Financial Independence and Your Own Business 

Most women who achieve financial independence own their own business. This site teaches the secret of your abundance of wealth and success.  Attract wealth today!

Do you dream of owning your own business?

There is great pride in running your own business rather than working for someone else.  I know this first hand.  I’ve had an abundance of success with 3 of my own businesses.  Although I put in way more than 40 hours a week, I could never go back to working for someone else.  The rewards are too great.  And running your own business is how most women of wealth create their financial independence.

My first couple of attempts at starting my own business failed.  In fact, most new businesses fail – usually because of “the conceit of outside knowledge”.  I first heard this phrase from millionaire entrepreneur Michael Masterson.  It sums up why my first business startup attempts failed - even though I had an abundance of wealth mentality.

As humans, many of us have the tendency to think we are smarter than we actually are.  Statistically, men have a much bigger problem with this phenomenon than women.  But it’s something we all need to become aware of because this creates an artificial confidence about many things - especially the ability to attrat wealth.  Just because we're smart does NOT guarantee an abundance of success.

For example, many people jump into the restaurant business simply because they love going out to eat – even though they’ve never worked in the restaurant industry.  Or they’ll open a clothing store because they are passionate about fashion – even though they actually have no working experience in clothing retail.  They jump into their new businesses with the conceit of outside knowledge – which almost always guarantees failure.

Passion for a new business is critical to its success – but without an awareness of the conceit of outside knowledge, we jump in too soon, spend money where we shouldn’t, and pay a dear price for our inexperience.  Our financial independence doesn't happen this way.  We don't attract wealth by being naive.

If you are considering starting your own business, here are a few things that I recommend:

1. Choose an area of business you are truly passionate about.  It will require a HUGE investment of your time – probably much more than you think!  You’ll need raw enthusiasm to get your new business off the ground.

2. Accept that you have at least some degree of the conceit of outside knowledge.  Just because you have great ideas does NOT mean you’ll be profitable.  If you don’t keep ‘overconfidence’ in check, you’ll make way more mistakes than you’ll need to make.

3. Make lots of mistakes as fast as you possibly can.  Women of Wealth know that mistakes help you build experience.  Experience is the ONLY way to develop good business judgement.  Therefore, the success of your business will be determined by your experience – based on your mistakes.  But don’t let yourself make CRITICAL mistakes because of the conceit of outside knowledge.  Read on to understand what I’m suggesting. 

4. Start selling your product or service immediately.  Find out if people truly want what you are selling.  (Even if you’re selling a service rather than products)  The conceit of outside knowledge can convince you that your ideas will make money.  The only way to find out for sure is to start selling and see if the market is interested!  The conceit of outside knowledge will tell you to buy business cards, rent an office (or store), buy killer furnishings, take out yellow page ads, and spend lots of money in preparation for making big money in your new business.  Don’t spend – sell.  Find out if people really want what you’re offering.

5. In the early days, run your new business on a shoe-string budget.  Even if you have a chunk of cash set aside to launch your new business, don’t spend it.  Get up and running on the bare essentials.  Once you establish that people want what you’ve got, your money should go into marketing – not into overhead.  Don’t let the conceit of outside knowledge push you to over spend.

Understand that following these guidelines still will not guarantee your success – but can increase your chances considerably.  And if this new business idea doesn’t make money, try something else.  Your financial independence depends on not being "stuck" on one idea.  An abundance of wealth requires open minded and clear thinking.

If you’d like to GREATLY increase your chance of success in a new business, pick one that relates to your current job and consider career advancement for the sake of learning. 

CLICK HERE to learn more about our Cup-Of-Life NEWSLETTER...

For example, if you’re a clothing store manager, don’t open a salon – instead plan to open a small boutique.  Find interesting items and rent space at a flea market.  Invite friends over for a few ‘home sales parties’.  This way you’ll get a feel for whether or not your ideas will sell.  Earn enough money from ACTUAL sales to justify renting a small, inexpensive boutique.  Don’t spend money fixing it up until you have enough profits to afford fixing it up or moving to a fancier location.

Here’s another example.  Let’s say you’re a great software programmer and your idea is to go independent and start your own software development firm.  Instead of jumping into your new business idea, take a year and get paid for learning some new skills.  If you’re a great software programmer, chances are that you have NO selling experience.  Consider career advancement into a different department at your company.  For example, switch jobs for a while and learn how to SELL software.  You’ll be getting paid to gain this valuable experience.  Without a full understanding of sales and marketing, chances are very slim that your own software development firm will ever get off the ground. 

The conceit of outside knowledge will convince you that you don’t need to learn how to sell because that’s someone else’s job.  Any business owner who does NOT have a rich understanding of sales and marketing is destined to fail.

Always remain aware of the dangers of conceit of outside knowledge.  Don’t let it cloud your judgement and cause you to fail – because the personal and financial rewards of having your own business can be huge! 

CLICK HERE to learn more about our Cup-Of-Life NEWSLETTER...