We’ve already alluded to the idea that entrepreneurship may be one of the best ways to achieve and sustain FI. But starting a business is complicated - How do you know that your business idea will make money?

Statistically, over 50% of businesses fail within the first five years. And if you are on the road to Financial Independence or thinking about it, it’s not likely you’d jump at the opportunity to pour cash, time, and energy into something that’s ultimately going to be a waste.

To avoid becoming part of the shocking statistic you need a business plan. Your business strategy needs to include a solution to a problem that people deem worthy of their money.

The most crucial component of figuring out how to make your own money in your entrepreneurial endeavor is to figure out what problem you’re solving for your customers. The problem you’re solving has to be so compelling that your customers:

1. Are happy to pay a premium rate for your solution
2. Will stick with you even after they’ve shopped around

A business plan designed for success includes a unique solution, a specific niche of people you serve, and an avenue for you to deliver the solution successfully and collect payment easily. The more you niche down and serve a specific, small subset of people, the larger your profit margins can be.

You’re not just starting a business to help your clients and achieve financial independence; you also need to understand that you shouldn’t compare yourself to others; it’s your individuality that will draw others to you.

In this episode, listen for

• The percentage of businesses that fail within the first year, second year, and fifth year.
• How to pave your path to success from the beginning by planning HOW you’ll make money.
• Ben's personal and business ventures and how connections and open-mindedness led him to create intentionally profitable businesses.

Points that Ben and Deb address in this episode:

• As you grow as a business owner, always continue to educate yourself.
• Just because something is easy for you doesn’t mean it’s easy for everyone - that thing you’re great at may be a clue to your profitable niche business.
• Trust the process to get to your end goal.

Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/

Bona Fide Finance:

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