Win Control Over Your Financial Life By Starting Your Own New Business

We all have heard the “World economy is sinking into inflation” news. Inflation can trigger a period of recession when economic activities slow down, businesses go under and jobs are lost. Analysts are discussing why inflation is currently happening, how inflation works, how it triggers recession and what can happen next.

I focus on practical solutions - things you and I can do - in order to prepare and save ourselves and our loved ones. Besides, I want to thrive instead of just surviving.

Inflation causes price hikes, which in turn reduce purchasing power of people. When people buy less, the economy can potentially slow down resulting in a recession causing people to lose their jobs.

If the economy can produce more at lower costs, supply demand will improve and inflation can go away without causing a recession. Similarly, if you do the same at a personal level, you can outsmart inflation. Not only will you survive the economic crunch, but also you will be well placed and prepared to grow and enjoy the glamor when the economy starts to expand once again.

Accept the challenge and the recession will bring you financial independence.

Recession Helps Start A New Business

You’ll get better prices while buying essentials for starting your new business, since bargains are in buyer’s favor when the market is down. Negotiate well.

Many people are becoming jobless. If you start a new business, you can hire professionals at reduced salaries, thus reducing joblessness.

Only the best can survive difficult times, recession kills incompetent businesses. Giants that have high overhead costs often find it hard to compete and survive when markets start to shrink, thus giving way to more agile and flexible small businesses. This creates a breathing space for new businesses to emerge.

If you wish to make the best use of difficult times and build generational wealth and business during this recession, continue reading.

Your Body And Mind Are Your Most Valuable Assets

Take utmost care of your invaluable assets, body and mind. The biggest return on any investment is from what you spend to keep these valuable assets at their best. They will take you through difficult times, make you shine and help you succeed.

Remember three key points:

1. Don’t exhaust and wear yourself out during a difficult period.
2. Live a healthier, happier, smarter, better planned and more focused life.
3. Stress and anxiety are killers. Get rid of them.

Stay Level-Headed, Calm And Focused

A stress-free mind is fully capable of maintaining focus. Focus enhances your work efficiency and productivity. You can perform considerably better by staying calm and improving your focus.

Breathing exercises improve your cardiac activity, blood circulation and mental state, which help reduce anxiety and stress. Breathing will keep you calm and enhance your focus.

The best thing you can do for a healthy focus is to join a professional breathing exercise program or a workshop where you can discover the breathing techniques best for you.

Combine Breathing With Other Exercises In Your Daily Routine

Although breathing is the best recipe to relieve stress, other activities like running, swimming, jogging, walking, cycling, aerobics and strength training are also effective. Try to find the exercises or physical sports that match your taste, fitness level, age, body weight and lifestyle.

It’s highly advisable to practice breathing along with other physical exercises of your choice as a routine and make them a permanent part of your life-style.

All this will give you a healthy and stress-free focus.

Trusted Loved Ones Can Heal Your Stress

Family, friends and loved ones are as important as your own self. Relationships of trust are a big strength, since you can understand mutual feelings, show them your own emotions, communicate with them and share with them your plans.

Spend as much quality time with all your loved ones as possible, doing what they enjoy together with you. Listen to them and strengthen your connection.

Traveling together is also a trust-booster.

Trust is the key in all relations that gives you the assurance that you and your trusted partners and friends have each other’s back, no matter what. This is a relief to your mind and a healing for your stress. Leverage this strength in times of need.

Communication, Collaboration And Thinking Skills

Success and progress require constantly learning new things. With a stress-free focused mind and trustworthy loved ones around, you are ready to accept the challenge. Communication, collaboration and thinking are among the most powerful and influential skills that enable you to handle anything life throws at you.

You should get top-notch:

• Communication skills - both written and verbal - in order to exchange ideas, express yourself, understand opinions and collaborate.
• Collaboration skills to work together with other people to achieve desired outcomes.
• Strategic thinking in order to understand the bigger picture - a zoomed out view - that shows a larger situation as a whole instead of nitty gritty details.
• Critical thinking for analyzing information and making decisions.
• Creative thinking for problem solving.

Learn from the experts. There are courses, programs and workshops available for each of these communication and thinking skills. You will find free as well as paid professional learning resources. Choose the best ones for yourself.

Learn Additional Skills Of Your Choice

Learning should never stop.

