Behind every man, there is a need for personal fulfillment in these three main areas: health, wealth, and relationships. For many wise entrepreneurs, tapping into these needs for personal fulfillment is tantamount to their success. Such a man is Rusty Tweed who is known for his success in the financial planning services arena.
Financial planning services is a profitable model because not a lot of people know how to budget their finances. Additionally, even with proper budgeting, some individuals would want to gain insight on how to invest money for passive income. A lot of people want to escape trading time for money, and this is why there is a high value for services that assist them to complete this particular goal.
How did Mr. Tweed succeed with his financial services company? Are there specific steps that he took to build it? In this article, we will be looking at some of Mr. Tweed’s secrets to establishing a profitable business.
Tweed Financial Services: The Secrets to Success
1. Practical application of knowledge
Rusty Tweed acknowledges that there are many smart people in the business industry. However, even with a good accumulation of knowledge, it seems to be a mystery that only a fraction of this smart population succeeds. Less than half of startups succeed within the first two years of launching, and the percentages drop even more as time passes by. Mr. Tweed understood that it is not just the knowledge that is helpful, but the practical application of knowledge that makes a business run. When he started Tweed Financial Services, he was armed with knowledge about how to run an advising company based on experience from his previous work. Also, he understood the weak points of the previous company and used this knowledge to make improvements and attain his success.
2. Remembering from experience
An important part of the entrepreneurial success that Mr. Tweed used to his advantage was remembering his previous business experiences, positive and negative. Experiences happen to people so that they can learn and eventually improve. Experience involves the active acquisition of skills to make better decisions in the future which adds to one’s knowledge base. When Mr. Tweed started his company, he was armed and ready to map out an operation plan on how to scale his growth. He started from a one-man coaching team, and eventually earned enough revenue to train and hire other consultants. The experiences he had with his previous company allowed him to apply the principles of sustainable scalability.
3. The power of desire
When Mr. Tweed was still a young man, he had the opportunity to read the book Think and Grow Rich by Napoleon Hill. Until this day, he considered one of the lessons in that book as gold. Mr. Tweed operated through the power of desire. He believes that desire is what motivates a person to accumulate knowledge, set good strategies, and persevere despite failure on the way to success. The element of desire is what binds together the skills and knowledge to perform any business task. He believes that it is the foundation that allowed him to continue on his business plan despite some setbacks along the way.
4. Performing and evaluating
Rusty Tweed also presented advice for entrepreneurs who want to find balance in their business. Although a business may see signs of growth, it is not advisable to always think that the same processes you did in the past five years would be working in the next ten years. You need to continue to evaluate your performance and assess any weak points you can improve on. His financial service business took on a new path when he realized the importance of marketing his services online. Mr. Tweed realized that there are a lot of people looking for help financially needing more and better access to information. This is where he decided that he would employ digital marketing strategies to reach out to more clients in need of financial help.
5. Looking ahead and being prepared
Aside from constant evaluation, looking ahead is also important. Mr. Tweed emphasizes the importance of analyzing trends and seeing how they fit into his grand business plan. At Tweed Financial Services, they have already started answering questions about and educating people on cryptocurrencies and other forms of digital investments that people may not be too familiar with. Education on these new digital currencies and products is important to understand as they seem to be the wave of the future. People will always look for ways to earn money, and it is always helpful to keep your eyes focused forward on the trends that would keep your business up-to-date.
The Takeaways from Mr. Tweed
Building a successful business takes time. There is no single element or trait that you can apply which makes you instantaneously successful. In fact, it is a combination of values that you must instill in your personal and professional life which makes you disciplined for the long haul. As you continue to foster knowledge, skills, desire, and prudence, you are more likely to exceed your expectations towards business growth.
Rusty Tweed, as explained above, knows that with proper time and dedication, a start-up can become successful. However, he also understands that even though you can prepare, evaluate, and learn from your experiences, there are still issues that every company and start-up will face. These issues can be anything from lack of capital to lack of a proper business plan. He has been tracking business startups and observed the key reasons why they fail in spite of great promise. Here are some of the pitfalls to watch out for and how to overcome them:
1. Overlooking the importance of a business plan
If you fail to plan your business at the inception, you may encounter serious headwinds that could seal the fate of your business. A good business plan should clearly spell the business objectives and strategies to achieve them. The plan doesn’t have to be long or elaborate; all you need are the key rallying points. Issues like business goal, funding and growth strategy must be highlighted. There are many templates online that you can use to develop a business plan.
