want to be involved in your church, or do you want to feed the poor or take care of stray animals in your area? What do you want to have the time and funds to do in your community?

 

Go through each of these areas and write a summary about how you envision your life in each of these areas. Then be very specific about what it will cost you in terms of time and resources to achieve the ideal life you’re designing for yourself. Do not make assumptions. Look up how much something costs, ask people who have done it how long it takes, and get real information so that you’re not just guessing. The idea is to design a life that you really want to live, but that is realistic for you to achieve.

 

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Outsourcing: The Key to Success for The Life Affirming Entrepreneur

When you set out to build your business, one thing was clear. You wanted a business that provided the income you needed while not overtaking your life. You want time to live all aspects of your life to the fullest, and you don’t want to work all the time and miss out on the joy of life. You want business success, and your success includes living a full and rich life in all ways and all aspects. In other words, you want to build a successful business while still enjoying life. The key to being able to do that is outsourcing.

Create a community of entrpreneurs

There are many reasons to outsource, but the two most important that come to mind are the ability to free up your time so you can focus on your goals and business planning and also to add key resources and skills to your offers. Well planned outsourcing can improve your efficiency, cut costs, speed up product creation, and give you time to focus on the important planning and directing that a business owner does aside from doing the actual tasks in the business.

 

Outsourcing helps your business:

 

  • Scale Up Faster – When you use strategic outsourcing, you can scale up when needed, but you can also shrink when needed without affecting your business. Outsourcing means you use a contractor that is not an employee, so you only use them when you need them, which is after you get the work.

 

  • Boost Resources – If you need a resource that you don’t have yourself, you can use other people to gain it. For example, if you realize you need to redo the coding on your website outside the basics, you can hire someone to do it and keep them on speed dial whenever you need them—no need to learn to code when you can outsource.

 

  • Free Up Your Time – As a business owner, you have a lot to do, and you need to save your talent for doing things only you can do. If someone else can do it without sacrificing quality or anyone noticing it’s not you, then you should seek to let someone else do it, so you free up your time to do what you do best or to spend time with friends, family, or doing fun things.

 

  • Improves Your Offers – The truth is someone else can probably do some things better than you. Because of that, if you outsource to the right people for the right things, you can improve your offers, thus improving your customer satisfaction exponentially.

 

To Outsource Successfully:

 

  • Define the Scope and Schedule Clearly – Before you even search for the person, define what you want them to do. It’s better to work with someone who is already an expert, so you just hand it over, but you don’t want to outsource an entire project to one person. Instead, define it and choose each step along the way.

 

  • Evaluate Contractors Carefully – Look at references, examples, and always make sure they are who they say they are. Even if you are recommended a particular person by someone else, check them out thoroughly to avoid problems.

 

  • Choose Based on Skill and Expertise Over Price – Don’t always hire people based on the least expensive price. Sometimes a lower price is indicative of inexperience, and it may take them longer. Sometimes a higher price ends up being a lower price due to time and expertise.

 

  • Start Small – Don’t outsource an entire massive important project to a new contractor at first. Instead, choose a small thing to work on to find out how well they meet deadlines and stand by their work.

 

Outsourcing is the biggest key to your freedom. Remember that anything you need to be done can be done by someone else. You really can hire experts remotely for a lot less than you think and increase the capabilities of your business fast.

 

 How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

https://flawlessfreedom.com

 

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Why You’re Not Alone Even When You’re a Sole Proprietor

While exciting, starting a business can be lonely. This is especially true for small business owners who traditionally start “home” businesses that they plan to run independently. But the exciting thing about this is that today you’re not alone even as a sole proprietor because today, there are many resources that you can tap into right from the comfort of your home via your computer.

 

Take a Class

online class

If you need to know something to help improve your business or life, taking a class is a great way to do it. Participating in the class with the other students and the instructor is also a great way to network with other like-minded people. Most of the time, the people taking the course and you will have something in common if only the reason for taking the class.

 

Join a Mastermind

 

If you need motivation, sometimes a mastermind group is the way to go. Not only will you be able to network with others, but you’ll learn something and potentially acquire a new resource to use to meet your goals.

 

Find Your Community

 

There is a community out there for you to join as a solopreneur that can help you learn, socialize, and grow your business. It may be local to you, or it might be online via a forum, message board, or private group on Facebook or another platform.

 

Build Your Team

 

Just because you are a solopreneur doesn’t mean you have to do everything. To acquire a skill (a resource) fast, pay for it. For example, if you don’t have financial knowledge, you may want to hire a CPA to guide you, or if you lack time to provide the proper customer care, you may want to employ a customer service expert or pay for a chatbot to help.

 

Find a Coworking Community

Why Every Business Needs a Business Plan

Locally to you, there are probably coworking communities already working together and helping each other grow. You can also find coworking communities online too through groups and forums. It can be very motivating working alongside other movers and shakers. Plus, once again, through networking, you may be able to fill your need for a particular resource based on your list.