Whatever you are planning to do, you will need some domain-specific skills and expertise. It’s better to learn the relevant skills in a professional manner and also obtain certifications.

Whether it’s something that you always wanted to do or it’s a skill your current job requires, the professional way takes you further ahead of all others. Staying ahead of competition and offering a unique expertise are the keys to progress and growth.

For example, if you know the recipe of a particular dish, you can still give a professional touch to your skill by learning it from an accomplished and well-known chef. With proper training (and a permit, if applicable) you can successfully sell the dish in your area or online to earn extra money from your new business.

Similarly, you may want to improve your professional capability in your current job function. Professional training helps perform better and is always highly recommended, especially during this economic recession when cost-effective and efficient performance is more important than ever. If your employers are smart, they should be happy to invest in your training.

Ideas Are Everywhere!

Every problem is an opportunity. A successful business solves real and painful problems for its customers. Users love the products that make their lives easier. You must identify the problems for which people are willing to pay.

Stress, anxiety, unhealthy food and climate change are among the biggest monsters of this age, hurting almost everyone. If you can provide products or services that address these problems, your new business has an excellent chance to succeed.

Consider and evaluate the options that you come across during your normal day, in your neighborhood, or while shopping, traveling, or chatting. Communicating and discussing with people can give you insights. Google search and social media are also effective in finding new ideas.

You will find a wide variety of ideas ranging from online tutoring to helping people grow food in their home gardens.

As an example, plants have a healthy effect on our lifestyle. If you know some unique, rare or decorative garden plants, fruit trees, flowers or vegetables - that are good for kitchen gardens or indoors - you can start a new business by selling the plants and associated services and tools. You’ll approach home and garden owners, convincing them the plants are essential for our mental and physical health.

Use all your collaboration, research and creative thinking skills along with internet research to decide.

Small, simple and focused ideas to start a new business always work better, where:

1. The startup plan is pragmatic.
2. You can take tiny actions to start.
3. It’s possible and feasible to make step-by-step progress.

A bit about simple business planning

You’ll need to learn business planning. I’m listing a few basic points - especially keeping in mind recession - to give you an idea.

Consider answering these questions. Your answers will become your business plan:

• What are the products or services you are selling or offering?
• Who will buy your products or services and why? (List all the different types of customers you are targeting.)
• How will you reach out to customers and convince them to buy? (A marketing plan)
• How will you operate your business? (Business activities)
• Resources that you need to start?
• What are the costs to perform each of the business activities?
• Can you sell something else to the same customers in addition to your current products once you are able to win the trust of customers? (Upselling, Cross-selling, Business Expansion)
• Do you need investors?
• Who will be your partners?

Choose Your Partners

Once you know the desired outcomes of your new business with a practical execution plan, your vision is ready.

But you can’t do it all alone. It’s time for you to identify partners and investors with certain qualities.

Everything you are doing is in everyone’s best interest, so there’s a good chance you’ll be able to convince some of your loved ones or colleagues to join your efforts.

Each partner should:

• Be committed to working together with you.
• Understand your business vision and their respective roles in the plan.
• Share your passion about the business vision.
• Be a reliable person (this can be confirmed from past history).

Make sure you don’t bring in unreliable and half-hearted partners.

Preferably, most of your partners should:

• Possess skills that are complementary to yours.
• Have a balanced personality and are able to resolve conflicts.

You’re ready to lead

What do leaders do? They build a vision for an awesome future, share it with suitable and capable people, win their trust and motivate them.

Share a picture of the future that you have envisioned and inspire your comrades. Use the best of your communication and collaboration skills.

You will discuss your vision with your team members, keep them motivated and empower them.

Collaborate at every step

Getting advice and support from trustworthy sources is always beneficial. Discuss all plans and activities with your family or sincere friends, whoever you find relevant and suitable. 

Summing up, I strongly recommend everyone to win financial independence by starting their own business. Healthy stress-free living, relationships of trust with loved ones and learning important skills will help you prepare a practical plan.

A business that you can start small has the best prospect of success.

I have followed the exact business development steps myself. I look forward to interacting with all of you. Together we can discuss ideas, and think, plan and enjoy success. 

My job is to help small businesses find all the resources they need to grow. I am myself looking for passionate business partners and investors for my various ideas. Please feel free to follow me on my Twitter or send me a Direct Message. Please also subscribe to my Monthly Newsletter. 

Stay tuned for lots of useful stuff and ideas.