Skip to main content

Key Tips for Building a Business That Enables You to Become Financially Free

Key Tips for Building a Business That Enables You to Become Financially Free

Take a look at most of the wealthiest women around the world, and those who are simply “financially free” and comfortable, and you’ll see that most often they’ve built their large bank accounts through owning and/or running a business.

While there are numerous ways to make enough money to be financially free and live life on your own terms, becoming an entrepreneur and building a business empire is one of the most tried and true methods that has created wealth for people for centuries.

However, you are probably also aware of how hard it can be to develop a venture that not only lasts longer than the startup phase, but that also happens to deliver prosperity. Many ladies put their life savings into launching or buying a business, and end up being worse off financially than when they started.

In order to avoid this situation, be smart about how you go about investing your hard-earned funds (not to mention your time) into a business. To help you on your way, read on for some key tips you can follow to create the type of entrepreneurial life and income you’ve been dreaming of.

Know Who You’re Targeting

For starters, you won’t get far in business unless you’re clear about who exactly it is you’re targeting with your products or services. Before you launch your venture, or launch a new line of wares, always take the time to research, and work out who your ideal customer(s) will be.

You want to have clarity on things such as your target market’s age, gender, income level, education, location, ethnic background, hobbies, occupation, marital status, family makeup, lifestyle, and values. You should also have an idea of when and how these people shop, and what needs they need satisfied, or problems solved.

Once you have this information (and have made sure there’s actually enough interest in what you’re selling, and at the price you’re charging), you will know how to best sell and market your brand and products or services. This will save you a lot of money and time, and help your business to soar more quickly.

Keep Learning and Developing Skills

Next, if you want to run a profitable long-term venture, it’s vital to keep learning and developing your skills. Not only should you try to learn about various business aspects before you launch, but also continually learn over the years as your business grows and markets change.

There are lots of different avenues to use as far as learning goes, and many different topics to study. It pays, though, to think about enrolling in a specific business degree so that you can get a good foundational knowledge. An AACSB-accredited online MBA, for instance, can be a good option. In addition, you can learn a lot from books, blogs, magazines, reports, white papers, and videos; and through conferences, trade shows, networking events, business clubs, speakers, and more.

When it comes to things you should know and the skills to develop, the list is long. However, always try to learn about sales, marketing, human resources, product development, customer service, accounting and finance, productivity, strategizing, and organization. Having well-developed leadership, communication, time-management, problem-solving, creativity, negotiation, and delegating skills are also important.

Surround Yourself With a Good Team

To become financially free through a business, you usually need to grow your venture to a size large enough to make a substantial profit over the years, and to provide you with a big salary and/or ownership stake. To do this, it pays to surround yourself with the best team of people possible.

Once you have money to hire employees, look for people with different skill sets to you, who are more knowledgeable than you in their particular area of expertise. This way, you’ll not only get to delegate plenty of work, but also know that it’s being handled even better than you could do it yourself.

Top team members should also have a positive outlook; be passionate about the industry and/or your products or services; be easy to work with; and flexible so that they’re willing to pitch in as needed. Look for people who can grow with your business over the years too.

In addition to expanding your internal team, keep in mind that a team can includes mentors, advisors, and specialists. For example, find people already experienced in business to guide you forward over the years and to act as a support system when times are tough. It’s also wise to find fantastic accountants, lawyers, financial advisers, investors, or lenders, and other people who can help you effectively navigate business and financial waters. 


Have more questions? Follow up with the expert herself.

{{playbook.title}}

Continue learning with this Ellevate Playbook: