A lot of people jump into trying to start a business or make some extra money without thinking of any particular goal besides bringing in some extra cash. They're desperate to make some extra money, because they think a better income is all that's needed to improve their lives.
Don't fall into that trap.
Sure, making more money is great, and there are a lot of ways it can make your life better. You've probably heard the expression that money doesn't buy happiness but the lack of it surely brings unhappiness, and there's a lot of truth to that. But being successful in business is about more than just money. You have to figure out what you want from your business--and your life--before you jump into a new venture.
I'm fortunate enough to make a six-figure income from writing, which is something I've loved doing since grade school, and--even better--most of what I earn comes in the form of a passive income that lands in my bank account whether I'm at the keyboard typing away or if I'm in Hawaii learning how to surf or up at Whistler skiing the slopes. For me, one of the keys to success was to learning to write for myself and keep 100% of the revenue instead of getting paid hourly to write for other people. I've learned one other big lesson along the road to financial independence, and that's what I want to share with you today.
Before you start a business, there's one big question you need to ask:
What do you want your life to look like?
Let's say money isn't an issue. Your new business is a success, and you have plenty. So, close your eyes and imagine what your life would look like.
Are you traveling the world, stopping here and there to check on your business from an Internet café? Are you watching your kids at an after-school soccer game? Are you outside hiking or biking and enjoying a sunny day in the middle of the week? Are you driving a fancy car that you never could have afforded on your old salary?
Before you jump into a business, think about what you want from life. Most people who start businesses just end up making new jobs for themselves. They've traded their old boss for a new one: themselves. And because they don't get to clock out at the end of the day, as they would in a normal job, they end up working harder and longer hours than ever before. They may or may not make any more money than they did before. Even if they make more, they don't have the time to enjoy it. It's no wonder so many businesses don't succeed.
If all you want from life is things, working 12 or more hours a day may be okay, but one thing I've found is that what we really want--far more than we want fancy houses and mansions--is freedom.
We want to be able to set our own hours and take a day off when we feel like it. To my mind, that is a far greater fortune than all the money I've earned or all the money I may earn in the future.
Figure out what you want your life to look like, and then figure out how to build a business that will get you there. If you create the business first, you may be chasing freedom and happiness for the rest of your life.
Like to write? Want to work part-time and earn a six-figure income? Tips and motivation at Writing for Your Wealth
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