Understand the Four phases of Business - Raj Kapur

Raj Kapur - "Guidance to Wealth" 

IBGR - PROFIT Radio Network. Everything a business owner needs to start, grow, or exit a business. Come grow with us.

Introduction
THE FOUR PHASES OR PILLARS OF WEALTH AND MONEY TO UNDERSTAND AND MASTER AS A STARTUP ARE:

1. Generation of Money - Core Pillar
2. Saving Money & Paying yourself first
3. Growing your business and your money
4. Protecting your business and money

Show Objectives
These are the four phases or pillars of startup success in terms of business and money.I believe all these are important components of business growth and sustainability. I have had many businesses and noticed that even if one of these is missing the consequences can be detrimental. As we go through the phases make notes as to where you are in your business progress and are you planning on all these facets or are you just stuck with one.


Key Issues

1. Generation of Money - Core Pillar

So the generation of the money is the first essential thing as a startup and that is your first priority, without the generation of money your startup is not going anywhere and neither are the rest of the avenues.

If you are in a brick and mortar business, think how can you expand your business in the online world. How to reach your clients via social media and how to make your presence online.

The idea is to create a tribe of people who can follow you and you keep on adding value to them.

Business and Marketing Plans - Have you worked on those? We spoke about them in our last episode. 


What You Need to Do

1. Getting Clear on your bottom line
2. Low hanging fruits
3. Customer acquisition and related costs 
4. Website - Your website is your face to the world
5. Repeat Customers
6. Upsell
7. Branding your Business USP
8. Pareto Principle - 20% Efforts bring 80% of the results
9. Referrals
10. Success habits

 

1. Saving Money & Paying yourself first

Pay yourself first. Paying your business first. 

Savings is essential for long-term business survival. Have at least 3 months and a backup plan.

What You Need to Do

How much do you have if your business runs into tough times?__________________
What is your goal here _________________.
Business Planning and planning in case of adversity

Budgets and tracking your revenues and expenses.

1. Growing your business and your money

What % of monies can you invest in growing your business and growing your money?

What does growth look like for you?

What You Need to Do

Start looking for your monies working for you.

Profit first is the key before expansion. 

Take the risk but a calculated risk. Check your finances, your funds, your revenue streams and how strong they are before embarking on the business growth.

Invest your money so that you can get it compounding to make money. 

Invest in yourself and your staff growth

Invest in your Weaknesses. 

1. Protecting your business and money

Do you have adequate protection for your business? Are you adequately insured?

Have you created the type of organization where your personal funds are not going to be harmed in case of adversity or a lawsuit? 


What You Need to Do

Speak to a lawyer and CPA about the protection of your business - Copyright or a Trademark?

Take a look at all the protections that you need for yourself and your business. 

Get adequate insurance

Shows
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Written by: Raj Kapur
www.RajKapur.com
www.NonProfitEdge.org 

F2.04.3NA