You can read the first part of this article here
Step 4: Automate your plan
You don’t need an extra item on your to-do list so you need to automate most of your payments so you are not constantly battling with it. You need to free your guilt ridden and fearful mind to focus on the positives in your life, the bigger picture. Worrying constantly of the debt robs you of this positivity and actually undermines all your efforts to grow your business. Set it up and forget it until your next review.
Step 5: Educate yourself about money and wealth
You need to commit to learning about money and how to generate wealth. Some great books to help you on building a financially strong foundation are:
- The Richest Man in Babylon
- Rich Dad Poor Dad
- The Total Money Makeover: A Proven Plan for Financial Fitness
I’ve read all three books and they offer really sound time tested financial advice. You might not like them all so check the reviews and buy one or all of them.
“One of the things that I did is really get honest with myself about how my life was and when I was taking a look at my debt and how unsatisfied I was, I made a conscious choice to go find information that would help me change that.” – Marie Forleo’s interview on http://theinnerentrepreneur.com/marie-forleo-on-living-in-the-moment/
Step 6: Step it up in your business
After taking stock and taking care of your money leakages, you can focus and budget an amount to invest in the business so that you are not standing still. Apart from friends, business angels, venture capitalists, grants and savings, most people fund their businesses from credit and loans. Funnily enough, it is harder to convince the banks to invest in your business. Rather they prefer to give loans for cars, holidays, home improvements and weddings when none of these things actually give you a return. I went to an authors seminar last year where a well known speaker told the story of how he had to tell his bank he needed a car loan (which was quickly approved) so he could use the money to start his business.
People start businesses for different reasons. Whatever your reason for starting a business, be it for a more liberated lifestyle, to make a change, make money or to spread a message, businesses can be a powerful agent for financial liberation. Sometimes people tend to forget that and focus just on the challenges – ignoring the potential.
A business is supposed to be profitable – and once profitable, it can and will support your life goals, paying of debt and enabling you to live like you never dreamt possible. There are very few career options or jobs that offer this potential.
Step 7: Stay positive
There is nothing quite like positivity. Your spending it now under control and you are working hard to grow your business and you are also repaying your debt back. You can now allow yourself to see the light at the end of the tunnel.
In the movie “Catch Me If You Can, Frank Abagnale Sr. tells a story of how two little mice fell in a bucket of cream. The first mouse quickly gave up and drowned. The second mouse, wouldn’t quit. He struggled so hard that eventually he churned that cream into butter and crawled out.” – except from IMB
Will you be the first or the second mouse? Its up to you.
If you have debt and are really worried about it, then I hope this article has given you enough reasons to stay in the game and understand that building a business isn’t about getting more into debt. Its about generating enough income to get out of it.
Hope you enjoyed the article, if you did, then don’t forget to share it. It may just be what somebody needs to read at this time. Thanks for reading it all. It was a rather long article!