How I plan for Financial Success in my Businesses

I started 2 new businesses this year officially for some extra income. I have noticed so many amazing people who have been starting businesses since COVID as extra streams of income. I have even advised some businesses acting in the roles of: social media manager, marketing consultant and influencer consultant. Unfortunately I have also felt the heartbreak of watching so many of these amazing people lose money in their entrepreneurship journey, become discouraged and one friend recently told me she wants to close the doors on her small business.

From the outside I can clearly see what went wrong and what caused them to see these losses as a 3rd party viewer.

For those of you who don't know me I run an ASMR podcast / Livestream on TikTok, BIGO Live and Clapper while posting replays to my YouTube channel. During these streams I connect with people all around the world and we talk about many different aspects of life while I do ASMR which is how I have met many business owners.

Here is why I have seen the majority of business owners I know fail:

1. They failed to accurately project their numbers and gauge demand for their products.

2. They did not have a clear marketing strategy.

3. They did not accurately balance their budget.

4. They picked a very oversaturated market with very low demand.

5. They did not have a marketing budget or strategy at all except for their own social media accounts.

6. They put all of their initial investment into products without having any sales.

I have seen many people who dream of starting a businewss, becoming successful and having lots of $$$ and some get discouraged if they break even the first year or don't get rich within the first year.

Now let me explain the 2 businesses I have started and how I plan to avoid low sales / profitability.

The 1st business I started was a social media business, where I create content for companies, post them to my profile and charge them for either advertising on my accounts of usage rights of the content. That one is pretty straightforward. Before I set up an official business for this I had companies coming to me on a monthly basis wanting to work with me so the demand was already there. The startup cost was low, and the upkeep cost monthly is only the cost of the software I use to edit my content, and my time. I am not losing money with products sitting around my house. My second idea is much more complex but after having owned 3 successful businesses now I felt confident to take on a challenge.

My new idea is to farm ocean life within my home and eventually on a larger scale once we build my workshop on our next property.

I identified that this space had a massive demand for inventory over the last 3 years as a hobbyist who keeps Aquariums. I noticed the price of animals going up quickly. I noticed that certain species became illegal to import due to negative affects to the ocean. I did lots of due diligence on this idea researching what it would take, other people's experiences with breeding and the type of technology/ equipment I would need.

After a long and thorough discussion with my husband I decided to move forward. I am now crowdfunding for this business as I will be using it to work with charities that restock the ocean and lower the demand on over harvested animals and poached animals by breeding delicate and difficult species in captivity and selling them for lower prices to my local store. I have already spoken to my local LFS owner and he has already expressed that he will buy any stock I create.

This is where I feel like most people fail, I went ahead and confirmed the demand BEFORE I created the supply. I did tons of research and picked an undersaturated market (confirmed by prices skyrocketing due to low animal stock.

I also did not start this endeavor to make money, I started it because I love ocean life and I am passionate about it.

I am currently breeding and raising Peppermint Shrimp with success (so far) and plan to move onto Fire Shrimp and Pom Pom Crabs in the near future continuing with a variety of rare marine fish that have become rapidly overpriced (some are $1500 for a single fish) to help cut down the costs for people who want to enjoy this hobby and cut down the demand for poaching.

This project is currently in the crowdfunding phase, anyone who supports it will be entered into a giveaway where I will be gifting an aquarium setup for a beginner after the project is up and running. Anyone who supports also gets a shout-out on my TikTok (with 270K Followers) and anyone who don ates more than $ 30 gets a dedicated video (which can also be a shout-out to your business).

For more information on my project and how you can support go to BreaASMR . com

If you have any questions about starting a business, running a business, making it profitable or if you just want an honest opinion comment down below 👇🏻

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