 

Go to Live Events

 

An enjoyable and lucrative way to avoid being alone is to go to live events. Live events will stand out for you as a networking tool that will introduce you to new people to fulfill your resource list.

 

Connect with Your Customer

 

Also, don’t forget that you have customers, or you will once you start your business. You can connect with them on many levels. For example, use your hobbies and interests to build rapport when you can tie them to your business and work. Your customers are essential, and the more you can get to know them, the better.

 

As you can see, you’re never alone. As the owner of your business, it’s up to you to fill all your needs, but you don’t need to do it alone. You can network and build your team and remember to delegate and outsource so that you aren’t doing it all alone.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

https://flawlessfreedom.com

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What Resources Do I Need to Live the Good Life?

As you plan your future business and get ready to create your business plan, you need to understand what resources you need to live the good life you want. You don’t want your business to interfere with it. In fact, you want your business to provide the good life you want. It’s not an either-or choice if you think about all this in advance.

believe

What is a resource? A resource can be either internal or external. For example, you have internal resources such as your own knowledge, skills, qualities, habits, techniques, your own funds, and things you’ve learned over time. External sources may include your access to people in the know, books, software, funds, and so forth.

 

When you look at your vision board and the goals you’ve set for each of the eight areas of life, what resources do you really need? Some resources you come across will be required, and some will be desired but not out and out required.

 

Let’s remember the eight areas of life and show an example of the possible resources you need for each area. I included some ideas for you to get you started. This is not comprehensive because it’s hard to know what any one person may have or need as this is very individual, so try to answer this for yourself using the example.

 

Career and Business

 

Resources I have:

  • Coaching Certification
  • Time Management Skills
  • Networking Skills
  • Writing Skills
  • Computer
  • Coaching Software
  • Online Communities
  • Mastermind Group
  • $5000 Start-Up Funding

 

Resources I need:

  • Programming Skills
  • Email Marketing Software
  • A Website
  • An Office Space
  • Clients

 

Health and Fitness

 

Resources I have:

  • A Good Mindset
  • Gym Membership
  • Good Shoes
  • My Best Friend (Motivation)
  • $400 Monthly Budget

 

Resources I need:

  • Medical Insurance
  • Regular Dental Care
  • Healthy Grocery Budget
  • Full House Water Filter

 

Relationships and Social Life

 

Resources I have:

  • A supportive spouse
  • Three great kids
  • Backyard Pool
  • A Healthy Outlook
  • Good Communication Skills

 

Resources I need:

  • Bigger Dining Room Table
  • A Vacation Home
  • Time

 

Finances

 

Resources I have:

  • $5000 Startup Cash
  • A Business Idea
  • A Personal Budget

 

Resources I need:

  • Bookkeeping Software
  • A CPA
  • A Business Plan
  • A Retirement Plan

 

Personal and Spiritual Development

 

Resources I have:

  • My church
  • My book club group
  • My community
  • My health

 

Resources I need:

  • Books
  • Counselor
  • Like-Minded People

 

Hobbies and Fun

 

Add what you have and what you need to ensure you can do your hobbies and have fun.

 

Home and Environment

 

What do you have already that makes your home environment the way you want it, and what do you need to improve it based on your lifestyle goals?

 

Community Involvement

 

The same thing goes here, list all the resources you have and that you need to achieve the results you desire.

 

Some of the resources you need you may not have yet, or you may not even be sure what they are yet, but as you move along, you’ll discover what is needed, and you can add those to the list of resources you need. Make sure you create your resource list based on what you have available first and then what you need to acquire for each of the areas of life you want to design and improve.

 

Understanding exactly what you need for success in each of the eight areas of life will help you ensure that you are working toward your goal in a way that makes it possible to succeed. If you don’t have the resource yet, you can use the information you’re gathering to set up a plan to get those resources.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

https://flawlessfreedom.com

 

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Create a Lifestyle Vision Board

Vision boards are visual depictions of whatever you want them to be. You can create a vision board for the family you desire, the job you want, or even the hobbies you hope to have soon.

vision board

The vision board can consist of images, words, and symbols that represent a particular goal. You can make a vision board using craft materials to create something physical, or you can use software like Canva.com, MindMovies.com, or just use your MS PowerPoint software and keep it digital. You can invest in vision board software or use the software you already have. It’s up to you.

 

Usually, people make vision boards to inspire them to achieve a particular goal. The tangible representation of the future as you wish it to be is a great way to give yourself motivation and help you set up steps to achieve the vision. In lifestyle design, the best vision board considers all eight areas of life that we talked about before.

 

Eight Areas of Life to Design:

 

  1. Career and Business
  2. Health and Fitness
  3. Relationships and Social Life
  4. Finances
  5. Personal and Spiritual Development
  6. Hobbies and Fun
  7. Home and Environment
  8. Community Involvement

 

You can start with one section at a time, finding images, words, and items that help define and depict what it will look like if you have the most success in life. This is supposed to be your big dream or your goal in life. You’ll want to think long term, ten years or more into the future as you design and create your vision board.

