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This lockdown experience has given many of us the chance to think about whether we could change our lifestyles. We’ve been staring at the same four walls around us, wondering if there’s a better way to live our lives. Could we earn more money?
Well, naturally, we could always work longer or hanker after a promotion to get more money. But, as we all know, the real money is always in building a company that generates profits and skimming off the top.
Starting a business, though, isn’t for the faint of heart. If anyone could do it, we’d all be entrepreneurs. But that’s not how it works. There’s risk and patience involved. And the time you invest in setting it up you can never get back.
But there is good news. While setting up something is always risky, doing it today is easier than it was in the past. If you want to start an online coaching business, for example, there are now platforms that do everything for you, from advertising your course to letting you collect money. Naturally, they want their cut too, but they make it easier to start.
If you take a look at this resource, you can learn more about the practical process of starting a company. But, throughout it all, you’ll want to consider the purpose of starting a business financially speaking.
Think about it: you could own businesses by working hard, saving up and then buying shares. That’s what people have done throughout history – and it works.
But that’s the slow lane. It could take you the better part of 30 years to save enough money to provide yourself with a reasonable passive income.
The fast lane is to start something yourself and skip the first 20 or 30 years of compounding. What you want is a large sum of money invested immediately that’ll grow over time.
The purpose of setting up your own business, therefore, is to give you back your time. You get more money today instead of trading your time for money you hope will accrue in the future.
The price you pay is risk, discomfort and the fact that your company might fail. But you might decide that that’s worth it for your life. Perhaps you don’t want to find yourself stuck in the same job for years on end. Maybe you feel like expanding beyond it and really pushing forward with your life in an exciting way.
Ultimately, setting up a business is about becoming wealthy and gaining the resources you need to live the lifestyle you want. Ideally, you’d prefer not to have to make difficult financial decisions to spend on this or that. You want a situation where you’re free to do what you want, when you want. And you don’t want to wait until you’re too old to enjoy it.
That’s essentially why people give up their former lifestyles and begin businesses. They want to skip the grind and get to the good stuff quicker.
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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