3 Things Apart From Money That Are Important When Starting A Business


featured image

Take a peek at Quora and you will probably notice a very common question: “How can I earn a thousand/million/billion dollars once I start my business?”

It is not rare (and certainly not wrong) to say that you want to start a business in order to earn money. After all, isn’t attaining more income and financial security one of the most enticing reasons to go into business?

Not forgetting the fact that without paying attention to the financial bottom line, your business will soon find itself out of, well, business.

But what if the financial bottomline isn’t and shouldn’t be the only bottom line? What if other aspects will not distract you from making more money, but instead become catalysts that enable you to earn more? Presenting…

3 Things Apart From Money That Are Important When Starting A Business

1) Time

time

[Image Credits: janreycantos.com]

I am sure you have heard of the old adage “Time is Money.” When you are just starting out in business, this is exceptionally true.

Most new entrepreneurs look to cut cost by doing everything themselves, including things they are not naturally good at or are purely administrative in nature.

If so, you are wasting your time, which means you end up losing more money than actually saving. Why?

Let’s say you are in the tuition industry. Naturally, your key strength is in designing and delivering tuition classes.

However, as you decide to save on expenses, you find yourself having to design your website, make calls, handle data entry and so on (you get the picture)… all by yourself.

Yes, you managed to get everything covered “for free”, but end up exhausted. You will likely deliver sub-par work here and there.

More importantly, all that time taken up by these tasks could have been invested in what you do best – i.e. creating more and better materials and curriculum plans, or taking up courses and reading books to further boost your expertise in education – that lets you earn much more money in the long-term.

Now, I am not saying that you have to hire people for everything else – you can always choose to outsource things such as data entry and design work.

Do a quick search and you will find many websites with freelancers offering their services at very affordable rates, that will save you a lot of time and trouble.

2) People

people

[Image Credits: middlepath.com.au]

If you are fortunate enough to have at least one employee at this stage, then please, treasure them. Your employees can make or break your business, especially at the early stage.

Make them feel treasured by viewing them as a partner in this business instead of a robot hired to execute your instructions to a “T”.

This way, they will be more willing to go the extra mile for you which is what is needed to help the business grow.

Apart from your employee(s), you should be building relationships with people who could eventually become your investors, partners or customers.

That said, please do not go to every networking event and end up either using it as an excuse to eat and drink merrily or turning it into a mission to collect as many name cards as possible.

Invest in genuine long-term mutually beneficial relationships and you will be able to find the best insights from them to take your business to the next level.

3) Value

value

[Image Credits: customersrock.net]

Many people selling a product or service most likely view each customer as numbers on a spreadsheet. However, they are not merely a financial transaction.

Customers purchase your product or service because they see value in you.

Likewise, you ought to return the favour by seeing the value in them.

The primary reason why they bought your product or service was because they have a problem and they believe you have the solution. You therefore have the responsibility to deliver that value to them and not just treat them as providers of your next meal or next vacation.

By actually caring about the value you deliver, a couple of things happen: firstly, your customer gets his/her problem solved and is happy (and is much more likely to become a repeat customer or refer you to someone they know).

Secondly, your product or service expertise is likely to improve as a result of working to serve customers better (and you begin to really stand out from your competition).

What does this all mean for your financial bottom line? The amount of money you earn goes up as well!

So from now onwards, instead of asking “How can I earn a thousand/million/billion dollars once I start my business?”, ask “How can I deliver massive value to a thousand/million/billion people once I start my business?”

By tweaking your mindset a little to include the above 3 aspects, I am confident that your business can only continue to grow and expand to help more people find solutions to the problems they have in their lives.

Are you inspired to start a business? Let us know what you want to do!

Share this post

Amanda Ong

Amanda is a raving fan of words, believing strongly in their ability to move mountains. She is an aspiring copywriter and also has a soft spot for stories steeped in raw emotion. She looks forward to interacting with the WealthMastery.sg community about how money can set your life free instead of tying you to a tree.



No comments

Add yours