It’s a new year. So why not start off with renewed zest for life, a goal to achieve your dreams, and the confidence to become your own boss? Realistically, it’s good to acknowledge that managing a business can be stressful and overwhelming. You’ll most likely need assistance across a number of areas, such as to determine the best strategies for your business. Receiving expert advice can increase your chances of success in business. The value of a sounding board to offer clear, concise and effective solutions to problems that you may encounter along the way is invaluable. Zhaun’s has partnered with a leader in business coaching, Steve reid, to help you understand the ins and outs of the business realm, and to take your business from good, to great.
The young people of any country are the building blocks for the future and the financial eco-system of that specific country. They need to be educated, values should be instilled, and a good work ethic. With all of these things, what about opportunity? With the amount of people looking for work, and such a deficit of jobs, young people have to become savvy and look towards starting their own businesses and becoming entrepreneurs.
For many of us, with owning a business comes financial security. This might feel like an unattainable dream sometimes, but financial security is within your reach and there is a way for you to be the master of your financial security destiny!
What does financial security mean?
Some people believe you need to be a millionaire to be financially secure. This isn’t the case: there have been endless entrepreneurs, athletes, and film stars who’ve made a fortune and then lost it all. The truth is, you don’t need a sports car or private jet to be financially secure – ultimately, creating your own financial security means that you’re in control of your money, and you’re not worried about paying the bills or covering an emergency.
Financial security means different things for different people. So, here are three factors to consider when determining what financial security could mean for you:
It’s hard to feel financially secure when carrying significant debt. With this is mind some types of debt are actually necessary, as very few people have the initial capital to pay for a house or start a small business.
Using credit for everyday items, such as clothes, tech gadgets, or groceries isn’t likely to help you achieve and create your own financial security. Credit cards require monthly payments and have very high-interest rates.
Taking out a loan or getting funding to start your own business on the other hand is a step in the right direction to becoming financially secure.
Being in control of your money
If someone makes R200,000 per year but spends R220,000, are they financially secure? The answer is no. This person is digging themselves into debt and will struggle to pay the bills.
So, if we want to learn how to become financially secure, we must first learn how to budget.
Budgeting is the process used to control money – to tell it where to go, instead of wondering where it went. When you’re in control of your money, you’re far more likely to feel financially secure and set the stage to create your own financial security. If you choose to kick start your own small business, budgeting is even more important. All costs must be accounted for in order to turn a profit.
Be prepared for emergencies
There are many people who don’t have enough money to pay for insurance, health insurance or home insurance. health, home or insurance.
Living month to month, or hand to mouth, without savings or suitable insurance can affect your sense of financial security and even your mental health!
To feel financially secure, you need to set achievable goals, both personally and in business, as this can lead to a sound state of mind and help you find the motivation to discover new revenue sources.
Increasing your financial security
If you’re not becoming more financially secure, there’s a chance that you’re becoming less financially secure. This is not a place you want to be! Creating your own financial security means steady, reliable progress. This could mean paying off your credit card, mortgage on your house, adding to a savings account and investing for retirement.
You don’t know how the future will play out or if your business will be successful. However, you can plan ahead to help mitigate the potential for failure. Developing a business strategy, exploring financial scenarios, and revisiting initial performance are just a few ways to help you navigate the unknown. You’ll never know unless you try, and you can at least set yourself up to handle different situations.
Zhaun’s helps you create sustainable business opportunities and is instrumental in helping you create your own financial security. Start 2023 off by believing in yourself, and forging your own path to becoming your own boss!