We’ve discussed 3 ways to make more money and demonstrated how an individual can make a good living by starting their own business.  So how can you do this?

Let’s continue the painting example from yesterday.  With a few dollars in startup supplies such as paint rollers, paint brushes and drop cloths you can be in business.  If you want business cards just search online for free business cards or go directly to Vista Print where you can sometimes find a box of cards for free or just a couple of dollars.

Once you have your supplies, you need to get the word out.  Check out Guerilla Marketing for low cost ways to get your name out.  Call or email all of your friends.  Let them know that you’ve started a business and you would like to offer them a 10% discount for every referral that hires you.  Word of mouth advertising is your best friend in business. 

Once you have a customer lined up you need to show up early or on time and get the job done early or on time.  The quality of work and the way you treat the customer needs to be on a level of excellence that few of your competitors will match.  Doing so will allow you to eventually charge more than the average competitor.  Again, I can’t stress this enough:  be there when you say you will be there and get the work done when you say it will be done!

Finally, as the money begins to roll in, you need to have a business specific checking and savings account.  All business expenses come from the account and all income goes into the account.  When you pay yourself, take out the money but place 25% of it into a savings account for tax purposes.  For example, if you have $1000 in the business account and want to bring it home you will need to put $250 of the $1000 into that tax savings account.  The remaining $750 is what ends up in your pocket.

Starting your own business doesn’t have to be hard.  It can be a bit scary, but I hope that you can see the ease with which you can start small and start simple.  These basic ideas can be applied to any small business that you want to try.  What are you waiting for?  You can do it!