 

To get started using each of the eight areas to develop a list of goals you’d like to achieve in the next year, five years, or ten years into the future. Using that list of goals, you can find images, words, and even tactical items if you’re doing it with real materials to help build the vision board.

 

Once you find pictures and visuals representing how you see the future and what best represents your goals met, you can start making each section of your vision board. It’s important to note whether the business you choose can actually lead to reaching the goals you set for other areas of your life. The practice of creating the board can help you figure out whether what you want is even possible or not.

 

For example, if you realize to experience your hobby of flying your own airplane costs a certain amount of money and requires a certain amount of resources, does your business have the ability to provide it? If not, you may find you want to adjust some of your assumptions or goals to match your resources, principles, morals, and values.

 

 

 

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Why Every Business Needs a Business Plan

It’s not that unusual for some people to start a side gig without any notion of what they’re doing, including a business plan. They just notice something they like doing and do it and start earning money. But understand that you’re much more likely to experience success if you create a business plan.

setting goal

To Show That Your Business is Possible

 

You may think you have a great idea to make widgets for the masses, but only through research can you ensure that your idea is possible. When you study all aspects of your market, you can avoid the mistake of starting a business with no chance.

 

Just because you think your idea is a good one doesn’t mean it is. You’re not your market even if you think you are. There may indeed be ten people who need your widget but are there enough people to support you as you need to be supported?

 

To Understand Your Competition

 

One really cool fact about discovering your competition is that competition proves your idea is a good one. If there are no competitors, this is not necessarily a good thing. It’s hard being the first to market with a new idea. In fact, it can be costly to be first.

 

If you study businesses, you’ll note that it’s not always the first to market that makes it. It’s often the copycats that come later that truly make it work after a known market for the product. You can use your competition to avoid mistakes as well as find your audience.

 

To Know Your Customer Better

 

When you develop your business plan, it forces you to find out not only who your exact ideal customer is, but where they are, what they need, and how you can best communicate with them about their problems.

 

When you really know who your customer is, you can create marketing and advertising content that is more effective as well as create better solutions for them too. Study the customer through their buying journey to ensure you know exactly who they are and how they make decisions.

 

To Document Your Revenue Model

 

The thing about business is that it’s supposed to earn money. Therefore, part of creating your business plan is to ensure that the business idea you are going with can possibly earn enough money for your intended lifestyle and purposes but also what type of accounting you’re going to need.

 

Most small businesses are relatively simple to set up, but you really need to understand how to keep track legally so that you don’t pay one more penny in taxes and fees than you need to. You’ll need to know how you’ll collect the money, what happens after you collect it, and follow all the rules and regulations based on the type of business entity you choose.

 

To Reduce Risk and Judge Potential Success

 

When you put everything down on paper, from how you’ll set up your bookkeeping to how you’ll process each customer’s order, it’s a lot simpler to figure out if success is possible. You’ll definitely reduce risk by setting up everything in advance of starting. When you can see how the process works, from attracting a customer to converting a customer to serving a customer, you can fix any problems before they start, ensuring your success.

 

To Develop an Operation Roadmap

 

When you create your full business plan, you will also create a how to do everything you need to run your business step by step process. For example, if you’re starting a reselling business on Poshmark.com, you’re going to need to figure out your process for purchasing, a purchase price point, a markup formula, and also cleaning, packing, photographing, and posting procedures. Everything that needs to be done needs a step by step plan written out.

 

To Reorganize During a Crisis

 

Sometimes a business plan can also help you get through a crisis. If you write your business plan right, you’ll know your break-even point, the minimal resources you need to make it work, and so forth. This information will make it simpler for you to figure out what to do if business slows due to outside reasons such as health or political turmoil. Everything is taken into consideration while developing the business plan.

 

To Develop and Document Your Marketing Plan

 

The business plan covers everything you need to do to actually do your business with your customers, including how you’ll get the word out. The marketing plan is an essential part of your business plan that will help ensure your success.

 

To Forecast Business Needs

 

As you develop your business plan, you should end up with a list of resources, staff, money, equipment, software, and so forth that you need to be successful. You’ll know exactly what you want and need and how much it’s going to cost you. Even if you note things that you cannot afford right now, you can set up a plan to get around it until you can afford it.

To Highlight New Opportunities

 

As you are creating your business plan and going through each of the steps and areas of the business plan, the brainstorming gives ideas for more products and services aligned with what you’re planning to offer. These new opportunities can help you grow your business bigger and better than you may have thought to start with.

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To Set Up Your Daily Tasks

The business plan is so robust that you can use it to set up each day full of tasks that build results. You should come up with due dates, timelines, and more with your business plan so that you can insert the tasks into your calendar.

 

Many small business owners think they don’t need a business plan because they aren’t going to borrow money from a bank. However, the business plan helps you set up your business in an organized way to work step by step on building your business.

 

 

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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