Making money grow is a simple process which requires discipline and foresight. Success is dependent on how you adhere to specific principles which enable money growth. We have noted 4 steps that you can use to make your money grow successfully. These are principles which if you use you can be on your way.
1. Generate an idea that you can use to make money and make money
In order for you to make money grow you must identify a source of making money. For some people it can be writing and selling an eBook, whilst for some people it can be baking cakes, either way a source of money is needed. When you come up with an idea there are four rules that it must adhere to which are;
• Do I have control over it?
• Am I prepared to sacrifice for it financially?
• Will I find time to do it?
• Does my resource have commercial value?
If the idea does not pass any of the rules noted above then the idea is not worth pursuing. If you do not have time for the money generating idea chances are high that you will not have the time to grow the money generated. Once the idea is there then you need to start making money and selling whatever it is that you have. Once your idea is now making some cash then you are prepared to move to the next step.
2. Reinvest the money to consolidate your position
Once you make your first few dollars don’t spend the money but rather reinvest it back into the same idea so that you keep making money. So if you have made your first sale on an eBook then use the same money to produce more. For example you could use the money to
• Advertise on Facebook
• Buy a more professional cover page
There is always a temptation from most business people to think that because they made a few dollars it now gives them the right to buy expensive cars and other personal assets, when the business is not yet mature. Reinvesting the money is about consolidating your business so that you put all the necessary structures to defend your money making territory. At this point the reinvestment is not about growth but it is about consolidating your business or your idea. Take the opportunity to create an environment for which the idea can successfully take root.
3. Spread your market to grow
Growth only happens when the market begins to increase its spending on your product and more people are interested. At this stage you must have identified and learned what the market prefers. As you are reinvesting and growing your business you will find that your money is also growing. If you were selling an eBook then this is the period in which you will create more promotions, find other places where the product can be sold, and increasing your networking. A good tool to use to understand how products grow is the Product Life Cycle.
4. Sustain and be consistent
At this level you now have a system in place for your money making idea which is now normal to you. It now needs sustenance and consistence. You must therefore keep the idea working at the same time is highly important that you set yourself a standard of how to do it. Standards are important in that they keep you working with a target that you can relate to. Your standards should define the following at the least
• How often you market yourself
• How many sales you expect weekly
• How you interact with the market
• How you use the money that you make
• How you account for everything that you do
Once all this is in place your money will grow along with you as you mature in making money.