2. Putting market research on the back-burner
Although your business idea may receive a nod from those closest to you, hard work remains ahead. Establishing a success and sustainable business requires deeper and more meaningful research. The analysis should cover crucial elements like market demand, support infrastructure and target market. Probing the market to find out if demand exists is vital as it will help you position your brand better and differentiate the business from the competition.
3. Failure to invest in marketing
Any business that hopes to succeed in a tight market must put sufficient effort in marketing. This is something most startups and small businesses tend to overlook, yet they could be losing out on brand awareness and crucial sales leads. A serious business should allocate funds for marketing as part of a wider investment strategy. Some marketing strategies are effective yet do not require heavy investments; for instance, social media advertising, online directories, networking and SEO. Networking with other business owners can help you identify areas in the market that can be exploited. SEO, on the other hand will help you build trust and get your business noticed.
4. Scaling the business too quickly
Although the passion for business is the fuel that fire’s success, overreaching ideas must always be put to check. Projecting and actualizing speedy growth is all good; however, speedy growth can come with unique challenges that must be addressed promptly to ensure long-term success. A prudent strategy is creating a more sustainable business model. For instance, developing more revenue streams and not overly relying on a single business aspect. If you are thinking of partnering with someone to speed growth, get a partner with shared vision and morals.
5. Starting a business with a wrong structure
Businesses need to obtain necessary licenses or registration to operate in any given jurisdiction. The same discipline should be applied when choosing a business structure. Some of the structures you might want to consider include: Sole Proprietorship, Partnership, Corporation(s), Corporative and Limited Liability Company (LLC). Always take time to study what each business entity entails as this will inform the backdrop of your business operations, from taxation to legal safeguards. For a growing business, ironing out the structural modalities will help you avoid common red tapes that may prevent you from bringing in new investors or even raising capital.
6. Having inadequate capitalization to set up and run a business
Starting a business with inadequate capitalization is always a recipe for disaster. It therefore comes as no surprise that lack adequate capital is often cited as the main killer of new businesses. Most small businesses make the mistake of using operating cash to acquire long term assets and other major outlays. The amount of capitalization needed by a business will largely depend on the type of business or industry. Besides obtaining credit from banks, small businesses should consider less stringent funding sources such as merchant cash advances and invoice financing.
7. Hiring too soon
Most startups make the mistake of hiring too soon after hitting the ground. The problem can be exacerbated if the wrong staff is hired for the job. Based on the assessment of the situation, it may make more sense to hire part-time workers or subcontractors instead of full-timers. The strategy can help a business save money and buy sufficient time to grow more organically.
8. Competing solely on the strength of price
In an attempt to get the better of the competition, rookie entrepreneurs may be tempted to slash prices exceedingly. However, doing so is not only detrimental to the future of your business; it could potentially push the business to bankruptcy. Try not to lose sight of the fact that business and profitability are intertwined. For best pricing practices, study the prevailing product pricing as well as your inputs and ongoing marketing and sales campaigns. Even if your business is struggling to break even, every little effort being made today can help the business become better tomorrow.
Bottom Line: Learning How to Grow Business
Businesses starting out must overcome many pitfalls to grow. Being aware of these pitfalls will help you maneuver the challenges without breaking too much sweat. It also helps to learn from past missteps to avoid a recurrence. Remember, some of the most successful entrepreneurs in the world failed in their initial attempts before finding the success rhythm. You should also embrace the idea of getting external help when things don’t pan out well or as expected.
You can get help by hiring a consultant or seeking out a mentor. With the changing business landscape, new money-making adventures are also coming into the stream. One of the most successful is cryptocurrency mining. The money being made in this industry is mostly pegged on the increase in cryptocurrency values and mining quantities. You can always talk to successful cryptocurrency experts like Rusty Tweed to learn more about the intricacies of the trade.
