This year has brought us many good and bad experiences, but perhaps the most momentous lesson of this year is the fact that we should not depend on other people financially and create an income of our own.
Although, it will not be easy to match the income of a new business with our current salary, it is about progressing little by little to achieve a company or business that is ours, that generates money, that supports us and that perhaps gives us the opportunity to diversify our investment.
It is quite a process and you probably do not have the money or time at this time to start investing in a new business, that is why we must stick to a plan that we must follow to the letter.
Step 1. Identify your expenses.
The first step is to make a comparison of how much you earn, how much you spend and what percentage this expense has in your monthly income. It is important that you write down all your expenses, including the smallest ones. For example, the rent of your house, electricity, water, food, restaurants, cinemas, services such as Amazon, Netflix, snacks, clothes, sweets, etc.
Step 2. Simplify your life.
Once you have this complete list in hand, begin to identify what expenses can be reduced or eliminated from the list, for example, you can save a lot on food if you stop eating at restaurants on a recurring basis or if you look for another kind of restaurant.
Step 3. Start saving.
Allocate the money we spend to save in a separate account, this will be part of the investment fund for your business.
Step 4. Sell the things you don’t use.
Optionally, you can sell all those things that you do not use in your home to other people and continue forming your savings fund for your business.
Step 5. Start researching.
While you are saving you should think about which businesses would be profitable for you and which are necessary in your community. Think about what you will need for your business, if you must rent a place, how you will reach your customers, if you will provide home delivery, among many other things. Always with the aim of founding a business with the possibility of expanding.