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6 Steps to Personal & Business Wealth

Guest post by: Linda Ockwell-Jenner

Article Overview: Wealth is not just about how much money you have. When you decide to start a business there are many factors that could hold you back from moving forward. Have you considered your personal life and how this could be impacted?

6 Steps to Personal & Business Wealth

So you want a successful business? Do you realize that your personal life has a lot to do with your business life? It's all very well galloping ahead and racing to the finishing line when you have a brilliant idea for a business and, if you are very lucky, you may even have the finances which will help you move forward for sure. But, and this is where a lot of people fall before they even get past the starting line, you have to make sure your personal life is in order before you can move on!

So, you may be asking, what has your personal life got to do with your business life? Good question. The answer is, everything.

Being wealthy is not just about making lots of money. You may be wealthy with an intelligence that surpasses others. You could be deemed wealthy to have a happy home life with a loving partner and children. Good health is a wealth that cannot be bought. Yes you can pay for the best health care, but money cannot buy your health if you suffer from a chronic disease.

Imagine if you are in a committed relationship, a wife or a husband supports your decision to start your own business. You may or may not have children, but if you do any decisions you make about your business life may well impact the children as well as your significant other. But, what if your significant other does not support your plan to start your own business? What if your future plans mean that your children may need to go to daycare or do without holidays? There are many things that could impact your personal life, I am sure you will think of many more.

I have 6 Simple Steps that you can use as a guide along the way:

Step 1: Communicate with your partner/family your plans for the future.

Step 2: Identify any challenges ahead of time so that you can deal with them together.

Step 3: Commit to short and long term goals and share them with your partner/family.

Step 4: Live a healthy lifestyle, which will benefit you and your partner/family

Step 5: Accept changes that come your way and share the responsibility of change with your partner/family.

Step 6: Believe in yourself, be positive and be supportive of your partner/family.

My 6 Simple Steps are easy to remember and share and can be used as a reminder that you are not alone and this will help you move forward and may even offer you peace of mind.

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Article Tags: Business, Financial, Health, Steps, Success, Wealth



Related Forum Posts
Re: Twitter vs Facebook - I know this is a naive question but i'm really not sure: What do you tweet ? Business? promote your business? Personal? Are there things you can't do? ALSO :Is there a rule book? Is there a success formula using twitter?
Re: New Year - New Resolutions? - Business goal: To not procrastinate and to take action on my plans. Personal goal: To be more physically active as sitting on the computer all day isn't good for you.
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: Twitter vs Facebook - [quote="barrysarner":ejpeof1u]I know this is a naive question but i'm really not sure: What do you tweet ? Business? promote your business? Personal? Are there things you can't do? ALSO :Is there a rule book? Is there a success formula using twitter?[/quote:ejpeof1u] I do a mixture of business tips, personal updates, success quotes, retweets, questions, promoting, etc... It just depends on what's on my mind right then. I don't think there's anything you can't do. I've seen everything on there. But I suppose there probably are some rules. Spamming is obviously frowned upon.
Securing Financing - This is a short article that a friend of mine put together. He's a business banker and it seems that he would be the right person to put the info together. He compiled it for inclusion in a book about opening a pizza shop. There could be some useful info here - In order for a bank to even consider financing for a business loan such as a pizza restaurant, the first step is to have good personal credit. If you have previous credit issues that have lowered your credit scores, make sure you are prepared to either hear, “No”, or “Please explain this (these) credit marks.” If you have not demonstrated the ability to manage your own personal finances then most likely you will not have the opportunity to manage the financing from a bank for a business. When you make the initial contact with a bank, ask to speak to a commercial loan officer. Other types of loan officers include consumer (think car loans) and mortgage (think home purchases and home equity loans). The commercial loan officer will be able to provide a list of things you will need to give him/her in order to consider the restaurant financing. Information required for a new business most likely will include the following: Personal financial statement (Assets – Liabilities = Net Worth) Personal tax returns (two years) Business Plan If leasing property, copy of the lease agreement If purchasing property, copy of the sales contract Personal History / Resume (may not be required but is very helpful) If an existing business, add the following to the list above: Business tax returns (two years) Copy of State Corporation Commission Certificate Copy of Federal Tax Identification Number or Employer Identification Number (EIN) Copy of Articles of Incorporation (if corporation) Copy of Operating Agreement (if partnership) One common mistake a new business owner often makes with regard to financing is that one loan will cover all the financing needs. This is typically not the case and can lead to cash flow problems that could result in default on the loan, which is not what the lender or borrower want. In most cases, either two or sometimes three separate loans would be appropriate. For instance, if one is purchasing real estate then a long-term mortgage loan would be appropriate to finance that purchase. However, the pizza restaurant may need to purchase equipment and have cash available monthly to meet payroll and purchase rolling inventory. An equipment loan could take the form of a five or seven year loan with a fixed monthly payment much like a car loan. A line of credit, on which one would pay interest monthly on the outstanding balance, may be prudent for short-term cash flow purposes. All three should be addressed in the business plan and discussed with the commercial loan officer. Chris


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