THE BLOG
27/05/2014 11:24 BST | Updated 27/07/2014 06:59 BST

How to Set Up Your Own Business AND Make Money

The majority of people come out of the "so-called" security of employment into setting up their own business and then becoming their own boss. Being one's own boss requires many different disciplines and skills coupled with courage and ambition. Yes, it takes courage to take on ownership of one's self, life-style and future.

The setting up of a business can of course be a little daunting but in all honesty is terribly simple. Most people get excited about the creation of their business card. It used to be the letterhead but now of course should be the website.

In this short blog I am not going to go into the detail of the business set up. The banks have mountains of literature, brochures, guidance and business start up packs to help here. An accountant will also provide advice and how to set up for next to nothing. But neither of those will be any good in advising how to make money. My strongest advice here is, do not, and I MEAN do not take advice from a bank on how to make money.

Making money in business is not difficult provided certain principles are strictly adhered to.

1. The first is to be customer led and sales driven. Most people decide to go into business for themselves because they have a good idea. This is manifested into a product or service that they should be passionate about. But in all of the years of my consulting and helping people to become a millionaire from their business, very few understand this concept. So here is the challenge, "Is your product or service something that you know people want?" That does not mean to say that they need it. People spend money on things that they want but not necessarily on things that they need. So your idea must be a "want to have" idea and you should have tried and tested it outside family or friends before set up.

2. Prior to spending or investing money in the product production or the service development you must decide on how you are going to sell it and market it. Most people love the idea of the production and become enthralled with their product but do not have an affordable marketing and selling plan. There are literally millions of brilliant products that never become wealth creators because there was no sales and marketing strategy.

3. In order to become a millionaire the principle is very straightforward and again, is not difficult. The principle being, "don't chase the money, chase the success." This is a long held misconception whereby success is measured by money. What you must do is chase a tangible measurable result that is not personal wealth. I do not know of one of the countless millionaires that I have helped over the years whose goal was to be a millionaire. Their millionaire status was a welcome by product of the business and its material achievement measured by units of performance or production.

4. Think and plan long-term not short term. It is so much easier to make a lot of money slowly. Getting rich quick will get you poor quickly as well. The quick rich rise normally leads to a rapid fall. My best advice is, "be nice to all people on the way up because you will undoubtedly meet them again on the way down."

5. The most important ingredient to a successful business venture is to embrace and then learn the skills and techniques of modern day selling and marketing in the age of the internet. Your customers in most cases have massive choice and you have got to give them very good reasons for wanting your product or service. So the tip here is - "don't sell the product or service, but sell what it will do."

6. The most unusual ingredient to your overall success is to acquire a business mentor - someone who highly experienced in making money. This does not necessarily mean that they have to have had experience in your line of business but must be a person that you can trust, respect, share ideas with and talk to who will give you unbiased guidance. They will open your brain, challenge your thinking and put you in a better position to make the right decisions.

Making a lot of money from running your own business really is not difficult. It is purely and fundamentally an attitude of mind which often requires a change of environmental and life conditioning. Just go for it and have some fun.