Introduction
Everyone dreams of making millions. With dedication and hard work, achieving this dream is certainly possible. Nowadays we believe that nothing is beyond reach.
While I typically write about gigs that can help you earn some cash, this one has a unique twist!
In this article I'll be sharing three lessons that students need to learn in order to find success and freedom.
These lessons will not only help you embark on your business journey with the correct mindset but also ensures your growth is sustainable in the long run. Lets dive in!
Lesson 1: Discovering the Right Approach
Identifying the method that will generate such an income is undoubtedly the challenging and crucial aspect! During your research you'll come across all sorts of methods to choose from, however not all methods are suitable for everyone. Nor do they all offer equal compensation.
It's essential to select an approach that yields cash flow – meaning profits, from your business that can be utilized effectively.
Starting a business, with low cash flow, such as e-commerce often requires reinvesting profits to support growth and purchase inventory. This can pose challenges in managing finances and impede profit generation.
On the other hand, service-based businesses typically enjoy high cash flow since you directly receive payment for your services.
If your goal as a beginner is to achieve an income of $10,000, opting for service-based business models is a good decision to make. However, not all service-based ventures will prove profitable to reach the $10,000 milestone.
There are two types of service-based businesses that have the potential to generate high earnings:
1. Perceived value:
These are services that are in high demand and hold significant value in the eyes of clients who are willing to pay large sums for them.
Examples include consultancy services, virtual assistance, specialized writing expertise or online marketing skills. If you possess the required expertise in any of these areas it is realistic to aim for $10,000 per month within your available time.
2. Leverage:
These types of services allow you to create leverage that enables you to generate profits.
For instance, if you operate a business that offers article writing services, working on your own, you can yield an income of a couple of thousand dollars.
However by tapping into the expertise of writers and compensating them with a smaller sum for their contributions while keeping the difference you can expand your business and easily generate $10,000 from services that may not be perceived as highly valuable.
It is crucial to steer clear of high risk business ventures, especially if you are a student. Investments with high risk factors like stocks or crypto trading may promise high returns but they also carry the possibility of substantial losses. As a student with little to no experience and little to no funds to invest, it is vital to exercise caution in your decisions when embarking on entrepreneurial endeavors.
Lesson 2: Establish Clear Objectives
A common mistake leading many individuals to abandon their financial aspirations is setting unrealistic expectations. If your goal is to make $10000 per month, it becomes essential to set achievable targets for yourself. This might involve breaking down the goal into milestones or allowing for a timeframe for growth.
When starting from scratch you might initially earn around $1,000 per month, which then increases to $2,000 and eventually $3,000 before attaining the desired monthly income of $10,000.
Set realistic and attainable goals for yourself. Establish a timeline to achieve them. Remember not to compare your progress with others who might be experiencing more success than you. Stay focused on your journey, put in the effort and remain dedicated. Over time you will witness growth in your business.
Keep in mind that the growth of your business won't always be steady or consistent. There will be ups and downs with some days bringing in earnings while others may take longer to see progress. The key is to stay consistent keep pushing and avoid giving up.
Lesson 3: Sustaining Success after you Make $10000 Per Month
Reaching an income of $10,000 is not the challenging aspect of achieving financial success. The real difficulty lies in maintaining that level of income every month. As you make progress, it's crucial to improve your baseline earnings. Whenever you reach a milestone let that number become your financial identity and strive to sustain it.
If you happen to fall below your earning baseline at any point use it as motivation to work and regain that level of income. By following this formula not only can you maintain an earning of $10,000. You can also surpass it and reach even greater heights.
Conclusion
It is indeed possible for students like yourself to achieve freedom by making $10,000 per month with the correct mindset and approach towards your business endeavors.
The key lessons to take away are discovering the right approach, establishing clear objectives and sustaining your progress.
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