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The start of something new

The beginning of a journey

I would like to start of by introducing myself. I am a young entrepreneur (or so called entrepreneur) who wants to share their journey into the world of business and money. I have no set goals or any idea where this adventure will take me but i hope to take it step by step and document my experience for you all to follow. Along with the weekly (this seems the most realistic goal but i hope to post more frequently) updates on my progress i will share advice, ideas ,and i hope you can take something from this with me. So buckle up and join me on my new expedition.
See you soon.

Habits of successful people which you can start doing now

Wake Up earlier
Still snoozing your alarm until way after 9 o’clock? Well you need some drastic change, and fast. In my opinion the trend which you quite possibly would have seen on YouTube recently about waking up at 5 o’clock is slightly unrealistic as it implies having to go to sleep at 9 pm to get 8 hours of sleep. However I do believe in getting to sleep early so that you can wake up and kick start your day in the best way possible. I personally always attempt to be up before 7 however this is sometimes earlier or maybe (on special occasions) later. So, wake up an hour earlier than usual and work on a hobby, a side hustle ,do some exercise or simply dedicate it as ‘me time’. I will soon write about ways to make this daunting task a more easy practice but meanwhile there are thousands of videos or other articles on the topic.

Avoid time wasting
Obviously it is impossible to be 100% efficient in your timing all the time however it is vital to ensure that whilst working and trying to be productive time wasting should be avoided AT ALL COSTS! Personally, I spend way too much time on social media for my liking and have recently tried to cut back on the time I spend on the app. A method which I find extremely effective when trying to avoid distractions is to simply turn my phone off and bury it in the deepest depths of my room so that I am not tempted to ‘quickly’ check my messages which usually leads to a downwards spiral resulting in a significant waste of time.

Have multiple sources of income
Did you know that sixty-five percent of millionaires had at least three streams of income that they created prior to making their first million dollars. So I believe it is important that anyone aspiring to be successful should break out of the mind-set of only believing that they need one source of income. Obviously building a reliable source of income is difficult however it is important to recognize the need for multiple different income sources rather than just one. I personally have a small Ebay business which accounts for one income source however I am currently working on generating a second source of income through creating a vending business. Although some income streams may be significantly larger or smaller than others it is important to realise that any income which is pure profit is still a positive as long as it is passive or at least relatively passive.

My start

The beginning of my journey is going to start from rather humble origins. I am going to set up a hot chocolate stand. Although this is not particularly flashy or fancy I do believe that it will be a profitable business, especially in the current cold weather. I plan on putting forward an upfront cost of £6 for the ingredients (consisting of: milk, cocoa powder, whipped cream, polystyrene cups and marshmallows) which should hopefully generate profit. I plan on selling plain hot chocolate for a small price of 50p and selling the hot chocolate with whipped cream and marshmallows for £1. If all goes to plan I will hopefully sell enough hot chocolates to make £25 in total and therefore £20 in profit. I plan on saving all of this money to invest in other, more scalable, business models.

My second business plan is a vending business which would initially start out small with just one small gumball machine and eventually grow in size until I can afford an actual vending machine. Because a small gumball machine costs around £100 I would need to save up enough money from other businesses (the hot chocolate stand) to be able to afford the upfront cost. If the hot chocolate stand is successful I will repeat the business in another area or in the same area at a different time so that I can save up to buy the candy machine.

Thanks for reading, I will update you tomorrow after the hot chocolate stand business so that you can see how profitable it was.
Get out and make money!

This book inspired me and made me think differently about money, get yours now ! Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!